“HIGH” FINANCE

Grey River Argus, 31 March 1933, Page 5

“HIGH” FINANCE

Trial at London OF FOUR SPECULATORS. (Aus. & N.Z. Cable Assn.) LONDON, March 29. Harman, Conigrave, Pounds and Changeat were charged at the Guildhall. The prosecution .stated that the Chosen Corporation was chosen in 1923, to sell a Korean mining concession to a company to be formed. Harman obtained control of the corporation in 1930. Harman, with the concurrence of the co-defendants, used the corporation’s money to get his other companies out of grave difficulties, regardless of the shareholders of the corporation. - The hearing was adjourned. U.S.A. PRECAUTIONS. AGAINST CROOKED FINANCIERS. WASHINGTON. March 29. President Roosevelt, in a special message, asked Congress to provide for Federal supervision of investment securities. The President declared that the publie had sustained severe losses through practices that were neither ethical nor honest. The President also said that he would propose soon legislation relating to the better supervision of the purchase and sale of ail properties listed on the exchanges. He also foreshadowed legislation to correct the “unethical and unsafe practices on the part of the officers and directors of banks and other corporations. ’ ’