ABSENT MEMBER

Otago Daily Times, Issue 24296, 13 May 1940, Page 6

ABSENT MEMBER

SEAT ON STOCK EXCHANGE AN INJUSTICE ALLEGED QUESTION OF SUBSTITUTE The question of what constitutes adequate representation of the interests of a member on active service is one which is giving the members of the Dunedin Stock Exchange food for thought at the present time. The absent member has been emphatic on the point that he is entitled to be represented by an employee at the daily meetings of the Exchange, while the Exchange itself, at several, special meetings at which the matter has been thoroughly discussed, is equally emphatic that, so long as the firm in which this member is a partner is represented by another partner, special representation is unnecessary. Before leaving to join a unit of the Navy, Mr L. J. Black, of the firm of Quick, Smith and Black, sought permission for his seat.. to be occupied during his absence, by a woman clerk. His original request was made verbally to the chairman bf the Exchange (Mr Harman Reeves), who at the time expressed the willingness of members to do all they could for Mr Black. It was very shortly before the latter’s departure that he was made aware of the actual position—that his representative would be permitted to attend the meetings only in the absence of Mr Black’s partner, Mr E. R. Smith. Both Mr Black and Mr Smith have since appealed to the Exchange for’ a reconsideration of this decision, and the correspondence covering these negotiations has been placed at our disposal. Appeal By Partner On May 7, Mr Smith forwarded a letter to the members of the Stock Exchange reminding ‘hem of rule 42 of the constitution which provides that ■ a member who is sick or is absent from Dunedin on holiday can, on application, be permitted a delegate to occupy his seat. This rule, he pointed out had frequently been availed of in the past, and as far as he could remember, the concession had never been refused until the present occasion. Mr Smith went on to explain that when Mr Black was called up. he naturally had to secure someone to carry on his share of the business and realising that under existing conditions it was useless to engage a man, he arranged with a woman clerk to take the position. When Mr Black first suggested to Mr Reeves that she should attend calls in his absence, no mention was made of Mr - Smith’s attendance or non-attendance, and Mr Reeves had replied: “ Black, it is the least we can do,” and had promised to ask another member to change his seat so that she could come and go without embarrassment. At a later date, Mr Smith’s letter continued, Mr Reeves, notwithstanding these statements, changed his mind, and two or three days before Mr Black "left Dunedin, when it was too late for him to make other arrangements, the Exchange decided that it would not permit his seat to be occupied,. which, in effect, meant that the representation of the firm was to be reduced to Mr Smith. So indignant was Mr Black at the treatment accorded him that he returned a presentation which had been made to him by the members. Mr Smith concluded his letter by appealing to the members individually to reconsider the position and arrange for its. being adjusted. Chairman’s Reply In his reply to Mr Smith, Mr Reeves admitted having told Mr Black that seeing he; was going on active service the Stock Exchange must help. him. •He -had told Mr-Black, he wrote, that he would suggest permitting,: the woman clerk to attend calls whenever Mr Smith was unable to do- so, even although no woman, had ever attended the calls in the history bf the- Stock Exchange. He did not change his mind nor alter the views l he had previously expressed to Mr Black. Mr Black knew. Mi* Reeves pointed out, that the matter' of permitting a clerk to attend the calls in lieu of- a member was entirely in the hands of all the members, "and that in that connection the chairman had only one vote, the same as any other member. He did not consider that Mr Black was being harassed with any unjust restriction, since, ..while Mr Smith attended the calls, both Mr Black and his firm were represented, and when Mr Smith was unable to attend a clerk from the firm would be permitted to s - „ “It would appear,” Mr Reeves’s letter concluded, “that you are trying to saddle me with a responsibility in this matter which is entirely-uncalled for and-unwarranted. Any of the » members will tell you that I have done all I possibly could to help.” Attitude of Members # The situation which has arisen has been referred by us to Mr Reeves, - who replied that the 'members of the exchange were satisfied that the firm of Quick, Smith and Black was adequately represented by Mr Smith. It was not the intention of the members to force upon Mr Smith the necessity for attending the meetings more frequently than he wished, and on all occasions when he desired to absent himself Mr Black’s clerk would be welcome to attend in his place. Never before had the exchange extended to a woman the right to attend its meetings, but in this case it was fully prepared to do so. „ , It was his opinion that Mr Black was not. as had been suggested in one of the letters received by the exchange. harassed with an unjust restriction, as provision was made for the representation of the firm , at , all meetings. „ . „ “On the Stock Exchange, Mr Reeves added, “there are several returned soldiers, and I am certain that they would not agree to anything that they considered unfair or unethical.” *