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avoid it in favour of a better established institution. Now I very much doubt whether there is any reasonable certainty of the position boing the same in the Far Fast especially among the Chinese. Newspapers are not numerous there,nor have they the same ability and re- sources at their command as in England, while it must be at least easier there to prevent criticism by the various methods effective with venal editors.
5. As a matter of fact however in spite of the way in which the critics have beaten the "Publicity and Freedom" drum, the present Ordinance does not depart very far from that policy. The control by the Government for which it provides is almost nil, it is far less than in the case of many European countries. It comes to this, that an insurance company must (Section 3) deposit with the Governmont securities to the value of $50,000 on starting operations and in addition deposit securities equivalent to 75% of the premiums which it receives less the amount of losses or claims paid until the total deposits amount to $200,000, such deposits (Section 6) to be held in trust for local policy holders. And (Section 24) & Hong Kong Insurance Company may be wound up by the Court on the application of one or more policy or share-holders upon it being proved that the company is insolvent when valued on the basis of a certain mortality table and interest at 4%.
attack.
6. These three sections are the main points of
As to section 3 I would point out that
Mr. Blount has apparently failed to read the ordinance
with ordinary care for he absolutely ignores the fact
that a company has only to keep on depositing a portion
of