DOMINION STOCK EXCHANGE.

Manawatu Standard, Volume LV, Issue 80, 2 March 1935, Page 8

DOMINION STOCK EXCHANGE.

VIEWS ON INVESTMENT BUREAU A meeting of the Dominion Stock Exchange, a duly registered exchange, was held recently in Wellington, when over 60 registered sharebrokers from all parts of the Dominion were present, <.r represented by proxy. The report of the Commission of Inquiry into Company Promotion methods was discussed, particularly the sections relating to stock exchanges and to the proposed Corporate Investments Bureau, and the following resolutions were unanimously adopted : (1) “The Dominion Stock Exchange protests against the suggested Corporate Investments Bureau as being non-British, Socialistic and theoretic in principle and certain to prove restrictive and vicious in operation. The best interests of the investing and tax-paying public are not to be served by the creation of further Government departments. The need is to give business relief as far as possible from existing vexatious restrictions, and harassing taxation.” (2) “The Dominion Stock Exchange records its protests against the proposal to make bond issues illegal, as there is nothing inherently wrong in bond issues, and it respectfully recommends that the New Zealand Legislature be guided by British Company Law.” (3) “The Dominion Stock Exchange expresses the earnest opinion that if a new development in social outlook is to operate regarding salesmen any legislation requiring registration of salesmen should apply equally to life insurance, real estate and other forms of selling.” (4) “The Dominion Stock Exchange protests against any legislative restrictions to the formation of Investment Trust Companies and recommends that the Companies Act, 1933, is sufficient and should apply to the formation of such companies.” (5) “The Dominion Stock Exchange urges the Government to repeal section 343 of The Companies Act. 1933, as being unduly restrictive and rendering virtually impossible, under the conditions prevailing in New Zealand, the flotation of even the soundest company proposition. The primary need is to get capital and labour reproductively employed in new industries by public companies.”