MINING INVESTMENT.

Wairarapa Age, 31 August 1933, Page 3

MINING INVESTMENT.

STOCK EXCHANGE WARNING TO PUBLIC. AUCKLAND, August 3-0. The president of the New Zealand and Auckland stock exchange, Mr. G. C. Creagh, to-day addressed members on the necessity for safeguarding the public in regard to the flotation of mining companies. Mr. Creagh said that it was improper and contrary to the Exchange rules for a member to act as secretary of a mining company. Another matter requiring attention was the practice of making reservations of shares in mining companies that were being promoted. He referred to. one case, remarking that evidently,the promoters wanted to be certain of getting some gold from the public whatever might come out of the mine. “If I am not much mistaken, 7 ’ he added, u we will see history repeating itself, and while many genuine mining propositions may be put before the public and much gold won during the next few years, in the long run there will be a sadly disillusioned public, and a large section of it will rue the day when they were induced to l put their mosey into gold mining company shares.” He strongly urged the stock exchanges to make it their business in every way possible to protect their clients.—(P.A.)