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« 
 
 
iiouse of Commons Sebates 
 
 THIRD SESSION-NINTH PARLIAMENT 
 
 '^ 
 
 Sl'inxii 
 
 MIJ. HJ^:XHI liOl/HASSA, M.P. 
 
 SI PI'LV - - STOCK 1:.\CIIA.\(;K SI'JICI I.ATIOX 
 
 <>1 TAW.V, TT'l^-iD.VV. .11 
 
 Ml- 
 
 ;■ IIK.MJI ItulKASSA (l.:iliill,i. It, 
 
 - yn\ liMvi' tlio Chair, Mi-. S|iiMki'i-. 1 
 
 - ' I" I'l-illL' In tlir .lll.Mlli f III.' ll..U~r 
 
 iillrl' ,'is 111 w!i .■!] ! h:no .ilrra.ly ^imk.Mi 
 ' frr In IIm' oi,.'r:iliiin> .if llii> -Uu-k ••\ 
 
 ■ -!■ : niHl in m-ilor lo imliraii. .l.-uiy 
 • ilii' i;iiciiiii <i|' ;iiy a rL'nincn I !<. I \v;^!i 
 
 -i:ili' that I s]iall rmirlinli. wiili t!ir (,)]■ 
 ' • L' rr«nIrition : 
 
 ^ • is ..I a;!;, ir ::■ I's-vy !.i la .[H ,n •- 
 ■ .' I -uf's ill iii'l r • 1 , ..n'r )1 -i',!,], ,.^- 
 
 <■ (ilHTiil iiiiij :in,| ,li, . k h:i/:irUiu- s;, ;- 
 
 •- v.hi'ti iiin>i;r '!i.. li'iiniii ri'v <f 
 
 ■ ' I ■■■■\'] ill. i.ro.|,. iry ,,r .^ tr ,1.. ,iri 1 ai 
 
 ■' 'I nil i.f Ih.i financial rri-i- wii'.ii 
 
 • !1 I'l-i'^^li in tlip Tni'inory i,f a L;niiil niany 
 ! : s I[(iii«o, till' inaiiai;ia' nt" tlin Ilanl; lif 
 
 ■ n;.i'.M- in 'riifunlii statnl Hint !li;^ 
 .'' was a 11 TO'^sily Iiii|-i;i1isn pi'iijilr liail 
 
 - ' lav in Ilii' \\:i \ ..r ^iii.'l, -iii-.ailal inn 
 
 • 'aitiiijiLr lull siirii nil a'Miiii .aM'i- iv.uiM 
 '" -I'll' llii' i-\\]. I ilii n.'t ili-i'ii!,. f ,r ■■■•■'• 
 
 ■ ■ till' .'iiininii ,,r i!ij, L'lnll. man, lull 
 
 ■'■'■■■yi' that llio lina'M'ial n'u'in; ■ iiml.a' 
 
 ' ' snrli c'lniiitiiin anise, is an ''\ il tn- 
 
 '- lln- s;i;i]irpss:iiii ,,f wliii'li llip allrn- 
 
 ■ :' t'lc ir'n-crniiicnt shoiil.l li" i-'ll.'l. In 
 "^ til's parlianifnt adopiril "An A.r r>- 
 
 ■ •■n'.' L'anilnir in smrks nnil niorpliainllsp.' 
 Vi.'. rap. 12). Til's lo'.'islaliiin was in- 
 
 'ai '! i.y TTiMi. Mr. .Milintt in 11, o Si'ti.atc 
 
 il pass.'d tlirnii^li tlir TToiisp ,if r.mi- 
 
 -, t'nni r^il liy tlio latP Sir .Tnliii Tlinnip- 
 
 ^^■!l^n introilnfins: Hint nirasnro in 
 
 S' vili-. Mr. .MOintt iispil wnnls wh'rh 
 
 ' ^'•'.^l he .applipil to tlip prP'spnt sitiia'inii. 
 
 • ■■'! : 
 
 ■ .1 has n' ■ r i'*'^a 'h'^ nt'-^ir i'la nf p'lM: ' 
 . :' lin.s I'O'in an: rn'nlvi^rip'l upon vPry Rpa- 
 .n ilip prpF^s iif ihi^ I'niinrry : :\r]'\ Mii 
 ■' - ri^n^hP'l pii'Ii prnpir'inno that 1' Ins j 
 
 iliJ i!' 
 
 '. k 
 
 >-- iry 'n lo ^^m-i-'iiini? 
 
 <'l' '■"iirsp ;t n,,iy ;„. .ar^'u.-,! now as ii w.a.^ 
 at -ai-'l in.ai iii,,! w.- i,,,\,. ■ , riL;lil l.i iiiirr- 
 I'a-.' w iii, inili\ iiln.ii lii'Piay aii'I ili.u .sppciila- 
 '■" ■■ ill :'-''ll' is II ■ .Tan.'. 1 a'hnil tinil. Mm if 
 
 » is,. s|.,.,.,,l.,t;,,,| 1,,. ,|,, ,.|.;|,|,, ,1,, ,. . ;, „,,, 
 
 liip s|i_.|.i,,f ,|, ,,,!,, i,„, ,|,;,, „.:],! s;i'.piilatii.n 
 ' is iini' "f t;i.' ni.ist f. rlili' p.aiis,., ,if prim,., 
 I mi:;!!' \yp!! r.'ppat 111- w.iials ;v!ii,.li Sir 
 .I"!in 'l'ii"ni]is.,n. thin Ministn- ,,f .Tiisti-.p, 
 iis.'il in I'll. n,in-,i i)f I •,>iiini'in'! whpii ho 
 
 intriiili I Ihp liill : 
 
 I K'l'.v la- lai >::- ri a ■. . la 1 fiM:n .i |.pl i.vitiiin ? 
 will 11 lii\-- 1. ■ a 1 ■ r n-. 111.', 'h,r n'lnih.-^rs of 
 i'.a--wr., ! , liiiit,-;air -o rp~p .a n!,:.. ,.I,.iss!\>i in lb,; 
 •■■araria-i-v, . • .• :■; ,i;ir .liiT.-r. a" ppiii' on- 1 irl ' 3 
 now in pnns, qurii.e of tairkPt sh'ip tniiiiiaotlons. 
 '.\h--'.i I. I -ipa: .11 •.' ■.■i:l'-^7.^1.-ni..at ,t:.i fr.ia.i^ 
 .-f .lift", r. a' k;al-. 1: :- ..na,i.,r.M, thpr-fora 
 a 'il.' ia-.r.'--- ..f p. ill); iiinrnli'v ttia'. Incai- 
 li'ia', ..f 'liis l,,.;l .^hniiM i„. n.i.ip'.-.i. .ml i in 
 ■liinl. .'i:. , I'l 1... -.f, 1,- , i,,p-...| 
 
 '■'■> "iii.i. Ilip ii.iii. iiiPiiii'i-r f.ir N'ovlii 
 Xi.rf'.lk iMr. Charllnni aiMpil : 
 
 \; 'il- iaai : a' •)•;■ \1:-.;--, r ..f .Pi ■; ■,. pr.i- 
 ';■ I'- ■ ■ '■-. -li- !■ ■ I' !a ".11- p.ai;...:;iiar!f.^ to- 
 I IV an •! Mil., h IV.. I., . 1, ;.'..,. ,i|.,..,, f,,,. ,,ririi.-5 
 ■ ai'T.;-. 1. -il . ti,-.. ,..,;, .,,„., ir|, „h!.-h ron- 
 '■ '■■' '•' ' il ' 'ip..r:i-i.iiis of u.iiiihlini.- yvhi.^h n-:-' 
 fn-.'..i. I -v •]•.<■ ! n .k. ---hup-. .Til ia a s-ill 
 i-T. i!. - 1. .;r. .' '.y 'il.. r. calir ?i'a.'k pxcharn;.'-. 
 
