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~~*CMevseeeeieeseeeeeeeeeeec sc e in n ie mm eeeeeeeeeeieee 00 CCC CCC PROPER CHARGE LAD _ AGAINST BROKERS, INTRODUCED T0 HOUSE\ | DECLARES MURPRYBY COLONEL PRICE s erpomraniees | Uphol ice' i i : | P G;i d:;'cg see :hct:g" " Consolidate Former Acts| . P With Amendments of _ | i House 1930 | --|CHALLENGE TO SINCLAIR | * CHECKS ON _ SALESMEN| * s Edward J. Murphy, former Crown $ /s | Attorney and now representing St. Bank 0ff|c|als May Be| Patrick's Riding in the Ontario Leg-- & * t isrlfatt:re. yesterday made his maiden Examined--Provinces to | effort at speechmaking in the House f | during the %ebate. € Aid Each Other Mr. Murphy held up the remarks of e on Opposition debaters to ridicule for & 'The Security Frauds Prevention Act full ten minutes, then plunged, with tkae * his customary vigor of tongue, into of 1930 made its bow to the Ontario| a discussion of the brokerage. ques-- Legislature yesterday afternoon. | tion, upholding the action of Attor-- It is the direct outgrowth of t:wi ney--General Price and challenging recent interprovincial conference at Liberal Leader Sinclair's attitude that Queen's Park, and is being copied from "conspiracy'" was not the proper coast to coast, as Attorney--General , charge to lay against the arrested brok-- Price, its sponsor, put it, as "an effec-- | Crs. tive way of dealing with a question that | "I will ask the honorable member has been very contentious in the past| from South Ontario," he said, "what &and has caused considerable trouble." | he considers are the proper charges The act, as given first reading by the | to lay." Mr. Sinclair went on read-- House yesterday, is a consolidation of ing at his desk, and refused to reply. the Security Frauds Acts of 1928 and' Mr. Murphy declared he was in a 1929, plus the recommendations of the position to state that Attorney--General recent conference. Chief in impor-- Price had laid the proper charge--that tance are the drastic recommendations in cases of this kind a holding charge, for the regulation of trading practices, conspiracy or theft, was always laid. which were defined in their entirety in He reiterated his challenge to the Lib-- the general conference report, which eral Leader, but Mr. Sinclair did not was issued on Wednesday night. T ime face of the deliberate atiaex |OnSK Pn SAE that had bee;l made on tl'féaAttgr nae'g'x: Other new amendments, emanating F ; from the conference, make it clear that General, one would imagine, stated Mr. 4 * * |salesmen can do business only while lMurphy. that the Liberal Leader was simply trying "to make political capi-- employed by a registered broker, and ltal" out of +he situation. not after dismissal, etc., until they have | ~ At some length the speaker eulogizea| been employed by another registered \ the work of the Attornsy--General in | PrO0k¢r; make surety bond available to lridding the country, by means of the|* judgment creditor who has obtained 4 Security Frauds Prevention Act, of| Judegment from a broker who has de-- smooth--tongued, -- high--pressure sales-! frauded him; expressly provide that men--"these highwaymen of finance"|the EvidencebaAfit ?é 1?2{9 shall m:b e U t 'exempt any bank official from exami-- f shioe Q:w States . ~~--mation under the act; enable the At-- # torney--General to appoint expert ac-- countants and enginesrs to aid him in making examinations; extend some-- what the powers of the Attorncey--Gen-- $ eral to hold funds and securities; ex-- tend the remedy of recovering the costs of an investigation; enable the Prov-- inces to aid each other in capturing undesirables accused of offenses against tre act; stipulate that one broker's audit shall be at a fixed date in order to let it be used at the end of a fiscal vear for purposes of income tax, etc.; f and give the stock exchanges absolute | power to enforce the recommendations 4 of their exchange auditors. Legislature to Decide. .I.n in:roducmg the new act, Coloneli Price took occasion to refer to the aims ' %, of the recent interprovincial confer-- | ence, and to explain the conference re-- , port, which was tabled on each mem-' » ber's desk, along with a copy of the | bill. He made it quite clear that it | would be left to the Legislature to de-- | cide which of the conference's recom--| * mendations regarding the conduct of' stock exchanges--these recommenda-- | tions were all published in Thursday's edition of The Globe--would be legis-- § lated into the statutes; which would be enforced by Government regulation,| ° and which would be left to the ex-- changes to incorporate into their own | by--laws and regulations. ' Colonel Price will speak at | second reading of the bill. fengits ons