CO129-379 - Governor Sir Lugard - 1911 [8-9] — Page 106

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Clause 27(3). It is suggested in the margin that the balance

sheet to be filed shall be accompanied by a profit and

loss account. When the Imperial Companies Bill of 1907

was passing through Parliament very strong objections were raised to requiring companies to file a profit and

loss account. It was said that such a requirement would result in the giving of infomation to rivals in trade. As a result, Parliament decided only to require a balance

sheet.

Clause 31.

of this clause in practice. Sub-section (1) of the

clause provides that the register of members shall, in

It is difficult to see what would be the result

the case of a company having its head office in the Colony,

Clause 35 be kept at the registered office of the company, but goes on to provide that the registrar may license companies to

keep local registers, and that a company keeping a local register shall transmit to its registered office in Hong

Kong a copy of every entry in its local register as scon

as may be after such entry is made, and the company

shall

keep at its registered office, duly entered up

from time to time, a duplicate or duplicates of its local

register or registers. This seems to be rather a bur-

densome provision and one not likely to meet the wants of the Shanghai companies.