HAWKING OF SHARES

Taranaki Daily News, 28 April 1934, Page 11

HAWKING OF SHARES

HOW IT IS PROHIBITED COMPANY ACT CLAUSES Limitations to the prohibition of “share hawking,” or the offering of shares from house to house, as defined by the Companies Act, 1933, were explained on Thursday evening by Mr F. H. Bass, in an address to the Wellington branch of the Australasian Institute of Secretaries. “There is still some latitude allowed,” he said, “as the expression .‘house’ does not include an. office used for business purposes, or any other premises used by the occupier wholly or partly for the purpose of carrying on trade, business, profession, or calling, and the provisions do not apply with regard to the offering for subscription of shares in ‘ any cooperative dairy company, or any other co-operative company. “It is not lawful to make any offer in writing to any member of the public (unless it be to a person whose ordinary business, or part of whose ordinary business it is to buy or sell shares, whether as principal or agent), unless the offer is accompanied by a statement in writing, signed by the person making the offer and dated, containing the details set out in the Act. “In the case of a company incorporated outside New Zealand, the offer must be accompanied by such a statement, or by a prospectus. “The term ‘share,’ for the purposes of the section, includes ‘debentures and units, and all such instruments (commonly called “bonds”) as confer, or purport to confer, upon the holders thereof any claim against the company, whether such claim is present or future, or certain, or contingent, or ascertained or sounding only in damages.’ “This definition is intended to include bonds which have been offered for sale from house to house during the past few years.” QUIET AND STEADY. DAIRY PRODUCE MARKET. The cheese and butter markets are again quiet but steady, the latest reports being:— A. J. Mills and Co. Ltd. (Mr. E. Griffiths) with last week’s quotations in parentheses:—The butter market is quiet. New Zealand finest 70s to 71s (70s); firsts, 69s to 70s (695); unsalted, 72s to 73s (71s to 725); Danish 78s to 80s (82s. to 84s); Danish f.0.b., 60s; Australian, 69s (695). The cheese market is quiet. New Zealand, white, 42s to 42s 6d (42s 6d to 435); coloured, 42s (42s 6d to 435); Canadian, 52s to 54s (52s to 545). New Zealand Loan and Mercantile Agency Co. Ltd. (April 25): Butter, New Zealand choicest salted, 70s to 71s (70s); cheese, white, 42s 6d to 43s per cwt (42s to 42s 6d); coloured, 42s to 42s 6d (425). Both markets steady. “ABSURDLY HIGH PRICES.” PRICES FOR DAIRYING LAND. The disastrous effect of the low prices for dairy produce at present being obtained in New Zealand was emphasised by Sir Harold Beauchamp, chairman of directors of the Bank of New Zealand, in an interview given in Melbourne last week. “Exports of butter and cheese from the Dominion realised at one time between £18,000,060 and £20,000,000 a year,” said Sir Harold. “Under the existing low prices, however, this amount will be reduced to about one-half. The position is further aggravated by the absurdly high prices which New Zealand dairy

farmers have paid for their land. In this direction large sums of money have been written off in respect of principal and interest, but further relief will be necessary before the farmer becomes solvent again.” INGLEWOOD SALE YARDING MOSTLY WORKS COWS The Farmers’ Co-operative Organisation Society reports that at the Inglewood sale there was a good yarding of cattle, comprising mostly works cows. It was an off day as the sale was held on the Thursday and the weather was boisterous. A number of entries did not come forward. There was a med-, ium attendance of buyers. Works cows sold to £1 16s (according to condition), and paddock cows realised up to £2 18s.