ALL CLAUSES PASSED

Poverty Bay Herald, Volume LX, Issue 18254, 24 November 1933, Page 10

ALL CLAUSES PASSED

THE COMPANIES BILL COMMITTEE DISCUSSION PRINCIPLES APPROVED (Per Truss Association.) WELLINGTON, last night. In the; House of Representatives urgency was accorded the passage of the Companies Bill, further consideration of tho clauses in the measure being resumed in committee. Rapid progress was made with the Minister's amendment, explained last night, relating to the qualification of auditors being adopted. The Rt. Hon. J. G. Coates explained that the amendment was the outcome, of an agreement by all accountants’ organisations. Replying to Mr. H. G. It. Mason (Lab., Auck. Sub.), Mr. Coates said that the Minister had power to open the door to membership in a new organisation which would be known as the New Zealand Society of Accountants, to those who had passed an examination but had never joined an organisation. They would have the opportunity up till December 31 to make application for admission. INVESTMENT BOARD ? Mr. Mason asked also whether it would be necessary for private companies in a very small way to comply with the stipulation that accounts should be audited by a member of the organisation. Mr. Coates replied in the affirmative. The clause as amended was passed. Speaking on the clause relating to share hawking, Mr. A. S. Richards (Lab., Roskill) said he believed all share salesmen should be licensed after satisfying requirements as to character, etc. He thought the clause as it would stand if the Minister’s amendment were adopted, would simply bo playing into the hands of the Stock Exchange. He moved an amendment on lines he had indicated. Mr. J. A. Lee (Lab., Grey Lynn) said he did not think the amendment moved by Mr. Richards would be satisfactory. A “go-getter” or a “gentle grafter” would not mend his ways simply because he was licensed. “I pay a license fee for my dog,” said Mr. Lee, “but that does not prevent her chasing chickens.” Mr. Richards: Has she a certificate of character? Continuing, Mr. Lee suggested that the difficulty could best be met by setting up an investments board to investigate all transactions. This had been effective in other countries. AMENDMENTS POSSIBLE. Mr. Coates said the moment a man was given a license he acquired some standing, of which he might make tremendous use. On the other hand, tho question as to whether there should be an investments board was ono requiring careful consideration. Ho thought the position could best be met by adopting the clause as originally introduced, and holding over all amendments, including his own, so that the whole subject could be considered do novo when the bill was recommitted. Members: Hear! Hear!

Mr. Coates said the Government fully intended to amend -the clause eventually, but whether it would finally decide on his own amendment he was not prepared to say at present. All the suggestions that had been put forward would be given consideration. This course was adopted, and the clause was passed. Three hundred and seventy-six of tho clauses in the bill out of 354 clauses had been passed when the House adjourned at 5.30 p.m. The remaining clauses in the bill were put through the committee stage when the House resumed.

Mr. Coates said he did not propose to take the third reading forthwith, because be' intended to recommit the bill in the near future.