23673/08
222
$100.
proportion of the shares would in all cases be on
the local register.
Sir Havilland considers, in fact, that since
the tax is only one hundred dollars per annum on a
capital of a quarter of a million, it is probable
that more trouble would be given if the number of
shares actually on a local register had to be check-
ed, than the exemption suggested by the Board of
Trade would be worth from the point of view of the
Companies.
From enquiries made by Sir H. de Sausmarez in
Shanghai before he left that place, it appears that
the Ordinance met with approval there, and no sugges-
tion was made to him that there would be any hard-
ship in the license fee as at present proposed.
In conclusion Sir Havilland expressed the op-
inion that the balance of convenience lies in leaving
the Ordinance as it stands.
I am,
Sir,
Your most obedient,
humble Servant,
J. Langley