records broken. 5,389 new companies were incorporated during the year, 1,436 more than last year's record total, while the aggregate of all capitals was up by $7,647m. from $1,845m. in 1971-72 to the record figure of $9,493m. The most notable changes in numbers according to business are listed in paragraph 77, and include striking increases of 590 to 905 in financiers and capitalists, of 405 to 1,388 of importers and exporters, and of 362 to 1,045 in land investment. The businesses in which there were decreases were wig manufacturers, down 18 to three, transportation, down 16 to 70, plastics manu- facturers, down 13 to 93, and insurance, down 12 to 20. 374 companies were dissolved, including 205 struck off the Register under section 291 of the Companies Ordinance, leaving 27,530 companies on the Register at the end of the year. The number of companies incorporated outside the Colony which have established a place of business here rose by 62 to 843, including 226 companies incorporated in the United States, 105 in the United Kingdom, and 93 in Japan. With the vast amount of trade conducted in and from Hong Kong, there is also an impressive amount of insurance business and there are as many as 233 companies conducting the regulated classes of business, including 65 United Kingdom companies, 64 Hong Kong companies and 39 United States companies.
10. In previous years very few companies issued prospectuses. However, with the upsurge of interest in the stock market, many more companies sought a quotation and offered their shares to the public. From a figure of under 20 in 1971-72 the number of prospectuses registered rose to 185, of which ten were in respect of companies incorporated overseas. The examination of these documents and sub- sequent discussions with the companies, the underwriters and the solicitors involved in the issues engaged the Legal Officers in the Department for a considerable amount of time.
11. In his capacity as Registrar of Companies the Registrar General was the Chairman of the Authorized Auditors Board. When the Professional Accountants Ordinance 1972 came into operation during the year under review it provided for the regulation of the accountancy profession by its own Council, and the Authorized Auditors Board was finally dissolved.
12. In January 1973 the Registrar General was appointed a member of the Securities Advisory Council, a non-statutory body set up in
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