under the
Know of not one company act which is commercially successful
which secures a remunerative income.
The shares are at discount ranging down to more than 50 per cent discount some I believe being entirely unsaleable. I can trace the origin of some of these Companies to schemes cleverly devised to profit the projectors without reasonable prospect of success to the subscribers. The tendency of these companies has been to supersede legitimate industry by ill-managed and reckless trading, they tend to reckless trading and to foster unhealthy competition.
But the worst feature of
14.
the reduction of liability is that it
316
gives rise to the habit of gambling in shares which has ruined very many men.
I have had reason to observe that the high tone of commercial honesty which once characterised this Colony has declined considerably. The class of unscrupulous traders has increased very much, and I attribute the result mainly to the existence of companies carrying on a speculative business, the shares of which are peculiarly suited to gambling transactions.
15.
My opinion is that as to all companies their accounts should be regularly audited by an Auditor appointed by the Court and that ...
17 | 76–11 & 9 19555||