MINING SHARES

Hokitika Guardian, 30 August 1933, Page 6

MINING SHARES

t A WARNING TO INVESTORS. (Per Press Association — Copyright.) AUCKLAND, August 30. Tlie president of the New Zealand and Auckland stock exchanges, Mr. G. C. Creagh, to-day addressed members on the necessity for .safeguarding the public in regard to the flotation of mining companies, said / was improper and contrary to exchange rules for a member to act as secretary of a milling company. Another matter requiring attention was the. practice of the reserving of shares in mining companies that were being promoted. He referred to one cape, remarking that evidently the promoters wanted to lie certain of getting some gold from the public whatever might come out of the mine. “If I am not much mistaken,” he added, “ive will see history repeating it. self, and while many genuine mining propositions may lie put before the public aiid 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 put their money into gold mining company shares.” He strongly urges Stock Exchanges to make it their business in every way possible to protect their clients.