Registrar-Generals-Department-Annual-report-1971-1972 — Page 36

78. Part III of Table XII gives an analysis of all public companies according to whether they are limited by shares or limited by guarantee or unlimited, and reveals that three 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.

79. In 1,654 cases out of 3,953, that is to say in 41.8% of all new incorporations, the papers were submitted by firms of accountants apparently without а solicitor being employed, the

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, 175 companies were incorporated by two private limited companies whose principal object is the forming of companies for sale. Since records of the qualifications of persons submitting papers in connection with new incorporations 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 2,280, or 57.6% of all incorporations, in 1971-72.

80. 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. Except for the $10m. and above category, which shows a decrease of 13, 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 these being increased as soon as clients take over the companies and commence business. The aggregate total of all capitals was $1,845m., over $434m. less than the previous year's total, mainly accounted for by decreases of $212m. for financiers and capitalists and $186m. for land investment.

81. Table XIV shows graphically the post-war trends of the numbers of companies incorporated and the totals of their nominal capitals, and the trends since 1959-60 of the numbers of land invest- ment and import/export companies.

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