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I cannot see that an amendment of the Stamp Ordinance on the lines I have above suggested would improperly interfere with legitimate business. It could not prevent purchasers of shares arranging to have same carried on their behalf by others, and would in fact strengthen the position of those who carried such shares, because of the fact that the purchaser lodging the transfer in respect thereof would, by registration of the pre- vious transfer to himself, have become the legal owner of the shares and thereby have cleared off all outstanding equities in respect thereof.
It seems to me that if a system of compulsory registration of transfer of shares on the lines above suggested had been in force for some time prior to and at the date of the Stock Exchange crisis which occurred in the month of June 1925, the magnitude of that calamity would have been very largely minimised.
J. SCOTT HARSTON
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