Registrar-Generals-Department-Annual-report-1958-1959 — Page 24

18

TABLE X Contd.

Statutory

Name of Company

Deposit

Nature of Securities Deposited

Price on

Required

Middle Market

Market Value as at

31st March, 1959 31st March, 1959

$

Brought forward...

Taisho Marine & Fire Insurance Co., Ltd.

Tokio Marine & Fire Insurance Co., Ltd.

Universal Insurance & Indemnity Co.

United Builders Insurance Co., Ltd.

Wing On Fire & Marine Insurance Co., Ltd.

4,900,000

200,000

100,000

200,000

100,000

200,000

Brought forward

$200,000 Fixed Deposit with H.K. & S. Bank,

H.K.

$100,000 Deposit at call with H.K. & S. Bank,

H.K.

$200,000 Deposit at call with H.K. & S. Bank,

H.K.

$100,000 Fixed Deposit with H.K, & S. Bank,

H.K.

---

$200,000 Deposit at call with H.K. & S. Bank,

H.K.

5,700,000

$

4,965,984.00

200,000.00

100,000.00

200,000.00

100,000.00

200,000.00

5,765,984.00

* This Stock is deposited in respect of both marine and life business. The Company is being asked to agree to an allocation

between the two classes of business.

†This Company has not complied with a request to lodge approved securities in lieu of the mortgage. It is not at present

carrying on business.

Note:

Under the former Section 11(1) of the Ordinance certain companies were exempted from making deposits in respect of fire and marine insurance business because they maintained deposits worth HK$200,000 in Singapore under the Singapore Fire Insurance Companies Ordinance. Under the present Section 11(4), which was introduced into the Ordinance by the Fire and Marine Insurance Companies Deposit (Amendment) Ordinance No. 25 of 1953 in place of the former Section 11(1), such deposits only entitle the companies to exemption from having to maintain deposits in respect of fire insurance business. Three companies had not made the necessary deposits for marine business by the end of the year. One has, however, since deposited £10,000 3% Savings Bonda, 1965/75. The other two companies are being asked to make the necessary deposits.

W. K. THOMSON, Registrar General, (Registrar of Companies). 27th June, 1959,

The above List has been examined in accordance with Colonial Regulation 257, I have obtained all the information and explanations that I have required, and I certify, as a result of this audit, that in my opinion the List is correct.

AUDIT DEPARTMENT,

Hong Kong, 3rd July, 1959.

W. H. WILLIAMS, Acting Director of Audit.