Stronger Controls
Australian Federal and State Attomeys-General are proposing to strengthen controls on stock exchanges and share trading. They will consider the final legislation at a meeting in New Zealand later this month. The meeting is held here at the invitation of the New Zealand Government.
The Attorney-General of New South Wales (Mr K. McCaw) said that the draft legislation was approved by the last meeting of the standing committee of commonwealth and state attor-neys-general, held in Adelaide on December 12.
Mr McCaw said he hoped to be able to recommend adoption of the legislation by the New South Wales cabinet within the next few weeks. He said he would also be asking the attorneys-general at their New Zealand meeting on February 26 and 27 to take into consideration public disquiet over market fluctuations in mining shares.
Mr McCaw referred specifically to statements by the Senale Labour Opposition leader (Senator Lionel Murphy) urging Government supervision of share trading. All Australian states, except Victoria, reported yesterday that they were waiting for final approval of the draft legislation before pressing ahead with stock exchange and share dealing legislation of their own.
The attorney-general of Victoria (Mr G. Reid) said interlocking legislation dealing with the stock exchange was planned for the autumn session of the State Parliament.
The Companies’ Act, the Stock and Sharebrokers’ Act, and the bill dealing with marketable securities would all be amended, Mr Reid said. IHe hoped to have State ! Cabinet approval of the Securities Industries Bill, which would be more comprehensive than the present Stock and Sharebrokers’ Act, next Monday. The Companies Act amendments were designed to see that the ordinary investor got more information about his investment. Paynter Dixon Paynter and Dixon Industries, Ltd, Sydney-based designer and builder, had “substantially greater” group profits in the half-year to December 31, directors report. They say sales were “much in excess” of those for the same period last year.
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Bibliographic details
Press, Volume CX, Issue 32214, 5 February 1970, Page 15
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319Stronger Controls Press, Volume CX, Issue 32214, 5 February 1970, Page 15
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