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a a 28 THE OSHAWA TIMES, Tuesdey, October 12, 1968 tas as Windfall Report Supports Stock Exchange Controls cP The Windfall royal commis- sion has added its weight to de- mands for a national body to regulate stock exchanges. : In its report, made public last Thursday, the commission says a desirable end is that all security exchanges in Canada be governed by identical regu- lations, but adds: "an even more desirable end would be the establishment of a body, with national jurisdiction, to regulate the procedure of all exchanges in Canada." The commission, appointed a year ago under Mr. Justice Ar- thur Kelly of the Ontario Court of Appeal to Study the boom- bust cycle of Windfall Oils and Mines Ltd. in July, 1964, dealt harshly with some of the per- sonalities involved in the stock It said Windfall president George MacMillan and his wife Viola issued misleading state- ments about Windfall while it was booming in rumors, and described as shocking the be- havior of John Campbell, for- mer director of the Ontario Se- curities Commission. LASHES TSE A surprise for many observ- ers in Toronto's financial dis- trict, however, was the lashing given to the Toronto Stock Ex- change by the commission. Stripped of its calm and courtesy, the report says the Exchange has no excuse for not having demanded information from Windfall as early as July 6, the first day the Windfall ex- citement started. When the demand finally was) presented July 10, the exchange| a : has "no cogent reason" for oe ei scninien com:| j Two other economic indica-| | lowing the request go un- answered--as it did. | Perhaps, the report says, it was because of a long-estab- lished reluctance to interfer- ence with trading, but it adds: "While this may explain the Exchange's inaction it does not justify or excuse it." | The clear implication is that if the TSE had acted quickly and firmly, the Windfall affair would have been nipped in the bud instead of growing until July 30, when company offi- clals said there was no basis |Columbia producers dropped| |dangers of conflicts of interest in brokers' roles as agents of public investors and as direc- tors of mining companies offer- ing stock, as persons trading in stock themselves and as a po-) says, gave all too high a pri- ority to personal benefit. "Not all the members of the Exchange shared this view, but so long as it is permitted to stimulate any appreciable part of the activities on the Ex- change the reputation of the Exchange as a major securities market, which has already suf- fered, cannot be restored." Some brokers noted the TSE already has started action to try to meet some of the criti- cisms, and the president, Lt.- Gen. Howard Graham, said he welcomes the report as a basis for hammering out a more cor- rective measures that might be needed, Among other steps, the TSE has moved to shift more author- ity from the board of governors elected by members -- to a permanent administration, has set up a department to keep an jeye on market behavior and tain certain financial stand- ards. One analyst said, however, he still doesn't expect the TSE to change its basic way of oper- ating "until someone holds a gun at their heads." Elsewhere on the business scene, the Dominion Bureau of Statistics reported corporation profits before taxes were down slightly at mid-year from the first quarter after seasonal ad- tors -- department store sales and cheque cashings -- showed substantial gains, however. Eastern newsprint companies were juggling their prices in the latest move that analysts said licemen of their own activities.| © Some brokers, the . report] % has started to crack down on} } listed firms that do not main-| started last year when British their price $10 a ton to a range! of $120 to $125. Consolidated Paper Corp.' Ltd. and Abitibi Paper Co, Ltd.) were reported to have knocked) as much as $5 a ton off some! for the glowing rumors. newsprint, but officials ex-| A major criticism of the Ex-jplained the reductions as com-| change was that under present|ing from freight-rate and deliv-| there are too many'ery allowances. 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