ANNUAL CONFERENCE OF STOCK EXCHANGES.

Star (Christchurch), Issue 18888, 14 October 1929, Page 11

ANNUAL CONFERENCE OF STOCK EXCHANGES.

PRESIDENT’S WARNING TO N.Z. INVESTORS (Special to the “ Star.”) AUCKLAND, October 14. The annual conference of Stock Exchanges of New Zealand was opened this morning, the proceedings, as usual, being held in camera. Representatives of the various Dominion exchanges were present. In welcoming the delegates, the president, (Mr G. C. Creagh) said that the year, as far as business was concerned, had been a good one from a sharebroking point of view, and the turnover in shares and stocks of all classes, _ with the exception, perhaps, of gold-mining, had been very heavy, probably constituting a record. For some years past, not only was it true that Stock Exchanges had experienced remarkably good business, but it was satisfactory to note that general trading conditions had improved, and the outlook for the immediate future was very encouraging. Many matters had called for the consideration of the committee during the past year, and it was becoming increasingly apparent that the affairs of the association, or perhaps, more correctly speaking, the affiliated exchanges, would require more time to be given to them than had hitherto been the case. They had probably reached the stage when either conferences should be spread over two or three days or they should hold meetings at intervals of not longer than six months. On the question of the protection of investors, Mr Creagh said: “My predecessor, Mr Harman Reeves (Dunedin), in concluding his opening remarks last year, referred to the questionable methods of a class of shares salesmen whom we, in common with other countries, have in our Dominion, and I would like to draw attention again to his advice, as much or more needed today than ever before, that investors should communicate with members of the Stock Exchange before applying for shares in companies about which they have not had previous reliable information. In his speech at the annual meeting of the New Zealand Society of Accountants, the president of that body warned small investors of the necessity for being extremely guarded when investing in new enterprises.”