69 !
In order to obtain this the Company would doubtless have to deposit securities with the Bank, who are in a much better position to estimate their value than we are".
By Section 7 of the Hongkong Ordinance power is
given to the Governor in Council to make regulations as
to the manner in which deposits under the Ordinance are
to be made, the nature of the securities to be accepted,
the filing of statements, and fees payable. By the China
(Companies) Amendment Order in Council, 1919, Article
7 (2) the corresponding regulations are to be made by
H. M. Minister.
Attached hereto is a draft of such Regulations as
I think the Minister should make in this matter, being
an adaption of the Regulations in the First Schedule to
the Hongkong Ordinance put in force by Saotion 7 (2)
hereof.
The six months grace allowed for the making of the required deposit given by Section 5 (6) of the Hongkong Ordinance runs as regards 'China' Rire & Marine Insurance
Companies as from January let last.
SHANGHAI, 17th May, 1920.
(sa)
H.F. Wilkinson.
Grown Advocate.