CO129-346 - Governor Sir Lugard - 1908 [1-3] — Page 211

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208

me, this can be done quite effectively and without prejudice to

companies doing a legitimate and useful business. That a deposit

should be required from companies desirous of doing business

out here and registered in Hongkong is unquestionably a wise

measure and I should be inclined to advocate the amount being

increased at the outset and held on trust for all policy holders

She retention by the Government of a definite sum is a proof to

the public of the bona fides of the company at the outset and

a guarantee that it will comply with the requirements of the

Government in the way of returns and full publicity of its

methods. After that let the Government reserve to itself the

right to call for a special investigation into the affairs

of any company whose position or methods it deems unsatisfactory

and on its being satisfied that the company is really insolvent

the Court should endeavour to have its contracts transferred to

a stronger office with as little loss as possible to the policy

holders and only in the last resort should it issue a winding up

order.

For the rest let the Government confine it-

-self to insisting upon every company furnishing the fullest

particulars of its business its me thoda and its tables, in

forms prescribed by the authorities (and in this connection the

Schedules prescribed by the Ordinance are capable of several

improvements), and let these be published with as little delay

as possible. (The returns to the Board of Trade as prescribed

by the 1870 Act are often 18 months old before being made

public a delay that seriously diminishes their value). If

those steps be taken the public has in my opinion little to

fear and is amply safeguarded, while the Government is freed

from a lot of unnecessary trouble and the companies are given

freedom of action and enabled to prosecute their good work

unhampered by arbitrary restrictions, but are made dependent

for their success upon the wisdom and prudence and responsibili-

-ty