HONGKONG AND SHANGHAI BANKING CORPORATION.
HONGKONG.
303
27th November 1913.
My dear Stephen:-
With reference to your enquiry at the request
of Mr. P.S.A.Bourne us to the effect of the Keswick
Ordinance, (No. of 1891) there is no doubt it has put
stop on indiscriminte gambling in forward share
transactions. Of course forward share business is
still done without the numbers of the shares being
given, as brokers are prepared to take the risk of
signing for the concerned in the case of reliable people
but naturally would not do so to any extent when their
principals are of doubtful standing. I take it the
chief object of the Ordinance was to prevent gambling
in shares by persons who could not afford to lose money
and in that respect I certainly consider it has proved
Very beneficial. In many instances forward transactions
are quite genuine ones, although the numbers of the
shares are not given, as people object to the trouble
of giving the numbers, tut as mentioned above,
mist be reliable persons otherwise the brokers would
they
4.Stephen, Esq.
not