" which Colony the Dept. is largely self-supporting,
appears from
the Reports for 1891>,
the Enclosed, a copy corresponds with that of
Committee's Report of Dec. 1892, which suggests that before reporting
any Amendment which may be desirable in the Hong Kong Bankruptcy Ordinance, he should obtain information from the Straits for Amending Ordinance.
It is referred to the Report for 1892, a copy of the Report in Bankruptcy Ordinance about to be introduced in that Colony.
Some hints may be derived from this for the guide of the Hong Kong law, although Lord Ripon does not wish to imply that the Hong Kong Law on the subject should necessarily be made in all respects similar to that at the Straits.
Above that at the Straits (as in my land) all the money moving into the hands of Official Receivers under the Straits Ord. (Secs.68-70) all moneys received in account bankruptcy Estates in bankruptcy are paid into a Bankruptcy Account, and surplus funds in that account are invested (for the benefit of the creditors), but
On Cleaning up
I have not found in the draft
it does not seem that the Hong Kong Ordinance (Sec.80) the "Bankruptcy Estates Account" only includes unclaimed dividends, and there is no express provision for the investment of these funds, although I apprehend that the repeal of the words "to be paid out" (Secs.68-70 explained when amending Ord.)
was not part (Secs.68-70) explained when amending Ord. 6 of 1892 has the effect of leaving open to the Registrar to invest the money? Ask what was the intention of omitting those words.
On the other hand, the moneys coming from liquidation of Estates in bankruptcy (by Sec.60 of the Ord. of 1891 as amended by Sec.13 of Ord. of 1892) are paid into a Bank, to an account kept in the name of the Official Receiver and to several separate accounts in the case of unofficial trustees; it is presumed that the Bank allows interest (e.g., 2 per cent) on all of these separate Accounts if they stand for any length of time, and it is gathered from Mr. M. Nicolle's Report that such interest is allowed.