SHARE-HAWKING EVIL

Sun (Auckland), Volume IV, Issue 1069, 5 September 1930, Page 10

SHARE-HAWKING EVIL

NEW BILL INTRODUCED Tn CONTROL SALES “HOUSE-TO-HOUSE METHODS”

TUB SDN'S Parliamentary R eport PARLIAMENT BLDGS., Th urs " Providing for legislative control the share-hawker in New ZeaLrs’ the lines of the British Coim? d ° n Act of last year. the CoSS*®* B Amendment Bill was read a first time in the House Introducing the Bill Mr w F d 3 ’’' nard (Labour—Napie’r) said it . ‘anted a small amendment to meet ti, n ' evil which had existed for some and which threatened to attain „ siderable proportions—the practice' , share-hawking. Most people H 1 something of the methods of ncr. who went through the country “ S deavouring to dispose of forestry n and tobacco shares and bonds’ i many cases such ventures were’nt highly speculative nature, to D in * mildly. Experience showed that hV‘ dreds of thousands of comparatiyeL poor people were induced by Jr tongued salesmen to invest their earned savings in such ventures v“ Barnard would not call them inyfJ’ meats. es! ' The evil had existed also in Great Britain and the necessity for provai ing some remedy was recognised som. years ago and a new Companies Ac was passed last year. Mr. Banunramendmem. would be based on sec im 356 of that Act. It forbade any sou going from house to house ofeiug shares to the public for subserh! tion or purchase. When any shar£ were offered to the public the sha-t broker or hawker was required to submit a statement containing the vario--requirements set forth in the section of the Act. One essential point > quired was a statement whether mission had been obtained from ti. Stock Exchange to deal in the sharJ Mr. Barnard thought the Bill Vi, a step in the right direction. It wa. high time that the people in New Zealand had the same advantage u those in England of statutory protertion in such cases.