REOPENING OF THE STOCK EXCHANGE.
22216
RECE
REG 14 MAY 15
2284
THE Treasury has approved the opening of the Stock Exchange as from the 4th January, 1915, subject to the restrictions set forth below.
These restrictions, which have been imposed by the Treasury as a condition of reopening, are regarded as being, for the present at any rate, absolutely necessary in the national interests.
The object of them is :--
(A.) To safeguard the London market against forced realisation of securities and against operations for the purpose of depressing prices.
(B.) To close the market absolutely to the enemy both directly and
indirectly.
It is essential that all persons dealing in stocks and shares should conform
not only to the letter but also to the spirit of the regulations.
It should further be borne in mind that many of the transactions which the rules are designed to prevent are illegal under the Trading with the Enemy Acts and Proclamations, or under the common law.
TEMPORARY REGULATIONS FOR THE REOPENING OF THE STOCK EXCHANGE.
1. The Stock Exchange will be opened on and after the 4th January, 1915, from 11 to 3 (11 to 1 on Saturdays) for dealings subject to the following temporary regulations, which, until repealed, shall govern the transaction of business in the House and shall form part of the Rules, Regulations, and Usages of the Stock Exchange, and where in any case these temporary regulations differ from any of the existing rules and regulations, the tem- porary regulations shall have effect and prevail.
2. The following only will be admitted :—
(a.) British-born members or clerks.
(b.) Naturalized members or clerks who have re-exhibited their letters of naturalization to the Committee and, in the case of naturalized members or clerks of enemy origin, have satisfied the Committee that they have been denationalized in their country of origin. 3.-(1.) The minimum prices fixed during the time that the Stock Exchange was closed in securities included in the list annexed to the Emergency Rules and in shares dealt in in the American market shall remain in force until the end of January. They shall be subject to such revision, alteration, or extension as the Committee may from time to time determine, but shall not be reduced without the approval of the Treasury.
(2.) While this restriction is in force no member shall do a bargain or negotiate a purchase or sale, whether between members or non-members, in securities included in the list annexed to the Emergency Rules or securities in which minimum prices may hereafter be fixed at a less price than the lower of the prices quoted in the minimum price list, and no member shall do a bargain or negotiate a purchase or sale, whether between members or non-members, in shares dealt in in the American market at a less price than the English equivalent of the New York closing prices of Thursday, the 30th July.
[1227]