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APR "In June, 1938, Application was made to this commission by Mr.' Plaxton on behalf of -- Cameron Pointon & Merritt for approval of the sale to the public of 33,333 of the 58,333 shares above referred to, Following the application the whole situation was carefully studied by this commission and appreval given to the sale of such shares through TO SAVE YOUTH Cameron Pointon & Merritt, In| view of the fact, however, that the | | company would be making mum.i Aussrrsussmsmmereteeenteeauth ie iesns cirrgenint tions of war, the commission 'msi * s * of the opinion that there should be | H-TN- C'g"-lz"é"*h"'"b?""d- Believes More Safeguards |some restriction on the resale price| erms be onserva ive in of these shares, and undertakings\ Economics b ut Would Needed to Pre.veni' Sale were secured at that time that sa:dl late 5 + Fis] of Those Held in Escrow; ffl:;esm'%gul;cgot,rm seid at more | ) & s s, incidentally, ake Step to Help Morale Conant to State Position |is one of the rare cases in which | + summumesesticememmetreesieeemsiem jnii e ie e eererer en the resale price of any stock has | SEEN AS 'LESSER RISK' _ PROSPECTUS ATTACKED | We mppointed commissionen: -- . | was appointed commissioner, | o is in -l"------"'-- mmummumummrmmmts 4,000 Shares Sold to Public. | the admitted risk of being ; s «* i | called a 'crackpot," H. N. L'ill'?' .On the direct request of Opposi-- of ?hpe ;,% ';f')l'];eq)?;:::ntw;{ir?: 4179(-'0; (Lib.. Northumberland) yesterday tion Leader George A. Drew, the undorwri&eh flax'e been taken \w_xve' 4 I L 3 s ® down | advocated in his speech in the bud-- Hepburn Government, through and paid for, the company's treas-- get debate in t.ho ()ntario'l,ogixla- Attorney--General Conant, will re--| ury receiving approximatél'y 5246.-\ ::::utgr;'e(l'::x;:::':;lfi 01(1 public works port to the Legislature this after-- 000. Of these 41,000 shares, 4,000 | p 'y issues. j & 1 The proposal came near the con-- noon as to what action--if _ ABY-- gg:wb;e?::tein:ezgnfgkflo:?v '?:fafi;'if'c}ffil'i | clusgon of an address which dealt in can and will be takcp to prevent ers, none of the said shares having scathing terms with the twin prob-- the sale of shares in the John . ; been sold at more than $7.50 each. l.enmds::'i\::er::flr:i\'mont al:{l rolxgr Inglis Company, Limited, now held . |There still remain some 17,000 rhich, 1e same time, ad-- vocated the adoption of the Cana-- in os(nq\v by the Bank of Montreal, shg;(;s :oczf\dtifl(oe: iunr:i)osed by the dian Corps' Association's youth Premier Hepburn expressed the | | commission to its approval of the| training plan on a more or less per-- | belief that ample safeguards had sale of the said shares, it was re-- | manent basis. already been taken by the Securi--| | quired that all the vendors' shares But as Mr. Carr approached the ties Commission to prevent such above referred to (191,622, less some financial problems arising from un-- sale. but Colonel Drew held other-- 7500 that had previously been employment he frankly rmvalod be-- ons a pledged) be escrowed, and we have fore the House that, while a conser-- 3""'- with the result that Mr.| | on our file the undertaking of the vative in monetary matters, when it onant will prepare a considered escrow agent, the Bank of Montreal, came to a choice between any risk statement on the situation. The | | that none of the said shares shall there might be in adjusting our Attorney--General and Colonel Drew | | be transferred, assigned, hypothe-- financial system and ruining the were "not ;1"-' far apart" on the | | cated or otherwise dealt with ex-- Lnorale of our people he would say: ":"f'"'"'!d' s Premier ,;'8"'- and ' cept with the written consent of the Let us take the lesser risk and pro-- '. ey colt get together" and dis-- Ontario Securitiee Commission." tect our young men and our young '";'; it. f $ This quotation, the Premier be-- women and"the calibre of the citi-- r. Conant Sa'f' there was & | 'lieved, would set Colonel Drew's zen unborn. . questlc.m of how fat lhe'L?'nl-\lalUl'e misgivings at rest, but Colonel He .fel.t (:nhstment in the Corps Or gmcrpn.\ont could °,' should go Drew promptly disagreed, with the Association's proposed camp plan in restraining the transfer of stock resuit that Premier Hepburn left should be voluntary and that ma-- in a munitions plant to other than | |;; with Mr. Conant to prepare a terial benefit would result from the British subjects. For instance, Ne | _ statement. preliminary technical training. Men said, it might be considered un-- | who had received that training, he wise or unjustifiable to shut out | believed, would be better fitted to American capital. enter industrial pursuits as oppor-- Says Prospectus False. tunities were provided and would Colonel Drew charged that the become valuable assets to the na-- company prospectus on which the tion in times of peace or of war. Securities Commission must have "This will, of course, cost money," acted was "a false prospectus" in | said Mr. Carr, "but we have already that it claimed a purchase price of . spent hundreds of millions of dol-- $250,000 when in reality the assets lars upon relief. I'think I saw a had cost in the neighborhood "of a ' reference to $900,000,000 in this re-- million and a half dollars." The * spect, and we have nothing to show | facts were nat, he said, as stated for it except a breaking down of am-- | upon that prospectus, and the bition, initiative and independence * J Attorney--General and his Securi-- & He argued that, if the assets of | ties Commissioner should weigh 'tho nations were considered good | :::3 r:."ghl: All tan':h consideration $ and proper security for bonds bear-- l Th 18 & $IVC h(') ecc'l's"" 1| D ing interest, the same . assets D e.'t'f :as not "TK't °}?"e lre"; ; should be sufficient and proper '"t: m"-fi l e grg'\'en_ € le sale 19 security for the honoring of an eneftoinl wights' in (Ne MelkA . stock. The shares in escrow, held equal amount of currency for the bvy the Bank of Montreal o construction of public works. mrramp ar_:r A 5s ondrea. k\;e;e "If, when we erect a public r"m;(ft crdml'cafte'?" han f -(;,oup '% building to cost a million dollars, _ {Sty E) ann of the company had is Eemman mnvett ho Hierims s niboudihe Sgimen'ss ons sthiid will be glad to have some one tell ::::r::.gh he claimed to own 250,000 | me, after I am through, why it is To .support his argument that not just as good security for eur-- safeguards had already been estab-- rency ,t°'i"'° extent of the amoulnt lished against such transfer, Mr. :i 3",['9 pal represenlced by the Hepburn quoted as follows from the nds," suggested Mr,. Carr. report of R. B. Whitehead, Securi-- ties Commissioner: