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me, this can be done quite effectively and without prejudice to
companies doing a legitimate and useful business. That a deposit
should be required from companies desirous of doing business
out here and registered in Hongkong is unquestionably a wise
measure and I should be inclined to advocate the amount being
increased at the outset and held on trust for all policy holders
She retention by the Government of a definite sum is a proof to
the public of the bona fides of the company at the outset and
a guarantee that it will comply with the requirements of the
Government in the way of returns and full publicity of its
methods. After that let the Government reserve to itself the
right to call for a special investigation into the affairs
of any company whose position or methods it deems unsatisfactory
and on its being satisfied that the company is really insolvent
the Court should endeavour to have its contracts transferred to
a stronger office with as little loss as possible to the policy
holders and only in the last resort should it issue a winding up
order.
For the rest let the Government confine it-
-self to insisting upon every company furnishing the fullest
particulars of its business its me thoda and its tables, in
forms prescribed by the authorities (and in this connection the
Schedules prescribed by the Ordinance are capable of several
improvements), and let these be published with as little delay
as possible. (The returns to the Board of Trade as prescribed
by the 1870 Act are often 18 months old before being made
public a delay that seriously diminishes their value). If
those steps be taken the public has in my opinion little to
fear and is amply safeguarded, while the Government is freed
from a lot of unnecessary trouble and the companies are given
freedom of action and enabled to prosecute their good work
unhampered by arbitrary restrictions, but are made dependent
for their success upon the wisdom and prudence and responsibili-
-ty