Registrar-Generals-Department-Annual-report-1969-1970 — Page 32

and also of the aggregate total of 1,399 for the five years ended 31st March 1970. The main casualties were as usual in import and export companies, which lost 81, while land investment companies lost 39, shipping companies 26, restaurants 18, textile companies 15, and garment manufacturers and engineering etc. companies both 12.

75. With 2,812 new companies, and 336 dissolutions, there was a net increase of 2,476 in the number of companies on the register, which on 31st March 1970 stood at 15,848, comprising 1,077 public com- panies (mostly companies limited by guarantee), and 14,771 private companies.

76. The number of documents received for filing and the number of inspections of files by the public rose to the new record figures of 44,190 and 38,850 respectively. These figures represent increases of about 23.9% and 21% over the corresponding figures for 1968-69.

77. Although under no statutory obligation to do so, the Companies Registry sends reminders in respect of failures to file Annual Returns and other documents within the prescribed periods, and every year publishes advertisements calling attention to the statutory requirements. Notwithstanding these reminders 2 companies were presecuted for failure to file documents. The fines imposed included fines of from $400 to $1,500 on the companies and seven directors. On the in- corporation of every new company the Companies Registry supplies it with a pamphlet entitled 'Notes on certain provisions of the Companies Ordinance with special reference to documents which have to be filed in the Companies Registry'. A copy is also supplied free of charge to any company that asks for one.

78. 500 companies increased their nominal capital by amounts totalling $1,724,439,500, on which fees of $3,448,879 were paid.

79. 258 companies changed their names by special resolution and with the approval of the Governor given by the Registrar General or Assistant Registrar General under delegated powers. One of the main reasons for such changes is that, as mentioned in paragraph 72, com- panies are incorporated by solicitors and others to be held in stock' for issue to clients when required. The clients then choose a name to their liking and have the old name changed. Similarly the names of real estate companies are often changed when control passes from one syndicate to another.

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