12
1
Hong Kong Government sight insist on too strict a fulfilment of the letter of the ordinance which in practice it had been found impossible to enforce. The compromise which has been arrived at is satisfactory to all parties and reflects credit on the good sense and consideration of the Hongkong Government who have been at great pains to consult the interests of all concerned.
The suggestion of the House of Trade that the annual duty should only be chargeable on the amount of the shares in the local registry and not on the total amount of the company's capital is a logical one and it would certainly be in the public interest if the alteration could be made. Where all the business of a company is carried on outside Hongkong, the shares will in all probability be registered locally, but where the business is carried on both in the Colony and elsewhere, say, at Shanghai, Article 1, Clause 2, as now worded, will bear hardly on companies which find it necessary to keep in each place a separate register for the transfer of shares.
I have the honour to be,
with the highest respect,
Sir,
Your most obedient,
humble servant,
Pelham L. Warren
Consul-General.