CO129-352 - Public Offices - 1908 — Page 225

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$100.

proportion of the shares would in all cases be on

the local register.

Sir Havilland considers, in fact, that since

the tax is only one hundred dollars per annum on a

capital of a quarter of a million, it is probable

that more trouble would be given if the number of

shares actually on a local register had to be check-

ed, than the exemption suggested by the Board of

Trade would be worth from the point of view of the

Companies.

From enquiries made by Sir H. de Sausmarez in

Shanghai before he left that place, it appears that

the Ordinance met with approval there, and no sugges-

tion was made to him that there would be any hard-

ship in the license fee as at present proposed.

In conclusion Sir Havilland expressed the op-

inion that the balance of convenience lies in leaving

the Ordinance as it stands.

I am,

Sir,

Your most obedient,

humble Servant,

J. Langley