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proposed legislation in the form of King's Regulations.
As to the first point there can be no doubt that
the Ordinance of 1891 has effected in Hongkong exactly
what is needed here, namely it has stopped corners, un-
due inflation in share values, and share gambling on
the part of persons who cannot afford it. I enclose the
opinions of the Hongkong Registrar of Companies, of the
Colonial Treasurer now Acting Colonial Secretary and of
+
the Chief Manager of the Hongkong and Shanghai Bank
Hongkong which prove this.
In regard to the suggestion that British Brokers
might be by these Regulations put at a disadvantage
compared with their foreign rivals, I referred to Mr.
Stephen, the Manager of the Hongkong and Shanghai Bank
at this port, who asked me to state my question in
writing.
I enclose my question and his reply.
I enclose a letter from Mr.Garstin the Senior
Assessor at the Mixed Court expressing the opinion
that the Mixed Court here would give practical effect to
the Regulations as against Chinese Defendants.
In the enclosed draft I have extended the applica-
tion
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