Australian Newsletter Body Formed To Protect Investors From Fraud

Press, Volume C, Issue 29556, 4 July 1961, Page 21

Australian Newsletter Body Formed To Protect Investors From Fraud

(Special Correspondent NXJ’JI.)

SYDNEY, July 2. An organisation to protect investors against fraudulent companies is to be formed in Sydney. Known as the Investors’ Association of Australia, it is proposed as a non-profit organsiation. controlled by members under the guidance of legal and financial experts It will provide legal and financial advice to protect members against fraud and loopholes in existing legislation The joining fee will be £lO and the annual subscription from £2 2s to £5 ss. A Labour member of Parliament 'Mr H. C. Mallam). one of the prime movers for the association, said he honed iit would be able to induce i the Federal Government to set up a standing commission to protect investors and curb financial irregularities. He said a self-protection organisation among modest investors was long overdue. Mr Mallam was supported by Mr R. Shore, a credit con- | suitant and convener of the meeting which formed the investors’ association Mr Shore said that since 1956. about £lBm in public money had been dissipated by people with a “careless regard" for other people’s money. Every day he interviewed persons who feared loss of their life savings In 75 per cent, of cases they were old people who had been gulled by promises of high returns, said Mr Shore A * # Request For Sales Tax Reduction The sales tax on all fond will be eliminated if the Federal Government agrees to requests made by the Australian Food Manufacturers’ Association. The association claims the tax penalises the family man and the pensioner. Since sales tax was introduced in 1931—t0 bolster revenue in a time of severe depression—it has risen from 2} to 12J per cent. The association president. Mr E V. Berry, said the tax on food created glaring anomalies. This was clearly rhown, he said, by the fact that food for human consumption was taxed, though food for birds and animals was not

The association’s case against sales tax. covering 20 foolscap pages, has been submitted to the Federal Treasurer. Mr Holt Meanwhile. a Canberra housewife has asked the Minister for the Interior. Mr Freeth. to do something about food and commodity prices in Canberra, She wants either the introduction of an excess profit law or a Royal Commission. She said meat in Canberra was from 12 to 20 ner cent, dearer than in Sydney, and groceries were cheaper in Broken Hill than in Canberra. She wanted to know why petrol cost 8d a gallon more in Canberra than in Svdnev, end why there was 8d difference in the price of a bottle o* beer in the two cities * * » State Aid For Church Schools* The question of State atd for denominational schools is likely to be a prickly issue at the New South Wales general elections, due early next year The New South Wales Council of Churches decided this week to begin a statewide campaign against Government proposals to grant State aid to church schools. Protestant churches have challenged political leaders to state openly and posltivelv what their attitude is to the .idea The president of the New South Wales Council of Churches (the Rev. Dr, E. H Watson) said all Protestant pulpits would be asked to inform congregations about the proposals. The schemes for aid to church schools came from

the State Australian Labour Party conference in Sydney last month for an extended bursary-style system, and from the Country Party conference for extended bursaries and Interest-free building loans. The Protestant churches think these ideas could be the first step for direct State aid

The secretary of the council (the Rev J. B Judd> said there should be no direct State aid granted to denominational schools without a referendum on the issue.

A report presented to the Country Party conference said that 24.6 per cent, of school children were in independent schools, including 21 per cent, in Roman Catholic schools. The State system was straining to capacity to maintain its present schools, and the independent schools relieved the State of a cost which it would find difficult to meet.

The Presbyterian Church of Australia, which opposes any form of State aid to denomiational schools, told the New Sottth Wales Premier (Mr Heffronl of its regret over a statement attributed to th? Roman Catholic Archbishop of Sydney. Cardinal Gilroy.

Cardinal Gilrov was reported to have told a Roman Catholic gathering that the Roman Catholic Church would receive Government financial assistance for schools “in the not very distant future."

A spokesman for the Presbyterian Church said he hoped the matter would not become a public issue, as "it will create great strife among the people.” On the general question of education, Premier Heffron asked the Federal Govern-

ment last month to assist State Governments. He asked for a committee co investigate the needs of primary, secondary and technical education. * • « Control Of City Planning The planning committee of of the Sydney City Council has suggested the setting up of a special committee to control development at Circular quay. This came about when it was reported to the council that the Railways Department planned a skyscraper at the western end of the quay to match an insurance building already there, and that a bank proposed a third g.ant building b-‘”*en the two.

Aidermen argued that huge buildings on the water’s edge would completely obliterate the view of the haroour from the city, and vice-versa It was also contended that the skyscrapers at Circular quay would cut off cooling winds and cause Sydney to become a "hot box." $ $ $ “Education Mad” Speaking in the country town of InvereU, the Minister for Conservation, Mr E. Enticknap, said too much was being spent on education in comparison with water conservation. New South Wales had gone "education mad.” he said. The State Government spent £73m on education last year and only £6m on water conservation, complained the Minister. It was no good educating people if they could not be fed.