CO129-346 - Governor Sir Lugard - 1908 [1-3] — Page 171

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12.

to alter them when desirable.

. I don't think that any special attention need

be paid to the argument that certain particulars ought not to be required from local insurance companies he- cause they are not required from British companies (which

by Section 33 are exempted from the provisions of the Ordinance). The unfair competition argument is

hardly convincing: the local companies are at liberty

to parade as an advertisement the fact that they furni sh fuller returns than the British Companies.

First and Third Schedules and Form under Section 6 of

Fifth Schedule. The English Act simply provides for a statement of the Revenue from "Premiums". The Hong Kong Ordinance requires this revenue to he split up

under Premiums on new policies for

and renewal

Commission paid is to be simil-

premiums for

arly divided. Mr. King objects that it is not ex-

plained what is meant by "new policies" or how half yearly or quarterly premiums are to be dealt with where the premium for a full year does not fall due within the financial year.

I don't think that it matters much

how this is settled so long as it is settled; the

Governor in Council should issue a Pegulation to secure

uniformity.

Under Expenditure, the expenses of management are split up into (Agents travelling expenses and salaries.

(Medical fees and salaries.

(Salaries of other officers and employes.

(Advertising.

(Other expenses of management.

I