1
"
t
more especially where the numbers of shares are entered therein, as in most instances con- siderable time elapsas before letters of adminis- tration can be obtained, and if shares are not tondered on due date the contract is broken. There must be other equally good argumauts against the measure, and I am convinced it will toud seriously to make men who are now honest become dishonest in the event of the market not going in their favour. In fact if numbers are not given in contracts and such contracts in the eye of the law are pull and void I say this legisla- tion is bad. and offers a premium to dishonesty. If bulls and bears cannot fight their own battles and take care of themselves, and it is absolutely neoessary for Government to interfere in the mattor, and also to interfere with the freedom of contract, which necessity I submit has not yet been proved, let contracts for shares be limited to a period of ous mouth, no numbers to be given. This would lossen if not eradicate the evil com- plained of. In certain instances that might work some hardship, for this reason, that shares are bought freely and to a great extent in the London market and may not arrive here within the month, and therefore it might be well to limit the time to two months. With your Excellenny's permis- sion theounsel for the Brokers' Association was heard before this house and laid before the members an ablo and powerful address on the whole subject, and he addneed substantial argo- monis and reasons against the Bill in its present form. Having in the natural course of Bauking ba-iness some opportunity of observation and knowledge of the interior working of share transactions, I certainly think and believe that this measure it passed into law will have a most serious effect on perfectly iunorent men. I would refer your Excelleney to the telegram received from Lord Knutsford in connection with this proposed measure. His Lord hip says,If the unofficial members of Council agree I have no objection." I therefore take it that if the unofficial members I do not agree his Lordship is not in favour of the proposed legislation. In face of the alverso decision of the Chamber of Commerce, and I also believe that a very large section of the com- munity are opposed to this measure, I trust your Excellency will see your way to postpone the third reading for three mouths longer. Be- fore sitting down I might point out that if the Bill is passed and comes into operation on the 1st October next it will be a most serious mat- ter for many of those concerned in sbare trans- notions. I have reason to believe that shares have been bought on the London market for delivery at the end of the year. A large nam- ber of these shares will change hands between now and the 31st Decembar, and if this Bill comes into fores on the 1st October it will entail great hardship on perfectly innocent men.
HIS EXCELLENCY-The amendment, does not appear to have a seconder, it therefore falls to the ground.
The ACTING COLONIAL SECRETARY-The motion before the Council at the present time is that the Bill be read a third time. The Bill wa read a first time a very long while ago. The Bill was read a szoond time a considerable! while ago. Every attention was given to the matter by Government and those who ob- jected to its passage employed learned Counsel to specially address the house. He was listened to with every respect and every attention and his arguments were carefully weighed. Then we had letters appearing in the Press, expressing public opinion on the matter, while no barry or uudus baste was shown in passing the Bill through the various stages. The Bill came on in due course for second reading, the time when a Bill usually meets opposition if any one is opposed to it. The Bill went throngh Committee with the rather unusual result that there was complete uzavimity Ig this Council to the ordinary nouess the fled roodlaw in s mere matter of form and this opposition, as pecially as no notice was given of it, is rather a atatter of surprise at the third reading.
Hon. T. H. WHITEHEAD-It is not necessary to give any notice.
The ACTING COLONIAL SECRETARY—The hoa, member has put before us a most intricate care; a most admirable case for a lawyer to deal with, if it were accompanied by a suitablo fer. Bankruptcy, which one of the main ele- ments in the illustrations he bas given, always causes inconvenience, loss, and trouble, not only
to the man who has sold to the bankrupt but to the man who has bought from him, because the man who has sold to him does not generally deliver till he gets his money. I am unable to see that the cases put forward by the hon. member are any argument against this Bill. He seems to consider that the difficulty arises be- cause the numbers are to be mentioned. I am not aware of anything to prevent the numbers being Deutioned now and I am not aware that in many cases the numbers are not mentioned as a rule. I suppose that many shares are sold that are dog- eared in such a way as to be identified and in the event of a man going bankrupt trouble sud in. convenience always ensues to those who come afterwards. It seems to me that those who come afterwards would not be partionlar if the identi- cal numbers could not be supplied to them. One would say, "I am very sorry, I cannot supply you with these numbers," and the man who had to take delivery would naturally say, "If you have not these, get some others in the market." I can- not see in the intricate casos put forward by the hon, member any arrnment against this measura and I quite fail to grasp the difficulty and danger which be states would bo occasioned by the operation of the Bill. I see no reason why the Bill should not pass, bacause in all these cases you must take the balance. If the passage of this Bill causes inconvenience in some, on the other hand would it not give great safety in many other cases ?
Hon. T. H. WHITEHEAD-I do not think s0; the market is practically dead,
The ACTING COLONIAL SECRETARY-The Council has paid great attention to this hill and it is somewhat embarrassing when hon. mebers raise opposition to the Bill at this stage. The second reading is the usual time for such apposition and the Bill having passed its second reading unanimously and practically nothing fresh haring boen introduced in Committee, I see no reason why the Conocil should now stal. tify itself by throwing ont the Bill on its last reading.
HIS EXCELLENCY then put the question that the Bill be read a third time.
Hon, T. H. WHITEHEAD asked that a divi- sion might be taken on the motion for the third reading.
The Council accordingly divided with the following result:--
AGAINST.
FOR.
Hon. T. H. Whitehead Hon. Ho Kai
Hon. J. J. Keswick
Hon. P Ryrie
The Surveyor-General The Colonial Treasuror
The Registrar-General
The Acting Attorney-General The Act. Colonial Secretary H.B. the Acting Governor
The Bill was then real a third time and passed.
692
No comments yet.
Private notes are available after approval.