XN000022-1973-01-03 — Page 5

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Wednesday, January 3, 1973

"And I doubt whether anyone concerned will wish to treat its advice

lightly. The immediate establishment of a Securities Advisory Council and the

appointment of a Commissioner for Securities will mean that useful experience

will be acquired and a working organisation created before the Securities Bill

is enacted.

"The Securities Advisory Council's successor body,The Securities Council,

itself should thus be enabled to be fully effective in the exercise of its

powers almost as soon as the Bill is enacted," he added,

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