COMPANY COMMISSION REPORT

Hawera Star, Volume LIV, 20 February 1935, Page 5

COMPANY COMMISSION REPORT

ACCOUNTANTS’ SOCIETY CRITICISM ABOLITION OF BOND SYSTEM (By Telegropo—Press Association.i AUCKLAND, Feb. 19, Criticism of some of tho proposals contained in the report of the Company Promotion Commission was voiced at the convention of the New Zealand Society of Accountants. Fears were expressed by some speakers that tho recommendations indicated further interference with private enterprise. The subject was raised by a paper submitted by Mr R. A. Glen, Wellington. He said the recommendation for the abolition of the bond system was one which should have their careful consideration. He was also apprehensive regarding the restrictions which might be imposed as. the result of, recent happenings, on honest enterprise.

Mr W. R. Brown, Dunedin, said one wondered what the results would be if a corporate investments bureau were "bstablished at the present. There was too much interference with industrial and commercial companies. One wondered also what would be tho position regarding purely speculative companies. He thought, however, the bureau would act as a check on unscrupulous promoters. Mr G. J. Feil, Wellington, said the findings of the commission might be said to favour safety rather than enterprise. He thought it had been over-zealous and had made recommendations which in its calmer, moments it would regret. A whisper of such foelings had already reached him.