 I am I'ot )i..rp t.. paiinr-p ih,. npiniun ,if 
 ilip lion. iiiPinlipi- f.ii- \nrth Norfolk, Imt 
 I may fiay that t!ip op'.ralinns! that -na rP 
 iMrriPil on at tliat tinip liy flip hiipkot 
 shojis nro now poiiiliiPtPii on n wlilor sonlo 
 iiinl In n u-opsp form lir tiip rp^ul.ar at'ipk 
 hr.ikors : .tnrt if Sir .Tolin Thompson w,i« 
 ri.'lii wl.pii h,' sai'I in 1><.SS that tlip ,ippr.'i- 
 tiniif! of tlip liiiPlcPt sliops wprn .a most pf- 
 fpptlvp p.iiisp of prime, I iny th.Tt thp oporrt- 
 
 if*i'i« 
 
 1-1 li 
 
 '• 1 J 
 
 
tlons of tlR' Bt.Kl< ex.l.aiw- "- tl.ry aiv 
 
 ,i,rrl.-<l "U WW. Miv an ifT-llv.- .an r 
 
 cr\mv. and that Interfor.Micc \<y tl.o Kovoin- 
 
 ,„cnt I', rnll.'.l for. If It W our iluty " I'K'-^; 
 
 late aualiist crime %»lien it is ,-oi.unltl..l it 
 
 Is also our (iuty to lot'lslntr to pn'voiit tlir 
 
 commission of >rim(> if we ran 
 Tlicro Is not the sliu'liti-st iIoiiM also that j 
 
 1, i< ,.nr i-;i:lil an.l .Inly to Ir-i..Ial.- r\ru ! 
 
 nuflinst IndlM.lual llb.-rty wli.'n tli- rx-rdsp ; 
 
 of that mdlvUlual llherty (1cp;oncratos Int. ! 
 
 »uch a license ns to imiicrll the iiatiunai , 
 
 neciirlty of the couutry. The operations or ; 
 
 the stock excliange, carried l.i the .'Xl.'m i 
 tl,,.v liav.' tiecn carri'^.l for the hot few 
 
 vcmVs aiv n ni.^na.'.. |., lli.' tlnan.-ial -.•.■urily j 
 of this country. In the lirst l-laco. not only j 
 
 r.-ular hanks. Imt savlnc- hanUs. ihat hay 
 been estahllsh.'d un.ier the ere.tlt of the 
 countrv, have L'one so far aa to lenn .,.mH> i 
 on the securily of «t..cUs «hi.-h have I-.mi , 
 i.i.iil for on a very narrow mar;:;n of tl\e, 
 
 or ten pi'r > t In th.' n.'Xt I'l a larL'.' ; 
 
 number of financial or lnilus>r-,il inst!tuti..n« 
 that are „ru'ani/.e(l un.l.^r loint ^^icU cp.ta 
 have MifTcrcl an.l i-'r.'ailv surf.T.M fi"! i 
 the slump that was recently cnuse.l Uv tin 
 Mctual .. ..■ratl.>ns of the -t..ck exdiance. 
 
 ,'Th.> result «r tills is .let.Tr.nf to the invcsl- 
 nu.nt of .'apital whlcli oth..ru-«e wouh <..,.> 
 ^curltv in ..ur ImlnstrU'S Mor.'ox.r thl= 
 sf„cl; ev.hanL'c business puts our r;.llw,avs. 
 our banUs. our instiraMce companhs n,ul a 
 l.,r-e nninb.T of In.luslrle^ pni. tlcalh In 
 ,K:iu,,Hls.,fpeopl..wh,,hol,lshar..so those 
 
 |nstl,nt!..ns, not with the I b^a of lualJ 12 
 nr.Uits l.v the natural .h-velopment of th. m 
 ,„„,,,,:« : ,u,t with tl,.. idea of ..arn c 
 l„„.,.,..t upou th.'lr shnr.s hceaus.. of the 
 tn.le .■anl.Ml on l.v these .■ompanh's : hut 
 win are sln.plv ..NP'-tin? that the chance, 
 ;:,'^,o'stncU JnarUet will .Ive tlu^u a ..banc 
 i. ..< . 111. .to f\'\ till' rNt' :iM'i i;>'i "I '" 
 
 l;,;^;r"it;;f..;e. . s.v that i. puts;,,. 
 
 ,„l..s of own.Tsbi,. ..f ;•-•'■";; ; „ wlc 
 in.luslrl.'s within lb.' ban.N ..f ni. n un 
 i|.,v,. n.. int.a-.si in tb- funn-.' pn-,..'! .t> 
 lUi.l sfal.ilily 
 This -to.l; 
 (•nn.liti..ns i~ 
 stability. W 
 this .Inrivu' 
 jicoph' b.iv" 
 I,,..l;inu' f.ir 
 li.'cn laiin."! 
 
 sen lb.' sbal 
 
 small marL'in 
 
 so.m as il'cy >\.-i.- ■• ■ ■ •, 
 
 balanee of tl..' m:.r'-':n. li,st.ri. .f I 
 • ;;th.^vw,,nl.lhav..,bmeln..lthe,rshar.s 
 
 |„.,Mi i.ai.l in full : inst.-a.l of -..liL' to ttie 
 ;.,ors..fthec..mpa,,i..s: lnst..a.lof cottH 
 
 ,l/,o th.. concl,tsi„n that the pr^P'""'';'/;"' 
 
 ,v "nb.strv shoubl l.>oU to i,s well are 
 
 {•v'lave ;.,.,n.. t., this ^ov.rnm..nt ami 
 
 ■,ve ask..l that by .-hantres m lb.- tariff. 
 
 P .|.,.llne in the prb^e of then- sbnivs 
 
 I lionll be arrested, and their stock market 
 
 V hte \ner.'ase.l. 1 .lo not wattt to brinu- 
 
 nto the ,Vlscnss:.,n the propriety of these 
 
 nf th.— in.lu-ln.s. 
 
 v,,..,ulali'.n uii.b'f pn-.'Ut 
 
 .,Ko a .lan-'.T P. our tts'-al 
 
 . liiv.' b:i.l an .Ainipb' "^ 
 
 tl,,.' nri-'at -■<-!,. n. wb"n 
 
 ,.„„„. :■< tb:> ,.ar1ian,.nt 
 
 :, n.ni..lv 1 :.'is.. tli..y ba. 
 
 ,,v „-ibl s|„.,Milat, a, an.l b i.l 
 ,.'.. Nvlii.h tb.'V b.-M ..n v. ry 
 
 t;,k..n ..ut ..f ili.ir ban.ls as 
 wei-.' tiot abb' t" l>ui u,. th- 
 
 chantses In the tariff, but I do "a.v t tat 1 
 [, not of u'.M.d om.ui for the stability of 
 the fiscal i.ollcv ..f a .ouiitry that 11 mov.' 
 ment m'u'ht at any time be .Tente.I a'-.ons«i 
 "0 speeulatinc .lasses, with V'" "'"'•;« "^ 
 demamlin« a .hanse In the tariff Just to In 
 crease th.lr (.'amblliitf chances. 
 
