INVESTORS' INTERESTS

New Zealand Herald, Volume LXX, Issue 21414, 11 February 1933, Page 7

INVESTORS' INTERESTS

EFFECT OF LEGISLATION A PROTECTION ASSOCIATION The organisation of the Investors' Protection Association, formed with the intention of advancing the interests of investors, especially in regard to legislation affecting them, was carried a further stage at n public meeting in the Chamber of Commerce yesterday. Mr. J. B. Henry presided over a large attendance. Mr. Henry said it was intended that the organisation should be non-political. It was recognised that the Government was encompassed by difficulties,' mostly created by circumstances beyond its control, but it remained that investors were gravely concerned at some of the remedial measures adopted, some of which involved breaches of contract. Investors were not convinced that the position had justified some of the legislation, and breaches/ of contract established a dangerous precedent. The objects of the association submitted to the meeting stated that the organisation would be representative of all bodies and institutions and private individuals concerned in the investment of funds and the handling of properties. It was intended to keep before the notice of the Government the serious effect current legislation had and would continue tc have in retarding economic recovery, tc move.for the repeal of the legislation at the earliest opportunity, to watch investors' interests in future and to indi cato instances were legislation had a harmful effect on investor and borrower, It Svas stated that a similar organisa tion was in existence in Christchurch, and the movement was being advanced ir Wellington and Dunedin. Conference: could be held in Wellington when neces sary. One speaker suggested that the atti tude of the new political party formec in Wellington, the All New Zealanc Party, could be sought to determine whether its intentions agreed with in vestors* interests, but other speakers con sidered that the organisation should avoic association with any political party. "Every day, when we open the paper we turn to see what the iatest freak o legislation is," said Mr. H. E. Vaile. think the present Government has copiei the whole of Mr. Lang's legislation, wit! the exception of tin hares." Mr. •Vaih suggested that there should be a com bined meeting of Auckland interests a' the Town Hall, to which Cabinet Minis tcrs and Auckland members of Parlia ment should be invited, to state Auck land's attitude toward the administra tion. The meeting concluded with the forma tion of a committee. Several speakers con gratulated the organisers of the associa tion on the service they had given.