authorize Companies registered under the Companies Ordinance, 1865, to keep local registers of their members outside the Colony:
2. The King will not be advised to exercise his powers of Disallowance in respect of this Ordinance, but I enclose for the consideration of your Government a copy of a Despatch from HM's Consul General at Shanghai, in which he endorses the suggestion, which was made by the Board in the first instance, that the annual duty should only be chargeable on the amount of the local registered and not on the total amount of the company's capital.