 \i,w Sir the law ..f 1^>>' "as ilir.vt..! 
 
 against a thine whb-h '«;'';-"?;•■'' ''VrA 
 section .a^ -.f .'lause 1 ..f that Act. It s.iys 
 Every one Is guilty ..f a misdemeanour wh^ 
 With lb- bu-n. .0 mak,- «,.ia ">• l''""' *;^;h 
 ri»o ..r (..11 ill prl.'.- i.r any «l... k ot .inj In. 01 
 ^or.u 1 or uaUK-ori„.r,,....l -"P'"/. "' "»;'", 
 iikim: .■Uh.r in Caii.i.lJ or .■l — wh.T.', or .. 
 Vnv B0..IS «ar..^ or iier h uMI"..-, m ik.s ., 
 Uns r .unhorU..s .0 L- "Kole or »l«.uM, an 
 "n,Vr',.-t ..r :iKrf-m.M:. ori.l ..r wrlM.ii, par 
 r",r 1 « .. b. for .he ..:.!.• ..r p.ir.h...' »t .nr 
 wh"hu.» of .sHi.k. i;.....!... war.'s or m..r.hi.n 
 i ., m rrsp.-,-t of «lu,h no ,lellv.-ry or h 
 ,h .,;: sol.l .'r i..ir.h:,-.l is m:vW or r...olv. I 
 inll «l,h,.ui iho l.opa n.lo lm.Tiiioa to m:.ko j 
 r„,.p,vo s'lrh .1. livery ; nn.l cv.-ry on.' "ho a. 
 ,,|.U or i.l.'is in til.' iiiakini; or siKnKm' of an 
 v\rh conirac' or aitr.'.-nn'nt. 
 
 \.,w Sir. uhat was .Mr. .\bb.,tfs ..puiP 
 „„■ the matt.'rV IL' was th.. aulh'.r ..1 i.i 
 Itlll. and 1 mi;:ht say was. . .11 '''f''' '^ "' 
 ,m tinan.'ial matteTS, on,- of the hit'liest a. 
 thorities In this .oiintry. H.' saat ; 
 
 Th.- r.al Jittl.-aliv In |.repann« a moasaro 
 ,,,N ,l..s.ription li.is b.H.n 1.. .Iraw a line ,.f -1. 
 .',1„„ l„.iw....n 11... lransn.M..ns wliu'li .. 
 ,. rri ■ on in ih.' l"«illn.A..-. bas,n.«s of ,. hrok 
 ,,! ,lu. .r:.u.s:,.uoM. «hil. .arc .arri.-. on 
 ,,. u .y I li..^- m'a';..n.-l in th.w.- l,.l.;k.t .Ic, 
 U no, 'ion.- in Cn:,.!! tliut thU Ji.siin,-. ■ 
 i ,\, 1,. .n s.,„^.ht l..r . i- ha^ l»-''n in>iair,-.l 1 
 ' "nJ ...-.•iv.-.l lb.. s:.m, solu.L.n In the t nit 
 ls"a.,.s where this ^.pe.'l.s of Ramblmg Is v, 
 „r..vil.n: . . The .lis' ia.tloii whinh I . 
 
 d.Tstan.l Is a true on.' b<t»e.'n buck.-t fb 
 ,r;ia.,.i.'ti..ns .'la.l l.-.'i' im no brok-raKC b_. 
 ■ .,,„. u 1- V .'■■•I to ni" by .1 leainiK N^w "i 
 
 I'r.'k.ruh., wr,.... n." Tl." .llstln. t 
 
 „b 'b ihi^ ;;...i:!"aMn .lr,,w.. ..n,l ^vhu-t .-^ 
 I,. f„„.,,l I'l tb" .\";s ..t lb" S':,i.-s of Ilhr. 
 ,■1 i.b.. i^ 'hit In on? lasn iti.' pnnUiis" 
 t',.1. xviib t'lie lni.-nti'.n of .'arrylni; it out 
 :,■.,,.,, r.l" •rin..;i'iion, tti.- Filler to m 
 ,-,,.i!\.rv In tl..' .ilbcr ...?". 'bore la no Int. 
 ,;,;:, „f m,u..i^ :, b,.pi lib- i.ur^ns" or s . 
 W.'ll. Sir. 1 -ay that ninety p.'r .ent of f 
 ,,,„.,',ti..ns II. .\v .'arri.'.l on umler lb.- rccu: 
 I,,,,K,.|',il:.' -v-t.'in may b.' tusHy desi^rb 
 ■I, what Ml. -\bb tt ill 1>-^^ '-alb'.l lb.' '■' 
 ' :.-ii;inat.' ..p.'i'ali n- «( l.ii.'k.'l sl,.,ps ; ;, 
 i I ,111 i.".ii'i; t " pi'oi.' il. 1 may a. 1.1 t.> 
 ; \l,l, .It's ..pini..ii lb.. ..p;iii..ii of ^u- -b' 
 i Tl".mi.-on. II.' s^.'.l : , , , 
 
 I .,r„"-,'.rP f.lllv in ..p.. of the opinions >! 
 h',s'l..''n f'xpi''' -.-'l. ihat, if !h,- ir^.nsj.i 
 1 from whi.'b 'l.'liv.-ry wnul.l resnlt. as th.' n,i' , 
 ' 'p' l.-iral ,'on.nn„..n,'e. it is not a 'rnn^a,-' 
 ; Z, wouM be iPl..rfor...i vvi:h by this n.. 
 im if ilP' .on.r.ut 1^ on., of xvbP-h .b'li'. 
 f'friiis n.. P.nrt ,',. all. but wbi.'h is s,mp y 
 •wo.-n a rrn"'n'l"<l par-hasfr an.l a pr.' nr.^ 
 ^.'ll.r of .....ririin stocks, as to tlirir rU.- .ir 
 in n .lis'.int mark,'! v.ilhin a f '"" , "^™ j"' 
 .Iivs thi^o ai'ts arc ainicl at by thin Itili. 
 I ..,n .'..., lirni 'o ih.- tallest oxl'nt what b 
 sr.'nilf'mr.n opposite have sabl as regar.ls 1, 
 
 ■ ■vit rffnrts. 
 
 «'«^ 
 
TliiTi' w:n i>ip|i.xllliiii lirmiulit iiuMlri>.| tlic 
 iiitrodiiitliiii (if that nii'iisuri'. In ilic Si'initi-, 
 
 Ml-. Aliliotl -111. I lili'liily lli:il lir 11 i;lil lli«- 
 
 lui-.i-'iirc' «:i>< Ju-t «ii;il it --lioiilil l.i'. mmiI 
 
 -llHllld ll.it til' Mllirlllll'.i ISlIf till' llllll.."!!!.)!! 
 
 vvin ciniiiyri- 111 till' ll'iuvc ..r ('..iiiiii.'ii"' ; 
 mil. Ill Sir .(..111) 'rii.iiii|isiiii >aiil. iialiir.'iily 
 1 «.Mi.l |iaif ..r it .■am.' fr. in tin' lni.l.i't slmii 
 '.« iiri'-. H lid iliil ii'.l want tip "-I'l' llirir l.ii-l 
 iipm iliccUi'il ; liiit III' siil.l aJMii Hint tinri' 
 was a i.'('i'liilii am. Hint ..f uni'a>lii('-^« am. my 
 till' l.niUiTS Willi lari'iril on a li';;iliiiiati' 
 traili'. TliL' saiiii" arniiiiiriit lliat will juu- 
 halily lie UNi'il a;;aiiist my |ii'' poslllim was 
 ;i-('i| tlii'ii, llial It was an atlarU up .n Im'l- 
 \iilinil liliirly. Sir .l"liii 't'liiiiiiii''.>ii ;,-a\r 
 way III a rrriain iMriil. ami ni.iM'.l an ani- 
 .ii.iim.nl ti) .Mr. .Milmll's Hill, wlii.li In' inr- 
 r. ili-.l Willi a l.'\s icmarUs. Irum wlii.ii I 
 Hill .|\l.iU' III.'-" w.ii'.ls : 
 
