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Objects and Reasons.
1. The object of this bill is to restrict temporarily the carrying on within the Colony of trade in certain non-ferrous metals and ores by or on behalf of persons who are now or have been enemy subjects. The bill makes it an offence to carry on any trade in the non- ferrous metals and ores to which the bill applies except under a licence from the Governor in Council,
2. The intention is that unless for very exceptional reasons no licence shall be granted to any prohibited person or to any corporation under prohibited control. Put shortly, a prohibited person means a person who is now or has been an enemy subject and a corporation under prohibited control means a corporation which is under the control of prohibited persons.
3. If any question arises between the Governor in Council and any corporate body, firm or individual as to whether the prohibitions of the bill apply the question is to be referred by the Governor in Council to the Supreme Court.
4. Where a company registered under the Hongkong Ordinances issues share warrants to bearer no licence will be granted to the company until such bearer shares. have been called in and the owners have been registered. Power is given to such companies to take the necessary steps to call in such bearer shares.
5. Power is also given to companies registered under the Hongkong Ordinances to call for declarations from their shareholders and debenture holders on the subject of the beneficial ownership of the shares and debentures and as to the nationality of the beneficial owners.
6. Power is given to the Governor in Council to require the information necessary to enable the Governor in Council to decide whether any corporation firm or individual trading in the metals and ores to which the bill relates is under prohibited control or is a prohibited
person.
7. The metals and ores to which the bill applies are zinc, copper, tin, and lead, and any other non-ferrous metals and ores to which the Ordinance may be applied by order of the Governor in Council.
8. It is proposed to make regulations under the Ordinance excluding from the operation of the Ordinance dealings by way of wholesale trade in quantities below certain limits. In any case the Ordinance will not apply to the purchase or sale of the above metals where such purchase or sale is only incidental to the trade carried on by the purchaser or seller.
9. The Ordinance is to continue in force only during the continuance of the present war and for a period of five years after the termination thereof.
10. The bill is founded on the United Kingdom Non-- Ferrous Metal Industry Act, 1918.
24th February, 1919.
J. H. KEMP,
Attorney General.
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