XN000022-1985-07-28 — Page 4

SUNDAY, JULY 28, 1985

THE NUMBER OF DOCUMENTS RECEIVED FOR FILING DURING THE FIRST SIX MONTHS OF 1985, AS COMPARED WITH THE SAME PERIOD IN 1984, INCREASED BY 72 PER CENT FROM 143 093 TO 245 991.

+THIS WAS DUE TO IMPROVED COMPLIANCE WITH THE FILING PROVISIONS OF THE COMPANIES ORDINANCE AND THE ADDITIONAL FILING REQUIREMENTS UNDER THE COMPANIES (AMENDMENT) ORDINANCE 1984,+ MR GLEESON EXPLAINED.

THE NUMBER OF ENQUIRIES FOR RESERVATION OF COMPANY NAMES DURING THE FIRST SIX MONTHS OF 1985 WAS 79 059, WHICH WAS A 50.7 PER CENT INCREASE OVER THE CORRESPONDING PERIOD OF 52 444 FOR 1984, AND A 42.3 PER CENT INCREASE OVER THE JUNE - DECEMBER 1984 PERIOD OF 55 552. THIS REFLECTED AN UPSURGE IN COMMERCIAL ACTIVITY GENERALLY.

THE TOTAL AMOUNT SECURED BY CHARGES REGISTERED ON THE ASSETS OF COMPANIES DECREASED BY 34 PER CENT, FROM $20 604 MILLION TO $13 595 MILLION, ALTHOUGH THE NUMBER OF CHARGES FILED IN THE FIRST SIX MONTHS OF 1985 HAD INCREASED BY 19.7 PER CENT FROM 4 029 TO 4 823 OVER THE FIRST SIX MONTHS OF 1984. WHILE THE AMOUNT REPAID ON CHARGES, AS EVIDENCED BY CERTIFICATES OF SATISFACTION, DECREASED BY 40 PER CENT FROM $4 673 MILLION TO $2 821 MILLION. HOWEVER, THE NUMBER OF SUCH CERTIFICATES HAD INCREASED BY 14.2 PER CENT FROM 2 866 TO 3 274 IN THE SAME PERIOD.

DURING THE PERIOD, 43 PROSPECTUSES OF NEW PUBLIC COMPANIES, INCLUDING 20 IN RESPECT OF MUTUAL FUNDS, WERE APPROVED AS AGAINST 42 PROSPECTUSES, INCLUDING 20 IN RESPECT OF MUTUAL FUNDS, DURING THE CORRESPONDING PERIOD IN 1984.

ANOTHER FEATURE OF THE WORK OF THE COMPANIES REGISTRY DURING THE PAST SIX MONTHS WAS THE NUMBER OF PROSECUTIONS BROUGHT BY THE REGISTRAR OF COMPANIES AGAINST COMPANIES AND THE IR DIRECTORS FOR BREACHES OF THE COMPANIES ORDINANCE, MAINLY FOR FAILURE TO FILE ANNUAL RETURNS WITH ACCOUNTS.

THE TOTAL NUMBER OF SUMMONSES ISSUED IN THE FIRST SIX MONTHS OF 1985 WAS 326, OF WHICH 196 WERE IN RESPECT OF PUBLIC COMPANIES, COMPARED WITH A TOTAL OF 182 DURING THE SAME PERIOD IN 1984- 125 SUMMONSES WERE WITHDRAWN, MAINLY BECAUSE OF NON-SERVICE 219 RESULTED IN CONVICTIONS, COMPARED WITH 14 IN THE SAME PERIOD OF 1984, AND 218 REMAIN TO BE HEARD BY THE COURT (171 IN THE SAME PERIOD OF 1984).

THE TOTAL AMOUNT OF FINES IMPOSED FOR CONVICTIONS IN THE FIRST HALF YEAR OF 1985 WAS $262 790, COMPARED WITH $5 500 IN THE CORRESPONDING PERIOD IN 1984,

MR GLEESON SAID THAT PROSECUTIONS WERE TIME-CONSUMING AND THERE WERE MANY OTHER CALLS ON THE TIME OF HIS STAFF.

/HE HOPED,