MINING LEGISLATION.

Auckland Star, Volume XXVI, Issue 190, 10 August 1895, Page 5

MINING LEGISLATION.

SHAREBROKERS NOT SHARE,.I;A,vi HOLDERS. _ ......,.,.

(BY TELEGRAPH. —PARLIAMENTARY REPORTER.)

Wellington, this day. Thechief aubjectof dieeussion in the Coun" cil yesterday afternoon was the clause which the Hon. W. McCullough proposed to insert in the Mining Companies Act Amendment Bill. Councillors sbrongly opposed the ■proposal to prohibib sharebrokers from buying or selling shares on their own behalf or for their wives and families, and after a long discussion the new clause was rejected by 21 bo 9.7 The Hon. Mr Bonar led the attack by declaring thab if ib was desirable to prevenb sharebrokers trafficking in shares, a separate Bill should be introduced for thab purpose. The Hon. McCullough agreed to bhe advisability of adopting thia course, bub explained that he was afraid such a measure would meet with such opposition thab bhe Governmenb would nob take in hand to introduce ib. He poinbed oub thab bhe clause would do one good service if no other by defining.the meaning of the term "sharebroker," and.ib was evidenb thab ib would nob injure any sharebroker carrying ,on legitimate busiuess. He had received a telegram from a prominenb Auckland sharebroker approving of the clause. Capb. Morris, on bhe. other hand, declared he had received a telegraphic message from the Auckland Stock Exchange conveying its unanimous disapproval of the proposal. The Hon. Pharzyn agreed with Mr Morris thab proposed, interference would be harsh and unfair. There was no such law in England, and if introduced here dishonest sharebrokers could easily evade ib. Sir P. Buckley having explained in reply to Mr McCullough bhab he was not at liberty to express the views of Governmenb on the proposed amendment, 'Sir McCullough said that Mr Cadman waa entirely in favour of it. ; -After Mr McLean bad spoken the clause ; was rejected by 21 to 9, as already stated.