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13313 RECO
Red 14 SEP 31
The Daily Press.
HONGKONG, JULY 18TH, 1891.
HONGKONG LEGISLATIVE COUNCIL,
A meeting of the Legislative Council was held yesterday afternoon. There were present:-
His Excellency Major-General Dicey BAR- KER, C.B., Acting Governor,
Hon. W. M. GOODMAN, Acting Colonial Secretary.
Hon. A. J. LEACH, Acting Attorney-General Hon J. H. STEWART-LOCKBART, Registrar General,
Hon. N. G. MITCHELL-INNES, Colonial Treasurer.
Hon, S. BROWs, Surveyor-General.
Hon. P. RYRIE.
Hon. Ho KAI.
Hou. J. J. KESWICK.
HOB. T. H. WHITEHEAD.
Mr. A. M. THOMSON, Acting Clerk of Councils. THE SALE OF SHARES REGULATION BILL. The ACTING COLONIAL SECRETARY-I may mention, in moving that the Council go juto committee on this Bill, that those amendmonts which were invited from hon. members. if they had any amendments to make to this Bill, have not been forthcoming. Taking into considera- tion the nature of the Bill it is somewhat difficult to see what amendments would improve it within the scope of the Bill itself. The scope of the ill is to make provision for the prevention of contracts for the sale and purchase of shares and stock in joint stock companies of which the sellers are not possessed or over which they bave no control Although we have had no formal amendments sent in there have been some enggestions made to me that the Bill might be improved by the indica- tion of some défaite perjod boyond which time bargains would not hold good even assuming the seller to be possessed of the shares and to give the numbers or names. Well, undoubtedly in amendment of that kind would go beyond the scope of this Bill. To limit the time for which contracts should ran might be s good messtro or it might not but it would not couie within the recital of this Ordinance, Whish reads, "Whereas it is or pedient to make provision for the prevention of contracts for the sale and purchase of shares and stock in joint stock companies of whiot the sellers are not possessed or over which they have no control." The limitation of the time of con. tracts would therefore have to be the subject of another Bill. I maunot help thinking that if hon. members will look closely at this Bill they will find it refers to one object and one object only, and that is the sale of shares over which the seller has no control or of which he is not passossed at the time he sells. There may be other abuses connected with stock and share dealing, and I understand there is some Bill being drafted by Counsel for the Stockbrokers' Association which proposes to deal with various other evils said to exist, but it does not deal with the specitio evil touched in this Ordinance. If that is so I see
DO reason
why such a Bill as that should not stand side by side on the statute book with the Bill we are now considering. That Bill would not trench on the province of this B., nor will this Bill trench on the provines of any Bill dealing generally with brokers, their licences, or the mode in which they should conduct their busi- nesa. A Bill of that sort I must say as I have said before, I would rather see emanate from the Sharebrokers' Association themselves, frow mon who are accustomed day by day to deal with these
things, and who are no doubt in a better position than others to propose remedies for the evils which they experience. I am only sorry that although this particular Bill we are now considering was introduced more than a year ago, no suck Bill as has been spoken of has yet been brought for- ward. It has been talked about, but has not bean submitted to the Government up to the present time. There is always something coming in the future, but it does not appear. Until it does appear we cannot tell whether it is a good measure or a bad munasure, but I am quite sure when it does appear it will receive the fullest consideration from the Government and be dealt with on its merits. In the meantime i there is no reason why we should not proceed with the passing of this measure, which has bean a long time before the public, and which I ba lieve the public desire to see passed. I beg to move that the Council go into Committee on the Bill.
Hon. J. J. KESWICK seconded.
The motion was unopposed and the Council went into Committee.
Hon. J. J. KESWICK said he would be glad if some member would suggest a date to be inserted in the blank left in the second lins (the date after which contracts relating to unidentified shares should be illegal.) He would have some difficulty himself in determining what that date should be. He thought it exceedingly desirable overy consideration should be shown to all parties by allowing contracts to run off. Whe- ther the Bill should come into operation on the 1 October, 1st November, or 1st December was a matter of opinion.
The ACTING COLONIAL SECRETART said the Bill did not deal with any past contracts.
Hon. J. J. KESWICK said he was aware of that. Hon. P. RYRIE said he thought it would bo desirable to give a longish time so that those who were doing business in stocks should be prepared for what was going to tak place by and by. He thought the 1st October would do Hon. J. J. KESWICK proposed the insertion of the words "1st October, 1891."
Hon. P. RYRIC seconded. Carried.
At the end of the clause, in place of "shall be guilty of a misdemeanour and be punished ac- cordingly" the following words were ius rted :→ "Shall be liable on conviction before a Magistrate to a fine not exceding $250 or to imprison went with - or without hard labour for a period not excording six months." The offence to which this penalty applies is inserting false numbers in a contract.
The Bill having passed through committee the Hon. J. J. KESWICK gave notice that at the next meeting he would move the third reading. Upon this the Hon. T. H. WHITEHKAD passed a remark privately to the Hon. J. J. KESWICK, who said--It has been suggested to me that the third reading might be postponed to the meeting after next, but I do not see any reason for it. I understand the brokers are preparing a Bill themselves, but I do not think any bing they may propose can trespass on the province of this particular Bill.
Hon. T. II. WHITEHEAD-The only reason I had for suggesting the postponement was that the Bill the stockbrokers are preparing will pro- bably be ready shortly and it is one that would be much more stringent than this and be at tended with botter results, I think.
The ACTING COLONIAL SECRETARY-I think it would be well that we should get this don as soon as possible. The Bill was read a first time more than a year ago.
Hon. T. H. WHITEHEAD-It was generally supposed the Bill was entirely abandoned.
The ACTING COLONIAL SECRETARY-MY anderstanding was that something was to be done which would meet all the evils complaingi of, but nothing has been done. There has been no undue hurry with this Bill, and I see no ob ject in again postponing it,
The subject then dropped, the Hon. J. J. Keswick's notice of motion standing for the nest. meeting.
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