CO129-346 - Governor Sir Lugard - 1908 [1-3] — Page 194

131

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need not repeat that evidence here, but I would only point out

that if the deposit in Hongkong is to be hypothecated for

policies issued in China, then these policies should contain

a clause that the other portions of the life assurance funds

are not liable in respect of them.It would not be fair to the

other policy holders to take out from the life assurance fund

a portion for the exclusive benefit of the policy holders in

China, and also to give to all these policy holders a lien on

all the funds. The case of the Mutual Reserve Fund mentioned

by me to the House of Lords is a case in point, and shows the

difficulty of having a deposit of the reserves, but neverthe-

-less I think a permanent deposit is a wise provision, although

it should not be of too great amount, and it should not be

specifically hypothecated to any particular class of policy-

-holders.

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I have new dealt, I think at sufficient

length, with the two main questions, and propose to take up

the subsidiary questions of forms of schedules, etc., but that

must stand over until next mail, when I shall write you a

continuation of this Report.

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G4746000 I MBAS PVLoke the COLUMNIS POC 24.

I remain etc.,

(Sd.) George King.

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