old businesses are also converted into limited companies, but that there is still considerable scope for such conversions is shown by the fact that out of 1,084 names in the list of Registered Contractors published in the Special Supplement to the Gazette of 5th October 1962 957 were names of unincorporated firms.
53. Of the 1,149 new companies, 46 were public companies and 1,103 private; and 1,104 were incorporated with a share capital and 45 without. Part I of Table VII gives an analysis of the 1,104 com- panies with a share capital according to the nature of their business and amount of nominal capital, the aggregate amount of the nominal capitals of the companies in each category being given in the final column. As compared with 1961-62 there was an overall increase of 229 such companies mainly due to the number of land and building companies having increased from 326 to 437 in consequence of the current building boom. There was also as in 1961-62 a sharp rise in the number of new import and export companies (266 against 189), pointing to continued good business in that field. There were few significant changes in the other categories except for a rather surprising rise in the number of shipping, shipbuilding and shipbreaking com- panies from 36 to 53.
54. A feature of new registrations was the increasing number in which the papers were submitted by firms of accountants apparently without a solicitor being employed, the necessary statutory declaration of compliance with the requirements of the Ordinance being made not by a solicitor engaged in the formation of the company, but by a person named in the articles as a director or secretary.
55. Part II of Table VII gives an analysis of the 45 companies registered without a share capital according to the nature of their objects. All of these were limited by guarantee. In exercise of powers delegated from the Governor 13 were granted licences to dispense with the word 'Limited' in their name under section 21 of the Ordinance, which provides that where it is proved to the satisfaction of the Governor that an association about to be formed as a limited company is to be formed for promoting commerce, art, science, religion, charity, or any other useful object, and intends to apply its income in promoting its objects, and to prohibit the payment of any dividend to its members, the Governor may by licence direct that the association be registered as a company with limited liability, without the addition of the word 'Limited' to its name.
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