The Te Puke Times FRIDAY, SEPT. 23, 1932

Te Puke Times, 23 September 1932, Page 2

The Te Puke Times FRIDAY, SEPT. 23, 1932

A paper read by Professor Belshaw before the Auckland brahob of the Econoraio Society of Australia and New Zealand on Wednesday last, in which the operations of bond issuing companies were dealt with, was of particular interest to the holders of bonds in suoh companies. Referring to bond holdings, Dr Belshaw stated that there was a strong inference that the holders were in the main inexperienced "small” people with one or two bonds each. Sales had been made largely by door-to-door canvas. "The term ‘bond’ he remarked, "conveys to the public mind a sense of special security which is lacking in companies of the tjpe under discussion.’’ If the present company, finding its operations unprofitable, ceased maintenance, the bondholders’ only redress was the resumption of the areas. The appointment of trustees was not in any way an effective safeguard. They were limited to the terms of the trust deed drawn up by the patent company and were not interested in the equity of its provisions. The manner of their appointment was frequently such that bondholders could have little assurance that they would act in the interests of the bondholders.

The authors of the paper felt that the problem was of sufficient social importance to warrant the setting up of a Royal commission with wide powers, which should make a thorough investigation into promotion, finance and control, with a View to making appropriate amendments in the Jaw relating to companies. With a view to securing fuller publicity for the operations of companies of the kind in question, whether public or private, it was suggested that the prospectus should be required to state all dealings with land or other assets within, say, two years of incorporation, with information of, say, the three previous transfers of the land ; that prospectuses for bonds shuUld be brought within the provisions of the Companies Act; that they should state all remuneration for promotion, brokerage or underwriting; that an annual statement be required, showing the allocation of the moneys received from each issue of bonds ; that every prospectus for bonds and every bond should contain a definite statement, prominently placed, as to whether there was any security and if so, the nature thereof, that consideration be given to the practicability of extending by legislation the powers and duties of trustees.

The vexed question of oows being allowed to wander on the roads is one that comes up for discussion by the Town Board each succeeding year. One of the arguments that is brought up against this privilege being granted is the fact that they often trespass on the main road, and with the ever increasing volume of motor traffio this is a matter that is deserving of serious consideration. Fortunately the animals now often seen wandering beneath the verandahs and OPQBBing from one ai’do of the street to the other have nbt so far been responsible for tiny accident, hut there is nu doubt but that this danger is ever ekihtent. Members of the Board when they baVe been confronted with the neces'Bifty of Confining i the oows the side streets have , be eh iU a quandary ft* to &©#

this was to be effected and no j steps have therefore been taken ; to carry out any alteration. A I suggestion made by a local resi- j dent merits a little consideration. H•i points out that the throe water troughs provided by the Town Board are all placed in the vicinity of the main street and that the cows grazing in the side roads have necessarily to leave these roads in order to quench their thirst at the troughs. His sug gestion is that the trough in Boucher Avenue should be removed to a site near the Domain, the one near the Hotel to Harris Street land that at the Day and Night Garage to Moehau Street or No 2 Road. This would possibly have the effect of keeping the ..cows off the main thorough fare to a very great extent. We pass the suggestion on to the Board, for the matter of, limiting the wanderings of the animals is one that will have to be dealt with.