STOCK EXCHANGES
MELBOURNE CONFERENCE
(From "The Past's" Representative.) SYDNEY, March 26.
Stock exchanges of Australia and New Zealand completed in Melbourne their first conference since 1929 and with the adoption of resolutions which should afford greater protection to investors and uniformity of stock-ex-change practice. One was that a company and its subsidiaries (if any) must disclose in the published accounts total payments to directors during the period covering the accounts. It was decided to insist on a subsidiary company having an auditor. A prospectus must contain a statement showing the interest of any person named as director, manager, broker, vendor, or prompter. It must disclose the price at which any property purchased, or to be purchased out of the proceeds of the issue, has changed hands during two years before the issue, and the interest of any director, promoter, broker, legal manager, or secretary in any transaction. Members considered that the practice of giving an option over unissued mining shares to persons other than cash subscribers was not in the best interests of shareholders or of the industry. The existence of such an option might debar share listing. A quarterly financial statement will be urged for gold-mining companies, showing revenue, expenditure, cash, and unpaid call's.
STOCK EXCHANGES
Evening Post, Issue 82, 6 April 1936, Page 8
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