54
irrespective of withdrawals, must not
be greater than $200.
It might be preferable that
the maximum limit on total deposits
should be prescribed by rules made under
the Ordinance, and if necessary altered
from time to time by the Governor in
Council, as recommended in paragraph 32
of the Report of the Departmental
Committee, copies of which were sent
57
to Hong Kong in circular despatch
of the 3rd of August, 1955.
The position should presumably
be that deposits should not be accepted
above the limit of $5,000. Interest
which is earned on a deposit and accumulates
so that the deposit exceeds that sum
should not be regarded as earning interest
when in excess of the limit, i.e. annual
interest should not accrue on any sum
above 5,000. It will presumably not
be necessary to force a depositor to
withdraw any excess so caused over the
maximum.