DOMINION NEWS.

Hokitika Guardian, 19 October 1928, Page 5

DOMINION NEWS.

ADVICE TO INVESTORS

OPERATIONS OF SALESMEN

(By Telegraph—Per Press Association.)

DUNEDIN, October 17

'J'luit people who have small amounts of money to invest should take the precaution of securing the advice of an accredited financial expert is the advice of Mr Harman Reeves, chairman of the New Zealand Stock Exchange Association, Speaking at the annual meeting of the Association today, Mr .Reeves said that he would like to join hands with the Press ot the Dominion, which, had olf late been directing attention to the practice of share-selling by individuals among unsuspecting people, who, in many cases, had been victimised. Investors would he well advised, when approached by those share salesmen, to communicate with, a member of the Stock Exchange before signing any applications for shares. That warning was necessary, as several cases had come under the notice of members where people had taken up shares without making a proper investigation as to the prospect of success, only- to find their capital had been lost.' It did not follow that a prospectus submitted by someone other than a member of the Stock Exchange was necessarily doubtful, but the chances were that there was a “fly in the ointment ” somewhere, not the least of which was that the cost of selling the shares by canvassers was greater'than the company could possibly pay. It was known of a. forestry company selling bonds where the cost of raising the capital was stated to amount to 14 per cent. It would be interesting to know how many companies could ultimately prosper which had to start off by paying such a high initial cost for its capital. Mr C. G.. Creagh, Auckland, was elected president for the ensuing year.

A MYSTERY DEATH. AUCKLAND, Oct. 19

Do Rcnzy Walker, father of Elsie Walker, found dead in the scrub at Tamalci on October 15th, in a statement to the “Star,” controverts the theories that she took her own life or died of exposure, pointing out that though she was never known, to have handled a car before, she was presumed to have driven two hundred miles over bad roads, and walked seven miles after the car was abandoned, and that she had on the journey jacked up the car and replaced a punctured tyre, all of which he asserts is impossible. He is firmly of the opinion that his daughter’s death was the result of foul play.

DRUNKEN DRIVER. ASHBURTON, Oct. 19. Henry Stanley Jones, 38, a motor salesman, pleaded guilty to a charge of being drunk in a car and not guilty to unlawfully converting the car to his own use. He was fined £25 and £3 costs, and his license suspended for three months on the first charge, the second charge being dismissed. The case arose out of a collision in which a oar driven by Jones was damaged beyond repair. The car in question belonged to his employers.