CO129-346 - Governor Sir Lugard - 1908 [1-3] — Page 215

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the diplomas of the British Institute.

212

Re Section 34 and 1st. Schedule, page 900. Section 34 provides

that any company having made a deposit in Great Britain shall

be exempt from the provisions of this ordinance. Such Companies

will, of course, make their returns to the Board of Frade

prescribed by the Act of 1870. The present ordinance calls for

particulars not required by the Act of 1870, and the information

thus called for might possibly be used to the detriment of

Eastern Companies by the unscrupulous use of the same in the

hands of agents of companies making a deposit in England. The

possibility of the unscrupulous use being made is a question

which is quite worthy of consideration and in this connexion I

would draw attention to the whole tenor of the discussion by

the Actuaries called before the Committee of the House of Lords

last year. The decision of the Committee arrived at was very

much influenced by considerations of this charafter whether or

not in the event of certain laws being made any company or

companies could be subjected to unfair competition.

In the First Schedule, Revenue Account, it

is necessary to divide the premiums into Premiums on New

Policies and Renewals, and also to divide the commission into

Commissions on 1st. premiums and commission on renewals: the

amount spent in advertising has also to be given, and in the

2nd. schedule the amount "Clains Resisted by the Company".

None of the above items are required by

the English Act of 1870, and it is not difficult to see that

the publication of these figures give the agents of competing

companies rather an unfair advantage so long as the agents of

the Eastern Companies are not in possession of the same

particulars with regard to their rivals. The publication of

these items seems to me to be an improvement on the English

Act, but would, I suggest, be better if not introduced in

Hongkong until it had been introduced at home.

There are I think two slips in the schedule

namely