STOCK EXCHANGE

Hokitika Guardian, 7 October 1932, Page 8

STOCK EXCHANGE

' " ,' COR]P,GER4 r Bo:N fiM63l|aaC r.:i - ■• CONTACT WITH PUBLIC. j AUCKLAND, October 31 ’ The inaugural meeting of the - Stock Exchange Corporation' of/New Zealand : was held. 7 this /aftetnoop, when mhm- ; bers of the corporation,, representing All the chief 'Dominion ‘centres, Wei;e vpie--. sent; • * r • 2 ■ ! >‘- yr " ■The chairman of . directors, Mr V. B. Mc'iiries in outlining the objects of the 'corporation,. paid; - “This should prove an epoch in the lifeVof' : tb;sj for as ouch, 'it Sentls 'a- definite 'step forward in cOniiectipii with the operations of this .- exchajoghi /Having “chosen the broker-'. Ag© Business as a. profession, if .is only : right, that enterprising brokers should ; have Tan" organisation' enabling ‘them to.offer -riterket facilities to 'their investors'" and to'the public generally, and be fn a•' position by organisation to com- ; jile financial 'inforriiation and invest*-• gat propoeitiohs put (before thein from 1 tim to time' for the development of th e - Dominion’s resources." 'y" : v - V 1 “Tdi act hs a between buyer and seller -to the extentof- -hundreds of -thousand's of pounds per annum- • w . oertaihly a great- privilege, but as every -privilege constitutes ari' obligation it is necessary that we leave' no stone; unturned to -see that the investing public recede the necessary' protection. : ’ \ iSILENT SALESMAN. ' - “This corporation is not antagonistic to other organisation, but;, as brokers. believe that’ 'ah- organisation is required that will adopt up-to-date methods. - • The' turnover-* of-* the ' gentlemen /present -is a proof o-f- the need of fhe newspaper,” - saidu- Mr- -Mclnnes; “Advertising ihas been called a -vsilentsalesman,- 'but We believe that'.-it has thegreatest- selling medium that can be employed. -Therefore as a ' corporation we Relieve emphatically -in advertising. If a worth handling- it >sworth ladverti-sirigy • and - ao' proposition that i cannot-ibo-openly advertised - is not worthyi ofattention. A r 'Therefore this/ corporation will .'not'- prevent win* dividual members from -advertising*.* |;hut yil] encourage every ©ffQrt to do so. M also *}»©; df -dhe exchange to ,{juote- prlc list - * of established companiesv- and While -these lists mayvnot appear daily at first they will appear more frequently as the business of this exchange develops and transactions increase. It .'is -also onr>' intention to introduce quote a number of ; the best, English, -investments not.- quoted on any exchange in New Zealand,-: but; l| oted on the London Stock Exchange, , end in connectioii. with this considerably •data? have been accumulated: ? V PROTECTING INVESTOR. “As brokers who have, a desire to protect our • clientele we - will welcome any (legislation that - will” protect the investor by making-it compulsory t 0 I sup-. ■ ply. dull cand• detailed • information in connection with all transactions affect-; ing the* proejets concerned*?-* Mr MeInnes continued. . “If; it ;can- be assured through legislation' : that a company must- give full- • information- to the. in/ vestor before he invests,.then th fe neces'-; dityiifor limiting the organisations;;by conservative .' regulations is eliminated; An attempt to; .make a monopoly of ' personally submitting ■ ! and .explaining ; fnvestmehte dp --’•■the'-public is; detrimental ito the progress and development; of a-5 young 'country' such. ag-NeiwcZeft** land,; which to.-day may. be' said .to -be oniycin- the. -infancy of' 'itsV develop-- , pientf.” ; ■ • 1; ’ ■’■