74. Part II of Table XII gives an analysis of the 155 companies in- corporated without a share capital according to the nature of their objects. As compared with 1969-70, increases in the numbers of com- panies according to the nature of their objects were recorded in respect of clubs 36 (+13), social welfare 17 (+3), schools 6 (+3), and welfare of natives of particular districts in China 26 (+3). Two companies whose object was to operate a stock exchange were incorporated during the year. Of these two, only one had commenced operation before the end of the year, bringing the number of stock exchanges then in operation to three. Part III gives an analysis of all public companies according to whether they are limited by shares or limited by guarantee or unlimited, and reveals that eight companies limited by guarantee were registered during the year with the Governor's licence to dispense with the word 'Limited', granted by the Registrar General under delegated powers. One licence granted in 1957 to a company limited by guarantee was revoked by the Registrar General under delegated powers and the word 'Limited' was entered at the end of the name of the company upon the register.
75. In 1,615 cases out of 3,461, that is to say in 46.7% 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. In addition, 158 companies were incorporated by two private limited com- panies whose principal object is the forming of companies for sale. Since records of such cases were first kept in 1963-64 the numbers of incorporations in which a solicitor was not employed have risen from 435, or 35% of all incorporations, in 1963-64 to 1,979, or 57% of all incorporations, in 1970–71.
76. For purposes of comparison Part I of Table XIII gives an analysis of the companies registered in the last five years according to classes, and Part II gives an analysis of companies with a share capital registered in the last five years according to the amount of their nominal capital. It will be seen from this Table that the numbers in all categories are new records. Many companies are incorporated with low capitals pending further developments; for instance, some solicitors and accountants like to keep a few incorporated companies 'in stock', the capitals of which are increased as soon as clients take over the companies and commence business. The aggregate total of all capitals was $2,280m., over $681m.
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