Mr. Reece.I am afraid it is a very difficult question to discuss: the whole ques- tion for consideration is whether, if the Bill is passed, it would work. It will, no doubt, be an excellent thing if it would work.
Mr. Shewan.-Do you think it is advisable ?
Mr. Reece. I cannot say that.
Mr. Thurbarn. Can you tell us, supposing a law is passed enforcing Chinese firms to register their partners, what would be your reason for saying that it is not advisable or that it won't work. ?
Mr. Reece. They would probably register a man of straw. The more respectable firms will, no doubt, register their partners honestly.
Mr. Shewan.-What is your opinion about advertisement?
Mr. Reece.-I don't think advertisement would work; registration would be better than that. The Chinese generally think that only the managing partners of firms are liable, but not a dormant partner: in their opinion, a dormant partner is only liable to the extent of the amount put into the firm by him. I confess I should like to see the experiment tried-it would, no doubt, further the interests of the legal profession. I think some respectable Chinese firms would register their partners all right, but on the whole, I cannot say that it would be abvisable to introduce the Bill into the legislature as I don't think it would work.
Sir Thomas Jackson, on being called on by the Chairman, said :-
This is no new question. It has cropped up several times in the history of the Colony. My own impression is that it would be an innovation that the Chinese would not like, and it would not tend to the Chinese bringing their capital here. My idea is that it would be far better to leave things as they are at present. One would rather know what amount the firm is worth than know the names of the partners. From inquiries I have made. I think the greater body of Chinese merchants would not like this registration, and my own opinion is distinctly that it would not be advisable to legislate, nor do I think that advertising the names of the partners would be of any practical value. If registration were made compulsory, I should say that they would put some other names forward instead of their own. I do not think it would be advis- able to make any change.
Mr. Wilcox, ou being called on by the Chairman, said
After reading the papers connected with the subject, I thought that registration would be advisable and also practicable, but after hearing the evidence and arguments to-day, I am now afraid it would not work. If registration were made compulsory, it would be desirable to have it, if it would work. I am inclined to think the majority of the Chinese would register if not made compulsory. Under the circumstances, how- ever, after all I have heard, I do not think it would be advisable to introduce a Bill for the
purpose.
Sir Thomas Jackson made soine remarks on the extension of limited liability of firms.
Mr. Leung Pui Chi suggests that the undermentioned gentlemen should also be asked to attend :-Mr. Lan Yam Chin, manager of How Hing shop; Mr. Ho Fook; and Mr. Fung Wa Chun.
The meeting then adjourned to 4 o'clock on Monday, the 15th instant, for these gentlemen to attend.
LEO: D'ALMADA E CASTRO.
Secretary.
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