No. 601/1915.
Colonial Secretary's
Office,
Hongkong,
17th February, 1928.
51
Gentlemen,
With reference to your letters of the
23th June and 3rd October, 1927 on the subject of
the annual fee payable by China companies, I am
directed to send you a copy of a bill which has
been drafted with a view to reducing the annual
fee from 4 cents to 1 cent on each $100 of the
paid up capital of a China company in cases where
(a) the company in question is a private company,
and where (b) substantially all the shares in the
company are held by a parent company incorporated
in some part of the British Empire.
2.
It is intended to make the proposed
Ordinance effective as from and including the
1st January, 1928. The present practice of re-
funding the hole of the fee where substantially
all the shares in one China company are held by
another China company will of course simultaneously
come to an end.
3.
In your case, however, and in the case of
your associated companies, it is proposed that the
new system shall be made effective in respect of the
year 1927 also, and the necessary adjustments will
be made.
British American Tobacco Co. (China) Ltd.
Hongkong.