WELL-PUNNED ACTION

Nelson Evening Mail, Volume LXVI, 11 August 1934, Page 6

WELL-PUNNED ACTION

THE Company Promotiton Commission, of which Mr J. S. Barton, S.M., is chairman, has rendered signal service to the people of New Zealand and Australia by the action it lias taken to ensure complete inquiry into the operations of certain investment trust companies. For some time it has been the opinion of many that all was not well in company promotion operations in New Zealand, and in January last a Commission was set up by tlie Government for the purpose of searching for and suggesting remedies to the evils connected therewith. Now, before its work has been completed, the Commission has adopted the unusual course of making an interim report on certain matters and facts because it believes that the situation which it revealed was sufficiently serious to warrant special consideration by the Government. For some time past tlie Government has been in direct communication with Australia, and oil Wednesday evening tlie Governments of the two countries passed legislation providing for investigation into the affairs of fifteen specified companies, and into the affairs of other companies that might be added from time to time by the Commission. Simultaneous action, in Australia and New Zealand was essential to ensure effective audit. The Government and the Commission, as are also the Governmen. of Australia, are to be commended for the comprehensive measures taken.