TRUST COMPANIES

Poverty Bay Herald, Volume LX, Issue 18279, 23 December 1933, Page 5

TRUST COMPANIES

COMMISSION OF INQUIRY PERSONNEL ANNOUNCED The appointment by the GovernorGeneral of a special commission to investigate the promotion, financial methods, and operation of certain companies in the Dominion, was announced in Wellington on Thursday night bv the Minister of Finance, the Rt. lion. J. G. Coates.

The members of the commission arc:—Mr. J. S. Barton, S.M., Wellington; Professor H. Belshaw, Auckland; Mr. F. E. Graham, Christchurch. “The object of the commission,’’ said Mr. Coates in an interview, ‘ ‘ will be to inquire into and report upon tendencies and developments apparent in the Dominion in relation to the promotion, financial methods, control, and operation of certain companies nud other corporations which seek to raise capital and loan funds in the Dominion.”

It is expected that the commission will take up its duties about the middle of January. The order of reference embraces the methods of promotion and administration of such companies, including subsidiary companies and syndicates, the scheme of control under which they are operated, and the relative powers and rights of promoters, subscribers to shares, debentures, etc. Power will also be given to the commission to inquire into the financial structure of financial investment and trust companies, and into the question whether any additional legislative provision should be made to afford investors a greater measure of protection. The* scope of the commission’s investigation will include the operation of the present statute law governing the constitution and registration of stock exchanges within New Zealand.