Good
measure in England of 1856 was for England, I am of opinion that it was most unsuited to a small commercial colony, composed as it is of officials who are prohibited from taking an active part in the management of such companies and of Merchants who have no time to do so except agents or managers for trade objects; and for the most part the direction of companies is in the hands of persons: Foreigners and in some cases in inferior positions.
12.
When the Ordinance of 1865 passed, I and the then head of the firm of Jardine & Company voted against it as being uncalled for and injurious.
315
The result of that legislation is to be learned from the inclosed list of companies registered under the Ordinance (twenty in number); of these, six with an aggregate capital of $4,250,000 have been wound up as utter failures with widespread losses much exceeding that total aggregate, causing endless and expensive litigation which has at times blocked up the business of the Courts to no useful purpose whatever but to great public injury.
13.
Insurance Companies existed and operated healthily before our Ordinance, and they would continue without its aid. These alone being excepted.
2.
76-H&S 1815.