FULL INFORMATION

Southland Times, Issue 25362, 14 August 1935, Page 7

FULL INFORMATION

MORTGAGE CORPORATION. VIEW OF CHAMBER OF COMMERCE. (Per United Press Association.) Palmerston North, August 13. That it be a recommendation to the Associated Chambers of Commerce to take steps to endeavour to ensure that full and complete information as to the value and conditions of the assets and liabilities, investments and the proposed operations of the Mortgage Corporation be made available to the public contemporaneous!}’ with the corporation’s invitation to the public to subscribe to its bond issue was the text of a resolution by the Chamber of Commerce to-night. It was explained that if the corporation was a private concern it would have to conform with the stringent provision of the Companies Act in regard to the issue of a prospectus, yet the Mortgage Corporation Act placed no responsibility on the corporation to disclose information concerning the nature and condition of its assets and liabilities, investments or operations when inviting the public buy its bonds. In view of the fact that a great portion of the investing public were small investors with little or no commercial experience and invested blindly, it was felt that the fullest information should be afforded them before they were asked to part with their savings.