Registrar-Generals-Department-Annual-report-1963-1964 — Page 27

new companies appear to be incorporated on the entering into of entirely new ventures, with the result that the number of incorporations to a considerable extent reflects the growth in the Colony's economy.

68. Of the 1,251 new companies, 54 were public companies and 1,197 private, and 1,200 were incorporated with a share capital and 51 without. Part 1 of Table VIII gives an analysis of the 1,200 companies with a share capital according to the nature of their business and amount of nominal capital, with the aggregate amount of the nominal capitals of the companies in each category given in the final column. There were 96 more such companies than in 1962-63. As compared with that year the principal changes in the numbers according to business were: up— hotels and restaurants 57(+30), iron foundries, engineering, etc. 46(+24), textiles 47(+24), and newspaper proprietors and publishers 31(+18); down-land and buildings 401( – 36), shipping etc. 35(—18), and godown keepers 19(-13).

69. In 405 cases out of 1,251, that is to say in 32% of all new incor- porations, the papers were submitted by firms of accountants apparently without a solicitor being employed, the necessary statutory declaration of compliance with the requirements of the Ordinance being made by a

named in the articles as a director or secretary. person

70. Part II of Table VIII gives an analysis of the 51 companies regis- tered without a share capital according to the nature of their objects. All of these were limited by guarantee. In exercise of powers delegated from the Governor, nine were granted licences to dispense with the word 'Limited' in their name under section 21 of the Ordinance.

71. For purposes of comparison Table IX gives an analysis of the companies registered in the last five years according to the amounts of their nominal capital. This shows that as compared with 1962-63 there were more companies in the lower brackets up to $500,000 and in the $1,000,000-$5,000,000 bracket, but a slight decline in the number of $500,000—$1,000,000 companies and quite marked declines in the $5,000,000 $10,000,000 (down from 19 to 14) and $10,000,000 and above classes (down from 14 to 5). Of course, many companies are incorporated with low capitals pending further developments; for in- stance, some land developers like to keep a few incorporated companies 'in stock', the capitals of which are immediately increased as soon as they acquire a piece of land to develop. Notwithstanding the increase of 96 in the number of companies with a share capital, the 1963-64 aggregate total of all capitals was at $781,956,003 some $105,000,000 lower than the previous year's total.

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