I recommend to the Home Authorities that the Special Ordinance, No. 4 of 1876 passed for the relief of the aforesaid Company, may be made law.
It has already been brought prominently to the notice of the Government here that the fact of the shares of the China Traders Insurance Company Limited being so large in amount ($5000 each, with $1500 paid up) and so few in number (only 200) is found to be very disadvantageous.
Merchants having to hold shares in several Companies naturally object to the amount of the China Trader's Company being too much in excess of others, while the number of that Company's shares being so limited prevents a fair extension of its business. This was discussed before the Council in April last, when all the disinterested members were in favour of affording the relief asked for and the Bill was actually passed. This, I trust, will be considered a good reason for its confirmation by your Lordships, the Minister for the Colonies.
The only effect of the Ordinance would be to place the Company in about the same position as other Companies doing a similar business in the Colony, as will be seen from the following table representing the positions of the various Marine Insurance Companies trading...