!
...
# very
all illegal and the people who make them liable to prosecution. I have not received any reply to that question. I believe the Bill which was re- pealed in England in 1859 was called An Act to prevent the infamous practice of stock job- bing." That was the title applied to the Bill for which I have substituted this very modest Or- dinance. The learned Counsel said the law provided for damages but it is a remarkab'e thing that you very seldom hear of a case here of any claim for damages. Almost in- variably the matter is settled privately by pay- ment of the difference or giving a promissory note, or as the learned Counsel said go ng into debt for the amount. I do not think it is a de- sirable state of things that there should exist a law which will enable persons while carry. ing on a business that rains about 9) per cent of the persons who engage in it. to settle by private arrangement between the parties themselves. This is to a great ex- tout how the ruin takes place. The learned Counsel also made the remark that many great enterprises could not be undertaken and carried out it these limited liability companies could not be formed, but by means of these companies many persons were enabled to invest their money and take shares, and thus great enterprises were enabled to be carried out with profit, and he pointed out that it would be a very serious mat. Ler if the disposal of these shares should happen to be interfered with and rostrictions placed on freedom of contract and free operation in these shares. I dissent entirely from that view as re- gards this Bill, because it is not my wish to see any restriction placed on the free sale of shares. It is my desire solely to benefit share dealing by causing the numbers to be affixed so that the sale can only take place of shares which ex- ist and to place a restriction on disposing of shares which are not represented in the company. I believe the suggestion made with regard to share brokers' licences might do great deal of good, and I think such an ad- ditional measure to the Bill now submitted to the Council and which it is proposed to read A second time would have a very excellent effect. I should be very pleased to see the Govern- ment endeavour to enact auch a would be likely to give affect to the gek iman of the Association was rather surprised at the romark maleby the learned Counsel thatone great objection to this Bill would be that the simple process of filling in numbers might cause a man, probably a buyer, to lose the market. I thust say I cannot conene in that view. Before proposing the second reading I would like to repeat that I am satisfied a very serious evil exists in this Colony, and the learned Counsel and every one I have heard speak on the matter seems fully to recognize the fact that snch an. evil does exist. If that be so I trust that this Council and the Government will not hesitate at once to pass this Bill and give effect to it in order that we may as far as possible give some protection to those peri sons who apparently are given up to gambl ing, to protect them as far as, we can from those men who have them at their mergy. by selling on time. I appeal to the unofficial members and the gentleman who will becond my motion to give full support to the Bill, and I have to express my regret at the absence of the gentleman who seconded the Bill ou its first reading. I appeal to the unofficial member whe represents the Chinese, community and to the unofficial member who is the representative of an honourable banking institution, which I am satisfied would have no sympathy with any transactions of a gambling na- ture. I will not detain the Council longer, but I trust that this Bill will become law, as I am satisfied that it would do an immense. amount of good, and I would express the hope that in ita operation, as regards sharebrokers, it will have a very much less harsh effect than it has been supposed it will. I would repeat what. I bave said elsewhere with reference to. this Bill, that nothing would cease me more re- gret than that it should operate barshly on any single individual.
measure 28
Hon, P. RYRIE-I rise to second the motion for the second reading of the Bill, I think there is no doubt that its object is a good, one, but as to the Bill itself. I am bound to say that I think it will require modifying in Committee, and I think it may be no modified as to meet the
objectious made to it by thom gentlemen who conduct the share. business of this colony. I have heard a great many opinions on the subject of the Bill, and I think it will want a good dal of alteration to make it effective. I think the general view in the colony is that the hou.. member is, perfectly right ja attempting to check rash spucalation. I think- the Ordinance might be added to by engrafting ou it some regulations as to th licensing of brokers, thi k probably sme regulations of that kind might do more good than the Bill! itself. ASTAL TREA
Hon, Ho Kat The Bill has been duly pro... pos d and sooouded to pass its second. reading. So far as the principle of the Bill is concerned I think hon. me bers will agree to it, but the question is whether the present. Bill is desirable or not. It has been distinetly stated by the learned Counsel representing the Brokers' As- sociation that all the evil which has been cansed to a large unmber of persons in this Colony by share speculation is not entirely due, in fact is not due at all to short selling, which this Bill has been introduced purposely to stop. The mover of this Bill on the other hand seems to think that..is the whole cause of the evil. It that wore so, I am sure every member of this Cunncil would like to, see his Bill passed this very day. It is represented by the opposers of the Bill that if this Bill is passed speculation will exist to the same ex/ent and the same evil will be produce in the future! Now which side is right? I am sorry on one account but I am glad on another that I am not a share dealer, nor have I outered into the field of share speculation. Consequently I have no particular or peculiar knowledge and F should like for my own satisfaction to have the #vidundo af persoas taken who have a special knowledge of this subject. I oer. tainly think it a waste of time to disonss the pro and con, of this Bill until this question is olear... It is all very well to have modicine, bat if you don't know what your disease is you can't apply the right remedy." I think therefore the wisest plan for us, as I do not believe there is any immediate hurry for passing this Bill, is to take evidence on this ons particular point. I am car- tain that once it is clear what is the real cause we shall all be ready to support any reasonable measure for putting down the evil. If the evil. has been caused by speculation in shares, inde pendent of short solling, by which I understand persons selling sharas not in their possession or under their control, then I quits agree with the learned counsel who represents the Sharebrokers' Association that it would be useless to have so Ordinance of this kind. I will now move that this Bill be referred to a commission with a view to ascertaining the real cause of the evil, that the commission report to this Council, and on that report we can take further action.
Hon, T. H. WHITEHEAD-I rise to second the motion the hon. mecber has just made. The mor of the second reading of this Bill has re- ferred to myself as the representative of a banking company in the Colony. Your Excellency is no doubt aware that I am the representative of the Chamber of Commerce and Thope the Chamber of Commerce have forwarded to Your Excellency the result of the general meeting held yes. terday afternoon. Certain resolutions were brought before the Chamber of Commerce and the Chamber by a large majority expressed them- selves decidedly opposed to the Bill now before this Council,... With the exception of two mem- bers, avory member on the Committee opposed the Bill, I myself an unt in favour, of it. · It is an advance on home legislation and I think it would be a most dan rerous proceeding to an- tisipate the legislation, which emanates from the Imperial Parliament I am opposed to the Bill ou general gronads because I do not beligre that it would put a stop to the evils complained of. I have listened with a great deal of atten- tion and interest to the "able address by the Counsel for the Sharebrokers' Association and think it would be very desirable to have more time to consider the measure before us. I regard the Bill as altogether too stringent and too sweeping. It is a very revolutionary measure and we require, I think. more proof than has been adduced to show that it is necessity. The hon. member, the promoter of the Bill, re- forr d to a com, any being possossu · of 5,000 shares and stated that a great many more!
680
www.
į
T
No comments yet.
Private notes are available after approval.