Registrar-Generals-Department-Annual-report-1965-1966 — Page 29

69. For the first time in seven years the number of new companies incorporated in Hong Kong decreased, the total dropping by 134 from last year's record of 1,420 to 1,286. If incorporations in the land and buildings category are excluded, however, the number of companies incorporated actually rose by 150. Of the new companies incorporated, 76 were public companies and 1,210 private, and 1,211 were incor- porated with a share capital and 75 without. Part I of Table X gives an analysis of the 1,211 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. As compared with 1964-65 the most noteworthy changes in the numbers according to business were: up- financiers 47 (+11), garment manufacturers 71 (+40), import and export 327 (+34), plastics 48 (+7); down-land and buildings 110 (-284) and shipping etc. 45 (−7).

70. In 529 cases out of 1,286, that is to say in 41% of all new incorporations, 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 person named in the articles as a director or secretary.

71. Part II of Table X gives an analysis of the 75 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.

72. For purposes of comparison Table XI gives an analysis of the companies registered in the last five years according to the amounts of their nominal capital. This shows that the year's decrease of 134 regis- trations was accounted for by the fact that increases of 21 and 64 in the $10-50,000 and $50-100,000 brackets respectively were insufficient to compensate for the decreases in all the other brackets, and in partic- ular the substantial decreases of 55 and 142 in the $500,000-1,000,000 and $1-5,000,000 categories respectively. Many companies are incor- porated with low capitals pending further developments; for instance, 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. The aggregate total of all capitals was $707,301,750, more than $659,000,000 below the previous year's total.

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