THE Thames Guardian AND MINING RECORD. WEDNESDAY, OCTOBER 25, 1871.

Thames Guardian and Mining Record, Volume I, Issue 16, 25 October 1871, Page 2

THE Thames Guardian AND MINING RECORD. WEDNESDAY, OCTOBER 25, 1871.

The Sharebrokers’ Bill, which we reprinted in our issue of yesterday, and concluded to-day, is a very important measure. It proposes to regulate the sale and disposal of shares, and provides for the establishment of a Stock Exchange. No one can doubt the necessity for some such enactment. Recent events show how liable the public are to suffer from fraudulent transactions, and considering the loose manner in which sharebroking has been hitherto conducted, the wonder is that much more of the same kind of thing has not happened. Opportunities for fraud have been so great, and the difficulty of immediate action also; that it is curious there lias not been much more of it. We are therefore pleased to bear this public testimony to the fairness of the generality of share-dealing transactions. We cannot suppose that any one would object to pay the license fee of £25 ; but the amount of bond to be entered into is perhaps a drawback. However, it is not too much for the interests involved. It will undoubt-

edly limit the number of persons engaged in sharebroking, and systematise the trade, for which there was a pressing need. The opposition to the Bill in the House of Representatives has, we are informed, emanated from Southern members, who object to extending the provisions of the Bill to their districts, where sharebroking is exceedingly limited as a business, and the amount of transactions in money small. It was suggested, therefore, that a provision should be inserted to the effect that the Act should only come into operation in Provinces on proclamation of the Governor. This provision would get over the difficulty. The Government proposed -to make the license fees general revenue, but Mr Swanson, carried an amendment, that the license should be provincial revenue, whereupon Mr Vogel objected, and moved that the chairman do report progress and ask leave to sit again. He urged the danger to the general revenue from carrying this amendment; but it was pointed out by Mr Creighton .and others that the Colonial Treasury would sustain no loss in consequence, inasmuch as it had never, enjoyed this source of income! So long as the provinces existed, the license fees should be provincial revenue. We quite agree in this view of the matter, and we hope that the Bill, with the modification, alluded to, may become law. The Government - promised to consider the Bill in all its bearings, and go on with it. Sharebroking has become of great importance in this province, and the public should have all the safeguards the law can afford. Otherwise there will always be doubt and uncertainty. Respectable men must hail the measure, as we do, with satisfaction.