 I m.iy tiy tli..' the Uill h.is roc Iv.^.l thi- cn- 
 ■l. r^.iii.iM iif (i|i-iMi.ir.s .'a;;'if I in iPKitimit.' 
 I isiiuss ill M.iiiUi'.l iiml T..riinl.i. A .iTiii-n 
 tcriHiii. tiiiw.v* r, .if ihi* lir.iknra In .Miintre:il, 
 * :i8:.;K.-''i in h'fcritiUKile liusin's«, huvc t'r.-'s8 "1 
 ■ronirly lo liivi' i f.'W wnrjH aihlo.l tn Ih" f.r.st 
 .lnii.-i> i.f ihtf Kill ; ,.n.l I .ini ;nlvi.-(r.,l that lb" 
 .Kliii'in of ;h" foll"Winit w.irils will m.Tt thr. 
 1 Ji-i 'l.mM ih.'j- r.ii-.' ; 
 
 I'h'' f.iri'Ci'ini; iir'ivi>ior;s '.if 'h!.^ Act) sh:ili 
 r. 't applv fu .'.ipi.s w h. ri* tli.^ hrnUnr nf a pur- 
 
 !i:isi'r slrtll rn.eivi? .lollviTy ns nhnv-' of thr 
 !i"tlrlp s.iM. n'itwith.s!:inilinR th.Tt ^a- h hrokpr 
 ■'i.ll r.- Mill .ir pi. ill;.' tho sain.5 .'is SPriirity 
 ' r fhp Milvnni-o uf thn pari'hn.'.e mnney or any 
 P irt thfTOi f. 
 
 Tills ami'mliiiciit was iiitroilmcil Into llie 
 r.iil alm.'st MTlialim. ami stamls imw as 
 i: '• M'.'iiml paraiirapli nl' siilisci-tiiui (li) of 
 -I'ti'in 1. It w ill lit" notli'i'd that Sir .loliii 
 'lii iiipsiin sail] that most of llic regular 
 ^■■H-k liroKcrs approved of tills r.lll. Uiit. 
 1 liiini; a crcat iiiimlicr simply wanted to (:*'t 
 1 1 of I'liiiiiulit.'rs S-, as to rarry mi under 
 I'..' priiteclion of tlic law the .iperatlnns 
 ;;, il were earrieil .ii liy the liiieUet shops. 
 I iiilsht say tlint "iie luemlier of tlie Hotiso 
 : .'saw very elei.rly wli.it was i.'.iin(; to 
 li I'peii ; I refer to the present .Minister of 
 T.i.le and Co'iimeree iRt. II. n. Sir Itlrliard 
 (■ :twri;;liti, wle. .said : 
 
 :; s.'Pms lo mo that, accordiiiK to that rlew, 
 
 «• will .-itop iUceltlm.ilo Kambline and will ro,- 
 
 coi^nlze logitlmate gambling, with a certain 
 
 :..'nint put .ip. I agree with my hou. frl^n'l 
 
 Mr. Miich.ll) that what we desire to do Is to 
 
 . ildwn I he bucket shops, and the only que<- 
 
 . : which suenpsts itself to my mind la wh.'ther 
 
 > dn net l.'iive a wide iloor open for the 
 
 ■. Mon of this .fft. I am net sure that it la 
 
 ir. the public intere.st to facilitate the purchase 
 
 -i.K'ks on small marRins In any case, and. 
 
 it .ve could do it. I am not sure that 11 would 
 
 he lUfit as much in th" public In'erest to 
 
 .' that kind of cimbllns in stock on mari^ins 
 
 Ive or ten per cent as to put down the 
 
 'ict shops. 
 
 'e only difference between the present 
 ilion and the situation at that time is 
 ■ pe.iple are tl.poed now .lust as mueli 
 'liey were then, but that the flpoepr.<! nrp 
 IT ami lil^iger. Tliey are diroetors of 
 
 larj: mpanies ; Ihey are ilomitorN nf 
 
 lio-plLils ; tliey are even imiiiliers of tli»> 
 pai liameiit of t'aiiadii ; In fa.-l. they oreiipy 
 lii>,':i p.i-il'.iis ; ami. w llli those siriiime feel- 
 Im.-* llitil exNt 111 every e inn unity, we pay 
 to III. Ill the respect of consl.lerlin; them 
 the li.isis .if oiir llnamial sttitiis. We have 
 lieeti li'L.'i-lallnL: iii.Min--t the Ini.'ket sli.p 
 'ipi iMt.ils li.caiise tliey litive heeii il.ilnit on 
 a liialler s.-iile and in a frant.er way what 
 llie-i' liiuh K.'nllcmcn are .loin;; now. I say 
 liitii iiin.' leiiihs of ilie iiperail n- now .mi- 
 lit. I 11 lip. Ill III.' sioi'U ex.-haii;;e iire. a.'.'ord- 
 illK lo llle ll.'llnill.ill ulveii hy Sir .l.illll .Miliott 
 an.' sir .lolm 'riiomp-oii. e.\aclly similar, lo 
 l!ie ..p.-raii II- men eariied on hy tli.' Inicl.et 
 
 -l>"| -. 1 >.i.\ lii.it hine leiilli- of ll p. im- 
 
 lion-. n.iU .Mrri'.l on lielwi.'ii tin' lirol>ers 
 an I lli.'ir .li.iil- are prii'i ilii.'.l wllh.iiit the 
 -ii:;iile-I iiil.'tili.ni .f I'M-r .airyln;; their 
 l..ii«.iiii- I.I ^iii eii.l lliat 111.' .■lent ii.'\.-r 
 I.ili. s shan- Willi the iiiienlion of p.iyiii^- 
 for Ilieiii. an. I l!.e hroUer m\er .■Np.eis ilial 
 the (iiclit will pay for llieiii. I s,iy ,iii.| I 
 
 am ;.' iiiK to iirnve il liy lli.' r nl.- ..T one 
 
 of llie leadini; hroUer- of t'ann.la that 
 in liin.' c;i-es out of ten it is nierel,\ a .(iies- 
 li'iii of hi't. The only dilT.'reii.'.' is this. 
 I mier 111.' Inicket shop system the .lieiit 
 liiiew tlitit he was liettini; : liiit now lie 
 d.ics not know when llie liloUer Is lielllnt; 
 lor him or wli.'ii lie is lietlin;; airainst him. 
 and he cannot know. 
 
