398
referred to is taken literally from Section 1 of the
Imperial Companies (Consolidation) Act 1908. Section 4 of
the Straits Settlements Ordinance - No. 5 of 1889 is in
-
the same terms.
3.
Owing to the exclusion of Banking
Companies from the operation of the Companies Ordinance
and to the neglect to control by general or special logis-
-lation, except in the case of the Hongkong and Shanghai
Banking Corporation, Banking Corporations formed in Hong-
-kong, the anomalous condition has arisen of the existence
in the Colony of a large number of Chinese Banks which are
under no control whatever.
It is not considered expedient to
bring these Banks under control now, but it is desirable
that the condition should not be allowed to continue in
the case of Banking Companies formed in the future.
I have to add that in view of
Chinese opposition it is proposed to exclude Banks from the
operation of Section 111.
I have the honour to be, My Lord,
Your Lordship's most obedient,
humble servant,
Amaz
Officer Administering the Govern-
-ment.