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Mar LL 6TL ' ' was plainly admitting its inability to Two Audits a Year. cope with a situation with which it speaking of audits, Colonel Price re-- | had been confronted for years. ferred to the interprovincial conter-' " " Another lively little incident stirred ence's findings that two audits a year | the usual lethargy of the back--bench-- would be sufficient. "The weakness of l ers. That was when Mr. Sinclair men-- the whole brokerage business, in my tioned that certain members of the opinion," said bhe, "is that it 'grew up | House had gone bondsmen for brokers overnight, so to speak--grew up with-- arrested in the recent Toronto clean-- out proper scrutiny----and with men in up. The utterance was at once picked it--well, we wouldn't like to buy from td gnngnvare n i rmaiioe, up by A. Coulter McLean (Conservative, them if they were running a cigar ; s l'l'oront,o-Eglint,on) and Brig.--Gen,. Don--: store." f L|bera| Leader's |ntendedifld M. Hogarth (Conservative, Port Ar--| Colonel Price said that there was 6L*_s R thur), who warmly defended their AC--| not only a decrease in the value of min-- Criticisms Are Ruied Out ["011 in EOII;g lbafl-b nCi'G"el'atl Igofilgriing stocks, but industrials had "slip-- was particularly belligeren n $! ped » 6 i 5 by SDeaker "'cnmc-back," stating that if he wanted. f)'r foqu ma;fn:;];.l durine the past Mifel stt e sn We ocm se iescs l"a lesson in ethics and honor" he \Vouldl On the shoulders of the financial i not look to the Liberal Leader for it. |press the Attorney--General was inclined SINCLAR IS ANGERED' Tl'lc debate on second reading is to\ to place some of the responsibility for s lbc c»m}mn'ucd by Hon. Harry C. Nixoni the losses which the investing public y j e (Progressive, Brant County). 'has incurred in connection with the "*IPil Tell the Peop;e," He De-- | Discusses New Act. \ market "crashes." "If these papers (x | -- After a detailed review of the action| persist in answering queries, and telling -- clares--Can Use R30|0, and reccmmendations of the recent | the public how to buy, and what to do, H S | interprovincial -- conference on the!they must accept some of the responsi-- 8 says | brokerage question, Attorney--General| bility," said he. "It is not sufficient wlsierien i ie on ranerno esns | Rrice turned to a general cliscus.sionl Otl now--after a period of bull markets, a & _ |the new Security Frauds Prevention| and when stocks are down--to come mwi't':;mpr:";'f"ur,;?g'l'sfl fil.f"mse'd 'l"a{' ' Act. He referred to the very widg| running, saying. 'I told you so,' when, To imject Rporsomm?eas., ts the Le#l *\ powers alloted to him under the legisl@-- as a matter of fact, they didn't tell Isture debaie ~es'erda'n 9 Ine m*"& | tion, but said that he had always moved| us 5o." feadine of Att 3°'~G '3-] ie ;;~°°n.'carefully in the past, in the investigation| Colonel Price quoted various "an-- mg of Attorney--General Price's neW | of affairs of companies, and WOUld) swers" from the Financi § j Security Frauds Prevention Act, was | ud reyy 8 ol me Plnantial Post of is« en _ Lax" do so in future. It would be very "b@ad) sues of 1928 to show that thi g shut cff by th:s Speaker, who ruled | i woce !f 3 fmyt ; al Vhis pape! That Mr. Sinclair had to "p~a'< to ths l business," he said, were an Attorney--| had advised readers to hold stocks, and prlnciple' of the nct.and t6 {ll:;t a'.cn.':. | General to r})sh in and .mvcstigat,e fl! he cite'd the case of one inquirer who, TT he situation was precipitated by M | company merely on the strength of 2| he claimed, would have been down Sinclair's refgrencf-\ t'; * ;{r" o OS .:.~:.° | complaining letter--and he had had, h¢| $8,000 today had he accepted the Post's llon that the A:'orn?'-émC' i"gTj'a'.hisaid, plenty of letters, many of them'advice. % "relatives" in t] Cl b'}g i ex}eréx 2, | anonymous, and some of them even] In Good Faith. ves" in the brokerage DUsINn®S:| ;nreatening blackmailing of the depart--| .. ; The Liberal Leader argued, to no AVAil! ment if it refused to act as their I have no doubt the Financial Post that he was endeavoring to give th¢) wyit--rs demanded | acted in good faith," said the Attorney-- House reasors why the public shouldi Céldncl Price qilote d a recent st,ate-' Gcneral_. "l?ut _it J'J§t goes to show h.O\'V not expect rigid enforcement of the: o e | uncertain is the situation with which sCt from Colonel Price. Premisr Fer-- ment of the President of the New York| we have to deal." guson, who was first to challenge tne [ Stock fixihla nie 28 beauribo;lt is arglu -- _ _Colonel Price also referred to the correctness of the Opposition chief's| NSU®, [0*% jaC of equilDiun n SA00E case of the D. A. Sheriff Company, Uiferances, asked the Speaker for a| "AS the 'dangerous feature" in St0CK| which, he said, had been caught by his ruling on the point, and got it. For| exchange conditions,. For the last tm"3'3|department selling vendors' stock. And the time being the incident was closed.