 Th.re was a hiral casi' which create. I a 
 iiooil deal of sens.iiion. le.t "iiiy Iliroii.i.'h.ilit 
 
 the iirovin if Qtieliei , hut throin-'liont I'a- 
 
 iia.la. and I ml;:lit say tliroin-'iiont the liro- 
 Uers' world ; and I am ^roin;;' to ri I'er to it 
 at some length, hecailse it ;.'i>('s ns llie whole 
 scii|ie of stock exeliant;e uiierations. It is 
 the case known as Korit.'t vs, (»sti;:ny, 'I'lie 
 defendant in the ease was a yoiin;: hank 
 • ■hrk of .Montreal, 'vlio earned a salary of 
 aho.it SlMiO a year. It w:is estahlishe.l l.y 
 the evidence that all he had . ntsidi' of his 
 saltiry was Jt'.'.liKi worlli of shares ..f the 
 Malik of Iloclielaca on which tliere was ii 
 lien of .S1.4(Hi. He was an Inllmate p.'isonal 
 frieiui of Mr. R.iiloiphe rort'et. the cliiet 
 accountant of Senator rorftet, and now 
 we may say the leader .if th.it linn. 
 Mr. Forcet lent to this yoiinc man the nmney 
 he reiinired to buy his first sjiares: ati.l the 
 time eanie when Ostiirny, \vlio liad no iciiey 
 and no more salary than li.' alisoliii.'ly ro- 
 .|Uir.'d to live on. lieltl shar.'S iinptihl to the 
 liKUre of $'2S.!l()ii In tlie hands of .Mr. Por'_'ot. 
 He tot lireil of payiiiK up n.arijins and re- 
 fused to pay any more. He conseiiiieiitly 
 Iiecamo ruined nii.l insolvent, which [nrhaps 
 did not matter much. Mr. Forget sued 
 liim for .S1.027, heiiii: hal.ince of account 
 due on mariiln. commission, and so on. The 
 cause of action oriirlnated before we adopt- 
 ed the statute of ISSS: but ns that statute 
 litis he. '11 nuoted all throuiih that cas-- In 
 the different courts, from the Superior Court 
 of >roiitreiil to the Judicial rommitlee of 
 the Privy rouiieil, it lins a direct bearlnj; 
 
 If 
 1' 
 
 #-tM»»"H 
 
 '•'-fg'f 
 
 f - 
 
 
 h 
 
 
on oil!' r.wv. Til- .l-f.'ii..- w;i« \'<-"\ "' 
 
 nrtl.l.' I!"-:: "f ""• '^l"' ''''" ' '"'"■ "'"' ' 
 
 .,,v. • •Tlicr.' I« 11" rlk'lit "f Mrii..ii |-..r Hi.- 
 P'li.vcrv of ni.iii.'V ..r uny otln r ililnt: •■Imiih- 
 oil iiii.liT .1 tf.iiiili'i.' .-..ntriirt or l"'l ' I li.^ 
 
 ,,,M. ,■„ l"r..iv III.- Sill" Ti.T « I'li'l "f 
 
 M.iiilrrMi .mil '!"• I'ninf.l jihIl-"' «Ii.i ,.)i' 
 -i.lr.l, .Ill.lu'.' I'.ll.'liurli> IllM'l-' ^111 i'Xli.iii-'J^<' 
 ITVlrw i.f llif "lliilc .|llr..l|Mli :iimI Uw .IHT.'I- 
 ,.„t :r^|.<l;i!l..n viivri-Mlm.' -I'"-U triM-Mrlinii". 
 ^„ r,M.i.'f. i:iirl;iiiil .iiiil til" I'll"'"' >"'i"- 
 II,. , uiichhl'.l I'V nilliiv 111 It Mr I'"!'-'''' " 
 ,hiu 111. I ii.'t' I- iiiiiii.iiii ' ■'- " "■;'" 
 
 |,M„,| ,.1, .1 pinv i:;itiil'll"i- IfMii-iii'luiii. I i'' 
 ..,-.• »„s laK.Mi l.i 111!' <'"iiit "f .M'l-^il- 
 ,,im1 tliiit .-.mit M.'.i.lnl. .lu.lui- IIhI: '1'^ 
 M.nliiiL'. Iliiii 111" ,|iiil-iii"'it "f •''"'-" ' ■'-, 
 
 mwlo n-.f :i u' 1 oil". !•• iiiiit i"" "' i""' 
 
 rxtnicN fl'Mll II I'lMiHIl uiv"" I'V 111" 
 
 Clili'f .luxti.'" nf that ruilrr .Iu.Il'i' I.hh-I" 
 
 It Is nj.neilmt" Jim. ult I" 'liaw Hi'' "i''' i'^'" 
 tw.'.'ii sii.-f.ila'l.>n «ua isamluK Uaii»artU)iis. Jbr 
 l,u-lneii. d.iiK- '.y Iif.liK'Ut'-r" "' "'*' b"'''"'' 
 ,hou. .!...■• n.i l.MV,. :u,y ,l..ul... Th-se :rnn«- 
 ac.tluus .ire nlvi.iM" IhH on iho -i>"- "f fn:l 
 Uut ..l4,'«tinr» ir.mM;n«t !r,n...i. tions hiv 
 often tliii appparance of serious contracts. Tnim. 
 n tcisnn pells a Mock .lellve.alle 'a a flxert 
 (lay • th,- rnntrait U l.-mf.il. Im ihf drcim- 
 slanre. ..( ihe cii«.' may sliow tliat thr Intention 
 fit the paril.'S wa.- m.t to Klve au.l lak. .1. livpry. 
 tilt only to naintile. . . , 
 
 Til.. l.-aniiMl luil;;.. lli.ni .malv -.-.1 i!,.. i'n 1 
 ilnir,. wliiili cslalili^li. < tli:ii r.'r-.t i'.'iii;lit 
 .lirf..iciil -liaivs f..i- (P-lluiiV, iciHliiiL' liiiii 
 till' aiii.niiiti r.'Miiiri'il ah.l U.'.'jiini: llw ^liaia «< 
 \\li!,h 111- i-'iiv.' -Willi iitlii-fs t.i a L.iiil; as 
 .•oll.ati-ral >...-iiril.v fur n I'-.m "'li''!' '•'" ", '■; 
 ..l.taiiiiii;; f.ir liiiiiM-ll'.' H<- tli<-ii l.r.naTdf.l 
 to s:iy : 
 
 It Bi-ema stranKP that the respnuJent. having 
 InatructPtl appellant t.. buy for lilm. did not take 
 di-llvrrv, ami that the app.Uant ha= not oHert-a 
 delivery. Korgit, hnwiv.r. aMall.uit s em- 
 pi. yee tells us that the usag" "' 'he stork ex- 
 change nermltB a hroker lo do this, an.l tliat 
 If the client does not ask delivery within twentv- 
 four hours, the broker may borrow tor the client 
 on the security of the stwks whtrh he has JuFt 
 t'.ueht and whi.h he holds as a pledRe. The 
 client may at any time a."k for delivery of the 
 St. ck but If he does not .lo so and nrglects to 
 pay the marsln asked for, then the broker sells 
 the =tock ami a settlement Is made by the pay- 
 ment of the .lltferen.es. The witness F.-rcet 
 tells us that resi.nn.Ient w.ts acriuainled with 
 this utage. it results from thl;< praollce that 
 the client does rot take delivery ..f the shares, 
 an.l that his responsibility is limited to the pay- 
 ment of the margin and the Interest on the ad- 
 vances n-ade by the broker The In.ti u.tlon 
 to tuv, therefore, is not serl.'tis, but Is only- 
 given to permit gamine on the rise or fall. Doth 
 p.-'rties understood it s... 
 
 Th.-ii tin- |.-ini."l ju.l-'o w. • t on to -liow 
 tliat till' two li.iili.'s, l'ori:.'t ami (Kti:;ii,v. 
 cotllil ;iot litlt know till- «'^ti.'' sitii,in..ii. 
 that tin- appellant iFofp-ti Uiu-w tlnit tin- 
 i-,.^p,.ii.loiit i(lstiL-ii,vi would not taki- <l.-- 
 livcry. iiiid trcitrd tliP sliar-s a-; if they 
 wore Ills own in-nporty. II'- s'uhl ' 
 
 The appellant ought to have known that re- 
 spondent could not take delivery and that the 
 
 custom which I have )"-/. '"•""■"':'' •°"';' ^ 
 f.dlawed He und.r«t<M,d this 'O well that Do 
 Ire.ted the share, a. If th. y -"'-JJ'.^*^ J'",, 
 n..riy he Have ih.ni 1.1 I h" .lining" li ink Wit II 
 
 ilhrr vilu.bl euiltle. a. guaranfe for lo»n- 
 
 whlch he obtain..! for hlmselt, an. '■••'"■;"'>.••■' 
 „t a ...mher of th.»i b.f.re h- r.-r. >..l re. 
 ,,„„l.iif» urJtr to ..II th.m Mi« • ItI- 
 l.lT as ihi.. ..n the .-Ul l.-el,ru.,ry on r« 
 nnnd.ufs order, he -"l "*■"'"■"',■•;■■' '';;,"^;:,,.l'., 
 ihe street railway eominny ate. Ih..t ''"'.' 
 n.it .1. liver m.ir- :h,n..u,. hu-i.tr..! ,iu.| thirls 
 Sw. ;„,.nusehe«:.. short oCh- r. st If app. I 
 |,„. r. lllv had hebl 'he .|l..re. .i.h a l.h-.lKe ho V 
 ; r.mi.l he transfer them la the bank as '•''■'irl < 
 for ■ loan not llmll.d to the nniouni wtil. n n. 
 
 h.,d olvan .1 f.ir the for. Ii i ( the shir.s 
 
 What text nt law aulhori/..d hinl to di-po«e .t 
 the pledge - This trealm.iit .,t the shares bs 
 the br.ik.T ln.llc.it,.s that h. ciisilere.l hlti.se, 
 till. I wner 
 
 1 ;,sK .iiiv man uli" Im-' my .■>.l"-ii"ii' 
 ,,f i,ii»in.-s ..n Ih.' -i.hU .■x.liani;.', il Hi 
 is not til.- Iiisl..t-y of n.-iu-iy all lln- Iimh- 
 a, lions .■iiiil.-.l on lli.-r.-V Th.- r.--iill .' 
 lliit In.k-lii.nt alaenii-il not only Mi'- l"i't.' 
 iHit all 1..S roiiflei-et.. What dl.l Ih.-y ilo 
 Th,' ainoiinl al Issii,. was |,.o low to i;n- 
 th,-ni th.- |-!j:lit to iipi»':il I" "'" ^'"'y ' ""■ 
 ,11 so th.-v .-tiim- to tffiiis with «>sti.:n,-. 
 Th.-v iial.l nil his .-osts and i-v.-n, 1 "■ - 
 tolili uavi- him a di-.-haru'.- of Hi.- atn.-ti' 
 ,|i„, ,|||d Ih.'ii olit,iimil his ,...iis,-nl to :' 
 ai,i„.al t.. th.- I'l-ivy Coiin.'il. In Hii' '■■'; 
 as' In th.- .-as,. ..f 11. .y atid ih.- < .it.:i. ' 
 Pa, ■ill.- Hallway. I r.--'r.-t lli:tt th" .linH.' 
 
 .- mitt.-., of th- 'i-vv •■oiin.-il s|,„u : 
 
 Invt- l...-n nia.l.-. tinwlllint'ly I am siir.-. i 
 inslnim.-nls ..f paili.-s whos.- „l,|...i -. 
 I„ pivv.-nt 111.- ..|i.-i-ali..n ■>( rana.lian la 
 ■uid th.- uov.i-niiK-nl slmiild s,... thai son 
 ihini: is dom- to pn-v.-iit tin- I'l-iv.v '■■"m 
 helm: mail.- tin- instnun.-nts ..I s\i.-h sliaii 
 fill iiansa.-tiolis iiml imrt-.-in.'nts. 
 
 Ml- t.KMlKlX. I won!,! r.-miiol 
 l,„ii l'ii,-iid thtit (islicny was not r.'|. 
 
 s.-nt.-.l l..-f..r.- th.' ,Iii.ii.-al Comniiil : 
 
 I'l-ivy Cnnm-ll, 
 
 Mr. lt<>nt.\SS.\, No, h.' was n.it I 
 otily pai-tv r.-pr.-s.-iitcd was .Mr. l-.n'. 
 ami li.' t'ot a Jti.lL'mont i-x pail.-. I' 
 ultlioiitli I am very unworthy ..f appi'. ' 
 
 inc th.' lii.lir nt and conim.m sens,. ,,i 
 
 ini-mhoi-s of tin' I'rivy CoMm-ll. I l'".-l '■ 
 pellnl to sav that IliiTc nv sm-li sinl. : 
 eiTors in th.-ir .|ii.li.-nn-iit In this .-as,-, t' 
 
 I am wai-rtinti-.t in sayinu' that Ih.-y i-ani.- - 
 
 II dc.-ision without r.-ally Unowiiii.' lli.- la. 
 \|.i-<,rdini.' lo tin- .vidi-ne.'. at :i .■i-il.im i 
 mi.iil .InritiL: th.- tiim- h" "'iis sp.'.-illati. :, 
 (,s,i-nv ask.-.l f.-r .l.-llv.-ry >'f 'JiMi sl^r - 
 of ih,''.Montro;il Stf.-ct llaihvay, iiml r.'r- 
 sild lie eonlil not mak,- a delivery as ■ 
 ,,-ily hail i:i."i. Vet in th.- fn.'*' "f " ' 
 ovM.-nr-p, whl.-li was la.it.-i-at.-d in t!i.> oi' 
 
 Um .l.-liv.T.'.l l.y thi' (■ f ,Tusli.-.- of ■ ■ 
 
 fonrt of .\ppi-tils, what ili.l tlio I.onl < h 
 rcl'.oi- hold; H" said ; 
 
 Wh.-n the shares purchased for the respond r.t 
 • were sold they were redeemed from the b.-' 
 and diliverrd to the piir,has.T. 
 
(I I.V lllf r\ ill. CI. r 
 
 I 
 
 'I'liill «;l- iiilltnilllr 
 
 Thf" iiinTttcu m«.|'' whi.h win- iiiniMi'tilon- 
 ;ihly within Ihn miUniiliy kIvii l.y ihi- rupun- 
 
 .L'tif n.ri- iiruilMl* ii.il liimniK ur.i •■' ■< 
 
 tiMK.in Ihp p.irili'« lo ilicni Thi-y w»r« rf»l 
 lriirt-.f.-t|..im , rhi- i«li.m*s iini. li.i.-i ■! iiip! f.il'l 
 w^ri- Iti evt-ry I'.Hf iI>.:|vit«'.|, aii'l 'h>' pi I.'.- .if 
 ih.'in i.ill ..r r.'iUi'i. ;i-< ili" ■■!-' iiiiirlr I"'. 
 
