EXTRACT FROM THE RECORD CF A MEETING OF
THE HONG KONG LEGISLATIVE COUNCIL HELD ON THE 27TH AUGUST, 1946.
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The Honourable Mr. M.K. Lo, C.B.E., pursuant to notice, moved the following motion :
1.
That this Council expresses the hope that every possible step will be taken with all convenient speed for the removal of the existing restrictions imposed by the Moratorium Proclamation particularly in regard to transactions in shares and property.
2. That if the Secretary of State's decision in regard to debtor-creditor relationships involves any alteration in the law of the Colony otherwise than by the Legislature of the Colony an opportunity may be given to this Council to express its views before such legislation is enacted.
3.
That the terms of this motion and a record of the debate be transmitted to the Secretary of State for his information.
The Honourable Mr. Lo said :
"I venture to think that the motion, by its very terms, would commend itself to this Council without any elaborate arguments from me in its support. To borrow a legal phrase from a branch of the law, which happily has no application to this debate I am not alleging negligence against the Government I can almost describe this motion as an of res ipsa loquitur.
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example
On September 13th, 1945, the Moratorium Proclamation (No. 6) was published. Whilst subsequent provisions have somewhat decreased the rigour of the provisions of this Proclamation, an amendment issued on November 17th, 1945, added shares etc. to the list of prohibitions. At the present moment, subject to certain specified exceptions or subject to special approval in certain cases :
1. The prohibition against the recovery of debts
the official "freezing" of old bank accounts remains;
2.
3.
Dealings in land which had been dealt with during the Japanese occupation are still forbidden;
Dealings in shares, securities, etc. are also forbidden.
and
As regards the monetary aspect of the Moratorium, the Financial Secretary, in his answer to a question put by my colleague, Hon. Mr. Chau in this Council on July 19th, pointed out that "the Moratorium does not in any way prevent the
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voluntary payment of any dept. But I feel sure my Hon. friend
realises as well as anyone, that the voluntary discharge of a
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