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Section 4 rules (1), (2), and (8) to Sir M. Nathan, with whom he had a conversation on the subject in February 1907 before the present ordinance was drafted.
As regards sub-section (2) of the Ordinance, Sir H. de Sausmarez suggested that the Hong Kong Government should calculate what amount they were likely to lose in an average year and replace the amount estimated by a license fee charged on the capital of the Companies keeping a local register. If this was done it would not, in Sir H. de Sausmarez's opinion, now be proper to exempt capital in the Hong Kong Registers from paying the fee, without affording an opportunity to the Government of the Colony to reconsider the amount of their ad valorem fee.
Sir Havilland considers, however, that the pecuniary hardship cannot be great, as the Ordinance only applies to a Company carrying on "a principal part of its business at or near the place where it desires to keep a local register".
Presumably, therefore, a very considerable proportion