GROWTH OF INVESTMENT CLUBS IN 18 MONTHS

Press, Volume XCIX, Issue 29330, 8 October 1960, Page 11

GROWTH OF INVESTMENT CLUBS IN 18 MONTHS

The man who has “fathered” more investment oluibs than .anyone else in New Zealand is gratified—and somewhat embarrassed—at the way they have increased. He is Mr W. Haltam Eames, secretary of the Federation of New Zealand Investment Clubs.

Last year Mr Eames, a quantity surveyor in Wellington, sponsored the formation of the federation. At the time no more than a handful of clubs existed throughout the country. Today Mr Eames has the names of 60 clubs on his books, and feels sure there are at least 20 other clubs of which he has not heard. Mr Eames, in an interview in WeUington this week, disclosed plans for the country’s first conference of investment clubs. The conference is likely to be held early in the New Year, and Mr Eames hopes that representatives of clubs from Auckland to Invercargill will attend the conference. , '~-

Mr Eames is a member of two investment dubs. While helping in the formation of his first club, he conceived the idea of a federation of clubs which would pool information on the conduct and operations of investment clubs for the assistance of other small investors contemplating the formation of clubs. Many of, the clubs on Mr Eames’s books have adopted rules and procedures

along the lines suggested by him in reply to their inquiries. “This has been a hobby of mine and I have got a great deal of satisfaction from it. I have always tried to ‘sell’ the idea that the primary purpose at an investment club should be to instruct its members in the principles of investment, rather than to makequick profits,” he said. “Now there are so many clubs in the country I can’t find time to keep up with the correspondence. We need a paid, part-time secretary.” Admitting that the present setup of the federation was “undemocratic,’’ Mr Eames said he was anxious to see a properly constituted federation established as soon as possible. He considered it could provide a useful service for investment clubs, and for investors generally, by disseminating information and advise on rules for clubs, by watching legislation affecting investors, and by negotiations with the Stock Exchange and the Inland Revenue Department.