INQUIRY INTO EXCHANGE

Press, Volume C, Issue 29516, 18 May 1961, Page 19

INQUIRY INTO EXCHANGE

U.S. Commission’s Plans Probe (N Z P. A .-Reuter—Copyright) WASHINGTON. The United States Securities and Exchange Commission has ordered an investigation of the American Stock Exchange, the second largest exchange in the country. The decision to hold the inquiry arose from an S.E.C. investigation of two members of the American Stock Exchange who were banished from all Wall Street dealings by the commission, on charges of “rigging” stock prices and illegal stock sales. The commission said that it would look into the rules, policies, practices and procedures of the American Stock Exchange, concerning the regulation and conduct of specialists and other members.

Business Personal Mr R. E. B. Lloyd has been appointed a director of the A.N.Z, Bank and of the A.N.Z. Savings Bank. He is a local director of Glyn. Mills and Company, London bankers. Mr J. R. Adams has been appointed assistant general manager of the chemical fertiliser works of Kempthorne, Prosser and Company’s New Zealand Drug Company, Ltd. He was formerly technical fields officer of the company. Mr Adams graduated as a bachelor of agricultural science from Massey Agricultural College in 1950. Nat. Bank Div. — National Bank of New Zealand, Ltdwill pay an unchanged final dividend of 5 per cent., less British income tax at the full standard rate of 7s 9d in the £l, on July 11. Northern Roller.— Northern Roller Milling Company, Ltd., has recommended an unchanged ordinary dividend of 8 per cent., payable on June 22 ex dividend on June 9.