PROMOTING A LOTTERY.

Taranaki Daily News, 30 November 1921, Page 8

PROMOTING A LOTTERY.

COMMISSION AGENT FINED. By Telegraph —Press Association Ghiliatchirrch, Nov. 29. The methods of finance indulged in.by an Australian company which proposed, to distribute prizes ranging ftfom £5OOO down to £5 was the subject of a judgment by Mr. McCarthy, S.M., at the Magistrate’s Court to-day. Harold P. Dal wood, commission agent, was charged under section 63 of the Gaming Act with having published a circular inviting persons to take slhares in a lottery or scheme known as the Cooperative fPerpekual Investment Co., Ltd. The Magistrate said the company proposed.. with the capital of £1,000,000 divided into 4.000,000 shares of 5s each, to invest capital at 5 per centum and distribute the interest on £5O 000 among 382 shareholders each year. Each shareholder was entitled to receive a prize, and on this basis it would take at least 11,363 years for each shareholder or hie remote descendant to draw his prize, and he came to the conclusion that the ,transacnio’i was a gambling transaction with a *tron|. bough latent appeal to the g'.nii ‘I- ist ih<|4; of the investor. He I ikon ••••> to the feeding of vultures ;••• ’ the plucking of the pigeons. the ‘high profits dangled before intending investors biding the strongly odored meat necessary to attract the pigeons. Defendant had taken up the selling of the shares without due consideration, aml as it was a test case the defendant was convicted and fined £2.