 So thai till Ir |iiiil'l'lli-i (iT til. I'liVy <'..uii- 
 I'll Im». i| llirii- .lilil-.'ihi'iit I. II 1111 .i--uiii|i 
 til. II wliirli is ill. Illy ili>i|irii\ I'll l.y tl.f ••' I 
 driiii' ..r Mr, l''..iL.'i'l-i i'iii|il..yi'i' 
 
 I ill' >.:ir i'..li..\\ iiiu ;iii rsiiiily ■.iiiii;.ii' 
 riiKf Will liikcii lii'f.iri' tln' l.nw I.nnN TIih 
 will 11 - iM tiiKi'ii ii;.Miii^l a ii'til .Illy ..ru.iii 
 Izi'd 1 I'lniiany, llii' I'liiMTsal St.'i'U i:xi'h:iiiu.' 
 i *iiiii|.aii\ , it\ itiM* 111" tlii'ii I'iit'lil *. .m. I *'i V '1 
 Sti.irliii'i. Itiil till' xitiialii.il liiMi' ua'- I ..I 
 i'Xarii\ 1-1. l,i\..iiralili' I., ili.' l.ri.l,.i ■., i ■ 
 rau^i' iiiHt.-iiil i.f l.i'liii; llii' I'lrly lal.ui.- ..ill 
 till' >4illt. Iliiv ui'i'i' till' ili-lfliilri|.^, S'i:i 
 iliau -II.. I 1.1 L.'l 111. 1. 1 >.r «iiiii.- -'•■11 l>. 
 :iiiil till' la-i' r.nw Ipi liii-i. a Jii.Il-i. ah. I Jury 
 ,Iii(li:i' Cave, will) |irt'i«ii|«'tl, Hiild : 
 
 A mail f. .n :. I la. It.T ii!!.| .1 r ■ ■■■i li 111 '■ 
 l.uy mill rfll an iiimh sim-k :i« Ihu nu-i" iiiiiy 
 Ip. Tim' tii.iy lii- 111 Ibi' vy<' of the purchaarr. 
 a umiililliiK li-aii-aiilon. nr It may not. If h« 
 iiuaii^ 111 l!iM-t his ni.rii'v In the pnrrharr nf 
 "he Kiii.k wli'.ih hp onliiB In !..• I.mitht. that 
 iii.liiiiliir.lly 1m a ii.-rfiTily k'UlMmatP nn'l real 
 lii'lni^s trail, ai lion If hi' i|. ( i not im'mi to 
 laUi- lip hi-i 'inrk. If hi' ni. aii« In ••U anilii hp- 
 fiiri' thij n'lilInK 'lay arrhc, lliat may t.e a 
 1. iinliUiit; li'an'<a('ilnn no far a* h'' In c..nc'('rni>(l, 
 lilt It i-i not niri's'iarily a namlilliiB Iraiisaotlun 
 
 far a< th.' l.rnKir in innr. riii'.l: ami In nnlpr 
 111 til' a Kanil.lliii! I ran«act|..ii ludi a^ the law 
 inlnt-i at, It niii-l hi' a i-amtOlnK IranKacilnn In 
 ■hi' inti'ntian "f li'.lh paiiiis li> It. 
 
 \ .w. till' i'i'.'..ril ill liiat I'.'i-i' pii.M'.l III II 
 iliiTi' was a sitfiicMl I'liMlract l)i'l\vi>''n tin' 
 l.riiKiMs mill till' I'licul. Scvi'i-al (if tin' 
 .lau-'ifs iif tliiit I'ontriii't-l am lint ^'niiitr I" 
 ui.ii'y tin- Umisc \yilli it, tliiill;;li 1 liav.' il 
 .i,.|.. " |.i'M\ i.ii'.l llial llii' .■i.hlr irl ".I- 
 
 uiadt' fur till' iMii'iiiisi' of di'livi'viiii; slian"', 
 ■hat till' natural and li'Kal ri'sull nf tin' cull- 
 irai't uiiiild ill' till' di'livi'i-y of sliari'X 
 •liiiilli;li till' bi-okiT til till' I'lli'lit. NoviTtln'- 
 I'ss, tlic Jury dot'lUed uminliiimisly tlmt It 
 .\a'* a .-a-.' nf -^.i liiMin^. 'I'ln' .'a-'' "a- laK.-i 
 l.iM'ni'i' Ilic Law l.iinls. 'I'lii' rniiiisil i.f tlir 
 .'ii'iit dill lint iiiipoar, and the casi' was 
 i'loadi'd «'.i(-pai'tt' liy the eoiiiist'l of llio 
 ; •rnUci'.", and one of the aiitliorltU's tlioy in- 
 vnlii'd was the Jiidiimcnt that liilil Iuh'Ii 
 ; 'iidi'i'id liy till' very year previous liy tlic 
 .hidii'ia! ('nnuiiittrc In tlm casi' ..f I'oru'i'i 
 
 1 ml Ostlmiy. linf till Law I.oriN. I niii-t 
 -av. did not pay tlie sllchtrst attoiition to 
 •I,, "it Jndk'inent. I liavc licre tlip Jiulfiinont 
 
 l.'livprpd by I.ord llersclicl and ratllled uii- 
 .iiiiinnusly liy tin' Law L'.r.N. I may say. 
 li.'foro I qnoti' from this juditmeiit that tin" 
 1 .iinst'l for the stock brokers Invoked that 
 
 nntrnc't 1 have Just mentioned, nnd snld that 
 wliatever nilcht be the amount of risk that 
 "IS run by the client of the brnUir the cnn- 
 iract entered Into was nn undertaking for 
 tlie delivery of shares. Referring to this 
 I ord Herseliel said :— 
 
 li h i« hein •dill that whrrcM i' » contract I* 
 •■iiteri.l liHo hi'twii-n two pirili'i C' nulnlng an 
 
 'iliilK-i i.>n iiii'I' r any i ii. iiiii«t.itiii'M to raiffl 
 prop'Tly I.. |.a»« fr.iiii nlii' t'l an 'ihiT. wliafvi-r 
 ••l-i' IhiT.' may I'l- In th" r.intrni an.l alihrnixh 
 ni'lihir lit ihf i.nrili'« inii'i.mi.l'iii.l that Ihat 
 |.i..y|-|.iii nlinuM ever In come opiratlvi;, yi'l. It 
 It I'vir may h. cnm» op'TuUvi', thi- .'ontra.t r«n- 
 niit 111' hy way of iramliiK ami nani.rliii! Tti« 
 |.in| ii^liliin niiioiinii- !.■ ihl-4. that paril.is who 
 iir.i ii.lf.l u< caiiihlc Willi nn.' nnoilnr. hui «ant«il 
 t'. hiv.. thi' n.r.itliy «Kaiii-t nin- .uinl lii'r of l>»- 
 i'^: ul.li' ill a r.'iin .t JiisMif 10 recn\i>r thpl.' 
 Iiiii), c.ini.l oniiipi'l a I'll. in of Jn-il.-.' In a.lliiitl- 
 i-ati- at "I "I 1 iiri' in tlii-tii tlnir hit., l.y a Juilg- 
 iiniii. It Lilly iliii liii.iit..l In tlnir rnnirart 
 a prnii-l'ii whi. Il 11. mill ill ..11.1111 iM'iiii t"- 
 I'lUU' n|.n itlM' 10 ..null. I tlii' H'" .I" 10 li.' it«- 
 llvi'r.'l atrl ri r. IV. .1. tlili'iiuli iii'ilni "f tlii'iil 
 an'l.liMli-l sill !i a mm liin' in y ; tli" paipn«n of 
 liU'rMiij! till' I'liivi-inti .1. a"iii? an iil'inailnn 
 |.i lim only In I'ln.ik tin' fa I thit I' was a nam- 
 
 l.illii; llali-.li'llnn all'! . li.lMr ihi III ti "ilf ..n« 
 ili,.i|n.r r..r ►'.iir.l.lliii.- .lit'. Tlii' pi n|n»ll liH 
 . ..|ii. n.l.. I f.ir I.V 11..' li all. I'l I'liiiii'l for th" 
 a|.p. ll.iiii- wnul.l rrallv 1' .1'! ti that r.'milt, anil 
 1 ili'ail.l ri'i|iilrt! 11,11. Il i-ni -I liralliin l.i'fnrp I 
 irii. r.v ,i'-.'ii :.! .1 I'l'..;. ..-!',. a .mnliim: a'loli 
 
 |.nl M iiui 1:*'. F. 
 
