The Federal Trust Bill

Waihi Daily Telegraph, Volume V, Issue 1506, 13 December 1905, Page 2

The Federal Trust Bill

Main Provisions

' Press Asfiociation.—Copyright. ' Mkldodbne; this day) In-tho Moral Hotisi) yestorday Sir W. Lyne's (Trust Repression Bill was read a .firsttime..

' l'ho Bill defines a commercial trust a<i a combination, whotlia'r within or beyond Australia, of separate or any independent perfOtis, whosa voling powers or determinations.ato controlled or tiro oomrollablo by, firstly, tho creation of a trust or corporation, .yvherein trustees or. a corporation hold tho intotcets, shares,"or stock of t!)o constituent persons; secondly,, by nn agreement kindly to tho creation of .a board of management or its equivalent. Under iho Bill competition is deemed to •be.nufair if,' under the ordinary circumstances of trade, it-would probably Wto„ Australian goods being cither withdrawn from tho markot or sold at a loss unless produced at a . lower remuneration for labour. Provision is mado for a board to: bo appointed, tho Minister to investigate, and where proof of n wilful contravention of tho Act is proved, a fine of £SOO, or sis months' imprisonment, may bo imposed, and tho may also bo declared illegal and void. Any person in-; 1 jurcd by aaoh contravontion is ompoworcd Wrecovor through tho CqurC trcblo the amount of caused by such injury, ' Mr, Cook characterised the Bill os a Irivoloiia wasto of liionoy, a farce, and a fraud- Ho - said that no iron could bo mado from Australian oro' till 1907, and ■until it was produced locally in' 1 considerable quantities the' duties should hot come into operation. Mr; Dealiin declared that, tho Government wero convinced that, the manufacture of iron was worth a groat national sacrifice. Any expenditure would be W coaped by tho..development of,tho in■lustry. The ownera and prospectiyo owiiors of iron works wero well aware that no immediate duties would lie imposed; and they declared that the pa«sago of £be Bill woufd beof Ihe 'greatest advantage to them. ' . The'third .reading was carried on tho voices, ,' ..■ ' The Anti-Trust Bill defines lower remuneration as less pay or longer or any torrns of conditions of labour thty are disadvantageous to workers, Imported goods include oil parts or. ingedionts of goods. Trade' means production : 'of any ltind. . U of eh' competition inoludos: "If liie competition would probably, of; doop, ro'sult .in gi")atly 'disorgan'sing Australian. industry, or throw workers out of employment; if imported goods havo .-been'..purchased abroad at prices greatly below their ordinary cost of production where produced or markot price where purchased; if, goods are Bold in Australia ist, a price loss than gives the importor ov seller a fair profit upon fair foreign market value or the cost of production, together with 'all obarges after shipment from whenoe exported directly to Australia; if an importor or sollor direotly or iudireotly gives tho ogents or intermediaries disproportionately: 'large romunoration for soiling or reoommonding,goods ... •..■.• ... Provision is mado that any person who monopolises, or attempts or combines to monopolise, any part of tho-trade amongst tho Bovcral Stutos, ov.with othor countries, with tho feire.of Controlling, to the detriment of tho public, tho supply or prico of aii™ merchandise or,{commodity, becofaes liable to a penalty of £SOO or 12 moiisbs' imprifonment, Anyone aiding or abetting the contravontion of the. i Act is held equally guilty ond equally punishable with the coutravenr-rs. -

The Boatd or Investigation ia investod with poweta equivalent'to & Poyal Commission. . ■, ■