CO129-175 - Sir Kennedy - 1876 [9-12] — Page 323

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responsibility in the Bearer whoever he may be. This is to convert shares into mere counters for gambling purposes and this conversion of shares is _ permitted without controul and -

without notice to the public or to

creditors.

The other clauses do not a

appear

to have been wanted for any purpose -hitherto and they will so far as Dean see be useless in the Colony.

17.

I submit that I have

shewn that this Bill tends to destroy the responsibility of share holders, and to lead to gambling, and, further, to lower the moral tone of the Colony. It tends to lessen

commercial confidence in companies

by permitting

men

of very

small

means to have shares in, and to

St

influence the Aransactions of Companies for temporary gain. bands to affect the stability of —

companies the tendency of shares of smal, value is to get into the hands of persons of

as it is well known that

small means who when a crisis comes

and calls are made upon the shares

are

entails a loss

utterly unable to meet them. To sue these persons only and the common remedy a forfeiture of the shares often leaves the company with a large number of its own shares on hand for which there is

776J & S 186]