CO129-447 - Governor Sir May - 1918 [1-3] — Page 356

(b)

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350

In all other cases the leposit relied upon

must have been made in respect of either fire

or marine insurance business.

(c)

Exemption in the United Kingdom or elsewhere

is no ground for exemption here. The only

ground is an actual deposit.

(a)

Exemption is not confined to British Companies,

but it is confined to companies which are

maintaining a deposit in some part of the

Empire.

15.

(e)

Fixed rates of exchange are appointed for the

purposes of calculating the extent to which

the exemption is to apply.

The following may perhaps be considered the most debat-

able provisions in the Ordinance; -

(a)

Fire insurance companies which are exempt under 9 Edw. 7, c.49, s.31(b) are not exempt

under the Ordinance. It would not have

been safe to exempt existing companies here,

and it was considered that the stronger

English companies should be willing to accept the obligation which was being imposed on

the weaker local companies.

(b) Foreign companies, however strong, cannot be

exempted unless they are maintaining a deposit in some part of the British Empire,

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