CO129-561-6 Companies Amendment Ordinance draft bill- correspondence 18-1-1937 - 6-7-1938 — Page 22

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experience and only an officer of the Hong Kong

Government by reason of his appointment.

Mr. Young's

view is that expert knowledge might well be supplied

by the Advisory Committee, and it is not so essential

that the Examiner should possess it. I think this

can be discussed when the officer is recruited, and

that there is no need to comment to Hong Kong at the

moment.

Section 358. The B. of E. suggest a minor

drafting amendment by substituting the word "small"

for "minor", and "other deposits are also accepted"

for "deposits of larger amounts to be also accepted".

I think we might suggest this.

Section 360(2). The same considerations apply

to this section as to Section 353(3), and I suggest

that we should ask for similar safeguards.

Section 361(1). The G.P.0. state that they used

to publish pages of information in their bank books,

including a copy of all rules, but it was found that

this information was seldom referred to by depositors

and became out-of-date, so the practice was abandoned,

and a brief summary of conditions occupying one page

only is now printed in the book. They say that except

that there is some protection in that a depositor has

a copy of the rules and cannot in consequence plead

ignorance, is there much likelihood that he will read

them? I am rather inclined to think that the reason

for this provision in Hong Kong is rather different

from the view taken by the G.P.0., and that it is

desirable not so much for the information of

depositors as to ensure that the degree of publicity

given to the rules will prevent more objectionable

provisions that might otherwise occur in the case of

some of the minor Chinese banks. I think we might

leave