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quaintance of men of the highest honour and in- tegrity on the stock exchange. but there have been dealings on that exchange which were neither right nor proper end which men would not be willing to have exposed to the public gaze and commented upon, and if the Go- verument can do anything to remedy such a stato of things it will be to the advantage of the com- munity at large. Now, the Hon. Mr. Keswick did not agree with the proposition stated by the learned counsel who addressed this house, be.' cause he said, "I am convinced I am right in saying that the unlimited sale of shares without any numbers or marks upon them has had the effect of raining a very large percentage of men in this Colony." Here we have a witness for the other side who does not agree with the proposition of the learned counsel. Mr. Belilios, a gentleman of some experience on these matters, wheu called upon as to his view, stated in the public press that "the periodical seasons of depression and retrogression which we have suffered bere during the past ten years have been dus mainly to the over selling of sbares" and that it is hard that genuine investor should be made rich and poor at the freak and fancy of scheming speculators. Now I do not think sufficient attention has been given to the position of the genuine inves- tor. Buppose any of us want to invest a little money, and thinking that being in the Colony it is advisable to take some interest in the affairs of the Colony, we take a few shares in some of the undertakings that appear to be for the good of the Colony. The undertaking may be very good and our abares may be a very valuable asset, and we may look upon it as a sound investment, but all of a sudden we find these shares being sold at the most ridionlous figures and the ma with a small capital becomes frightened and per haps sells out of his investment. We cannot call that free trade in shares. It is quite right that commerce should be free, it is quite right that there should be freedom to buy and sell. but why should a man be allowed to sell what! I have, but what he has not, in the most. reckless manner throughout the land for his own purpose, which is to make my property appear to everybody as of no value while he puts a lot of money in his pocket? I don't think that a fair transaction. We cannot by law put a stop to that altogether, bat when you limit it you tend to put a stop to it, and if by any means you tend to put a stop to it you give the genuino: investor a much better chance of investment for his money, and the pries of his stock will then bo regulated by the ordinary demand in the market. The price then would go up and dern according to the proper demand and not. according to the operations of those who may bava no interest in the stock at all. I do not wish to weary you, but there is one other point to which I should like to call attention. It has been stated that the Stock-jobbing Act of George II., which existed for nearly a century, was put an end to by 25 Victoria, cap. 28, after experience had shown that it was productive of no good, and that we shonld be guided by that and not attempt to do have what had been tried and proved a failure in England. I speak with sowe diffidence on this subject, hat I do not think the Stock Exabange here is in suything like the same condition as in Euglan. I am not aware that we have! hore fortuightly settlements and fortnightly Coutangoes when people have to decide whether they will have their shares carried or not.. We have not here the stringent laws of the Stock Exchange nor the vast power which is vested in its Committee and which all must accept. I cannot think that power of regalating at present exists in this Cology; it may be very desirable it should exist, and I would very much rather see the reform come from within than from without. The Government some tima ago spoke of licens- ing brokers, and it was not until some time after that that the Sharebrokers' Association was formed, the rules and regulations of which are now a der consideration. I am of opinion it would be much botter that the reform should come from the inside, from among the brokers themselves. but in the tímu Iegard this Bill as an bonest endeavour to do what is right in the matter, and I support the Bill, not saying it is not capable of amendment, not saying various amendments may not be suggested when we go into Committee, and I do not think a Bill of this importance should be hurried through Council. I should therefore propose that if the Bill be read a second time members
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be invited to consider say amendments they | wish to propose and that his day week they send them in in writing, so that the Government may have an opportunity of fully consider- ing them, because in a Bilt like this it is very difficult to know the effect of amendments enddenly sprung on the Council. I should be very sorry to see the bill thrown out and I should be very glad to see a Bill running parallel to this Bill put forward by the Associa- tion themselves or to see them suggest such amendments as will give greater effect to the principle on which this Bill is founded. I would ask that this Bill be read a second time and that we then go no farther till the next meeting of Council, so that when we go into Committee we shall be in a bettor position to consider any amendments that may then bei suggested. I beg to support the motion of the Hon. Mr. Koswick that the Bill be read a second time.
Hon. J. J. KESWICK-I have no further remarks to offer on the subject of this Bil. I am very pleased to have heard the able speech of the Acting Colonial Secretary and I would now ask that the Council divide on the motion for the second reading.
The ACTING COLONIAL SECRETARY—I may add a word with reference to what was said on the last occasion as to whether the Bill doing away with the Jobbing Act referred to this Colony. If hon. members look into the matter they will see that the Stock Jobbing Act did not apply to this Colony and therefore any Act repealing it would have no effect here, because it repealed an Act which had never been in force here.
The ACTING ATTORNEY-GENERAL-Perhaps I may add a little more to what has just been said. The Act referred to by the learned Counsel is commonly know as Barnard's Act and I confess I did not reco.nise it under the year and chapter. It was introduced to stop the nefarions, that I believe is the word used, prac- tice of stock jebbing and it has been interpret- ed since to apply only to public funds, British funds in Eaglaud. Therefore if it was introduce ed by the affect of the introduction of all the
English law prior to 1843 in this Colony it could Daly apply so far as there were British funds to be dealt with hers. Ia que cave it was expressly hold that it did not apply to railway stock. I think that may possibly ein sidsto what my hon. friend has mentioned, more particularly as the hou. member who proposed the second read- ing appealed to me on one occasion on the point.
The Bill was thon read a second time without a division.
HIS EXCELLENCY-I agree with the Acting Colonial Secretary that Government should have time to consider this matter and I wish that members who intend proposing amendments in i Committee woald hand them in by Friday next, and I propose adjourning the Council till the following wask in order that the Government may have time to consider the amendments on the Bill.
Hon. T. H. WHITEHEAD-Might I augeəst that a little longer time should be granted. This is a very important measure.
Hon. J. J. KESWICK-I think a fortnight should be ample time for consideration, with a week to send in amendments. The Bill has beau before the commuuity a very long time.
Hou. T. H. WRITEHEAD—I understood only s week's time was granted.
HIS EXCELLENCY-I proposed to adjourn the Council to this day fortnight and I asked that amendments might be sent in by Friday next in order that we might have time to con- sider them. Of course it is not compulsory. amendments may be proposed without notice, I simply asked that they might be seat so that we might consider them. I thought it might facilitate our discussion here.
Hoa. T. H. WHITEHEAD-I understand the stockbrokers have instructed Counsel to draft a Bill embodying the principle of the Bill now bfore the Council.
Hou J. J. KERWICK-I sub uit, Sir, that is another Bill.
HIS CELLENCY-That Bill will have to bo e nsidered on its own merits.
The Council then adjourned.
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