| C\ four years this situation has applied 'yei the Financial Post had published a C Y 'i in Ontario, said© Colonel Price, with hig advertisement of this firm which Can Tell the Peoplc. . | everybody wanting to buy, but few advised the people to buy stock. Had Mr. Sinclair made it quite plain, how--] people anxious to sell. 'the Financial Post inquired as to the ever, that more may be heard from hl.ml Different When They're Down. ' stock of this concern before it took the on the matter. "I can l'nrc the radio0| when stocks were up, said he, people advertisement? asked Colonel Price. to tell the people, and I'm not scared| courd find little fault with them--w%., What had happened to the firm?. Well, :o say anything on a. public p.atform' the companies selling them, or with the | his department had had to step in and that I say here this afterncon." | directors of the companies; but once| but it out of business. Colonel Price was equally candid °"|stocks went down, there wa.:s &A generaI" The Attorney--General said that, the question. "There will be a Budget| disposition on the. part of the public to| whether the financial press was partly debate going on. And my honorablel run around, crying -- "investigation »!to blame--whether the exchanges were ;friend can talk of this matter at this | whon as a fact. the themselves 181'1' ! to blame for not moving faster in their [ time. I have no objections. I dON't| pe pg e . M&D*i check--up--whether the anxiety of the Fcars what they F is be partly responsible for the situation | ras to igdg ey say about me. in which they found themselves | poople 6o 1O 8 T Un L mrigncCherse | Yesterday's debate was confined to Colonel Pri a list .f !blame-----whether the Attorney--General the Attorney--General and the Liberal| forty stock cethrea 8 Df° _( Mamée |and his department were lax in not do-- fLeader, with Premier Ferguson as a| 1\:: he oé ange 4 Sfandard Stock and | ing more than they have done, a con« | from--time--to--time _ injector, supplyi9® | ues rauimec--sef to show what exten» | aition undoubtediy had arisen which host of the "sting" that has charac. sive fallings--off there had been in them | paq to be met. ; ferised former House arguments i'n sta; con3pared with the figures at which "We are all anxious, I am .§ure." said which the first two montloned . "big ey were placed on the market. These hnce, "to get the brokerage business back guns" have participated. Colonel Price variations, he said, showed how diffi-- on a firm foundation. where the people gave a detailed review (;f the work a cult it was to understand their fluctu-- | will again have confidence in it and its lims "0f the revent Into rovinci::l and |ations, Some of the mines involved | methods of trading." i srence on "The: brokera IP MA CO1--| were "good" mines, he 'said, and it| In conclusion, he hoped that eVeNY ; \ fanded out n ge situation, @M4| would take more than mere "idle gos--| member of the House would study th?| ed out a rather stiff panning t0| sip» to cause him to step in and inves--| new Frauds Act and be prepared to give| _ . :l;e ,:na?cia'l press, which, he contenrd-- | tioate them | it serious and sympathetic consider--| + us 1181 'es « _ i } * f | Siily --for $ a;g s')r'::;lgf :S)kae !:::xl:ei:t From the _ Attorney--General the | ation. L EnCIS1 | (vash House had a brief story of his depart-- | Not Far Enough, Says Mr. Sinclair. _ ; * ment's action in the Baker case, the| Liberal Leader Sinclair stated that | Says Government Climbs Down. | Brooks Steam Motors investigation, and | any proposed improvements of the act | Mr. Sinclair, while approving of the the Cocos Island treasure hunt expe-- | could be discussed only in the light of principle of Colonel Price's new act, dition. "It was difficult to make people | the existing law; reasons for the exist-- claimed that it did notf go far enough; believe they were throwing their money | ing law; success or failure of the exist-- that all the '"new things" in it had away in these investments," bhe said,| ing law: and reasons for amendments | been suggested by him at the 1929 ses-- "and in the Baker case there was even | to it. He approved, he said, of the new | sion of the Legislature, and that the a meeting held protesting our inter-- | legislation, but held that it did not go| Government, in adopting them now, ference." far enough. The Government, he said, | (Continued on Page 3, Column 2.) _ knew of conditions in the brokeragflfi | market, but had been afraid to act, !from 1923 to 1928. The Premier, h('i | declared. knew of conditions in 1928,| ; but he had been afraid of the bill of | 'that session, because it "might hurtI | some one." "If the 1928 bill was too drastic,"| said Mr. Sinclair, "what must the Pre--| mier think of the 1930 bill?" 1 Mr. Sinclair claimed that the 1928 | h and 1929 acts were ineffective in many