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The Managing Director,
15, Walbrook,
London, E.0., 4th.October
136
1904.
China Kutual Life Assurance Company,
13/a, Canton Road, Shanghai.
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(b)
I duly received the letter of 8th. August
of your Mr. Samuel B. Neill asking me from you to write an
official letter on the subject of the Hongkong Government
Ordinances recently enacted to regulate Life Assurance Companies
transacting business in Hongkong, and in other parts of China.
There has been a little delay in responding,
because, in the first place, the copy of the Ordinance sent to
me under registered cover did not arrive until nearly three
weeks after receipt of the letter, and since it reached me I
have been under very heavy pressure of work in connection with
other urgent matters which could not be postponed. Also I had
to take the time necessary to go through the Ordinance carefully
and to think it over before sitting down to discuss it.
There is no need at the moment to go
minutely into the many points that are open to criticism, or to
suggestions of improvement, but it may be well to touch upon a
few of them with a view of showing how crudely the Ordinance has been drafted. Evidently the expert advisers of the Hongkong Government have but a limited acquaintance even theoretically
with the British system, and no knowledge whatever of its
practical working. All those interested in life assurance are
agreed that some form of legislation is desirable, and all
desire to co-operate in securing legislation in the best
possible form. Therefore, I personally welcome the action of
the Hongkong Government in taking up the question, and wish to
assist, and not to hinder, but for that very reason I should
like to use my influence so that the legislation may fester and
build up life assurance in the East, and not be of such a kind
as