 I i|nlli' uiiderst.iiid wliy Lord lIiT'iln'l 
 and his kiIIi'iikiii's of the Law Lm'ds' «'iim- 
 niltti'i' of that (lay did imt refer lo the 
 Jildi-Miii'iit Klven by the .ludiclal Coiiimlllee 
 in the case of (isMciiy and l'"ori;et Tliay 
 were ii|ipiised to that Jild>:niei'' In ' i and 
 tlierefnre pat-scil it over in silen Hut 
 
 what is the illlTereni'i- lielweiii 1 trans- 
 a. lions that are rarriid nn here .mil the 
 liaii-a. 1 nil- iiilliiillrati'.l up.'ii Lv thn Law 
 I nl'.l- '.• Till' ililli rc'ine il -iiiilily Iliat here 
 tlii'i-e is II.) written contract sayliiL; Ihat the 
 iiiti'iilinii i- 1.1 iniike delivery. Hnt 1 have 
 -aid. ami I repeat, tlmt iiliiotenlhs of tlio 
 ,1,., i> ,.s. II. irj.' ..(...fat :..ii- .'ai'i'ii'.i i.n are 
 in. I .■il't'li'.i nil, as I.(l|-i| lli'l-.'lli'l saal. 
 til.' pill']...-.' Ilf s.'IImi:.' .11 line si-le 
 Iniyini; ' ii He' ..tin i'. 'en Inr tin' 
 piirpnse of iranililln::; and the ilejlvery 
 Ilf the u'linils is ri'srarded only as an Inci- 
 (dental nialt.r. In fart. I am sure that I 
 am wlthl'i the mark when I say that nine- 
 tenths of the peojile who u'o Into slock .'X- 
 ehanu'e operations pay tlnir sto.k in full 
 only when they are forced to do so. In 
 nine cases out of ten they simply pay their 
 money in the hope that It will brim.' them 
 some'return by the rise In the value of the 
 shores. 
 I Now. Sir. I I'liM' iti-i-ti'i1 at !"ii'-'tli .ti this 
 lease, because, as I have said. It elves tlie 
 ■ exact situation of our operations. There- 
 ' fore. In the opinion of the authors of the 
 law Ilf 1*<sS. niid in the .ipinion of the r'nui't 
 \ nf Appeal of Montreal, In the opinion of the 
 ■Law Lords of Kiielaiid. and. I may a. Id. 
 i that this would have been the opinion of the 
 I members of the Judicial rommlttee. If, In- 
 stead of a case of conspiracy, tiny had had 
 a case lennlly and honestly and properly 
 pleaded— we outiht to leclslate now. And 
 I I may add that the only Canadian Judce 
 ' who differed from his colleasiues on the 
 qupstlon. Judpe Hall, added these words In 
 
 fur 
 ami 
 sole 
 
 i 
 
 
 ill 
 
 I 
 
 -y 
 
 „ -J* 9ft 
 
 %■, ' ',«■ 
 
 i 
 
 MP* H 
 
 
 ill': 
 
lilK Juilifnifnt. w 
 
 1,1. h, I rliliik liliici' :\ liPnvy ..f 111' •ni"'- • 
 
 link fur 111" miiiii- imrly 
 
 Ink II iin* ii iit'iivj "I 111' ~ ^ », . ,1 , 
 
 I,., I,;, v.. tl..- I^kU- w.mM pr.-.- '•» H..;ll..r I""--; •'"',;;' "' 
 
 wpr III our Imiul* 
 
 liiilvp po 
 
 Th» f»i-l llint •(.#' 
 Iii.UiIki'I III llni'iiiirtlv li> 
 
 I, IT. h>' lulil »!"' <»" •'■'" 
 
 nil :ll'< 
 
 111. it, .,11 In itii 
 
 h.n t)f»n 
 
 |i..iiiliilni'i Iri.ii. iiikI lliiTi'f' ri'. Ili.it \f 
 
 I III. ml will) mnn 
 
 t mi iillliiT 
 
 •ffnril ih" rl«li 1- n"i » 
 
 milfl.l. Ill rfiKoD. 
 
 In mr •liiiif" In* lioiiiflit 
 
 oplnln 
 
 f.ir a'ti ii'i.Unit i. 
 
 rii'l III" »liii«« IT iirtiilii tlK" ""111 
 
 ilil. 
 y frli'll'l ilx' 
 
 Hut liow will JiiU IIK 
 
 l.rr iif Kliiirrn if til'- ■mil'' 
 
 liiiiiil 111 
 
 ntril.il Inlr-in. 
 
 .11 lull 
 
 i.f tf. liiTdl 
 
 lil»< 
 
 It 
 
 till tn il.lllill"- 1 I .1111 ""f 
 
 ih.it ih« mlnrnl 
 
 •.ly. if 
 
 '|i' 
 
 ,t, |. ly IpkH 
 
 k «lilcli Hint lirok.r «ii« «iii.|i<ii.«'il l<> 
 t - Willi.- liW li'lu- 
 
 .1.1 lit till 
 
 liiiiii' iii'ini.'ii 
 
 li;iu' 
 
 thii! Ill- li' i'l •'""' 
 
 Inllr.tl. 
 
 Ami lliiil i« "111' I "'II " 
 lniiT til iiiiiKlilcr. 
 
 oUliik' tli<> iiitn 
 
 •.lull'. 
 
 l.ir 
 
 It nilKlit If tliiil lir wii» 
 
 iliit;ilili' 
 
 liMi ^liiiriiti In .111.' 
 
 ilf llH 
 
 ||..|il». fur 'JiKI 
 
 .|iiiii-« til iiiinlln'l', fill" 
 
 llflv kIhiu'k In nil- 
 
 In «liiit vviiy 'iri' (ipi'i'.illniK miw I'urrli'il ..ii,,,,. j ;[,i,i »|i;ii'.'« tn iiii'.ltn'i'. wliiili 
 
 oil? I tiik.i ii.r.v .lilt i.r 11 tii.,ii*iiii| Ju-t „„„|,| ,„,,u.. II totiii.ir'i-."i'ii!ti'- li''«iiiii'i 
 
 ns ail IMustntlnii, on., ii'iiii-iiril.iii wlil.Ii ii ^^^^^^, ,.|,..iii,-li id nvi't Hi" !'■ 'im 'i "f »">• 
 
 fil..ii.| Ii;m iiiiiiiiiiini. .'I."I I" ">■ " IHn" „,„. i„ ,,;irlU ulnr, 'mt li'' wmil.! not liMVi- 
 
 111.. lii«t ffw il.ivx Diiiiiia 111'- ili-Ht iliy* ,.|„„n,|, ,,, ,ov.r ;li.' «li..l'. H iiiii"iiiii'' ti. 
 
 of .Iiiiiiiiiry. Iir iMiilirlit K"' -Imn'.* .'f l>o- ,|^^^ ,,|.|, ,„ ,,,.t„„| pi-.u'll..'. Itn' liri.K-f« 
 
 inliiliiii li'iiii iiiHl ''ti'.'l lit 111. iimkiuir Jil.UHi. ,^ ^ j .^ ,||,,|||„.r „r .h:,n.«. -ulll.l. i.l, In Un'lr 
 
 (111 thP ISIIi "f Miiri'li. Ill' li'iilulit l<"l kIi.ii;' ■" ,.,, .,,|,,||,,|,. tn fiii'i' 111.' pl'.il.iilil'' l'i'.|iiMl I.'Im 
 
 iif 111.' «iiiii.' "li" k at .■I'U. iiiiikliii; ^i"];"; ,,,■ ,|„/|. ,.ii,.„|,, Imt .l.i imt liiii»l mn liiiMiiu 
 
 ,„• II t.il.il fur III.' t"-|) lr:iii-'.i''Iliiii'< <if ♦■''■'" ,,„ ||,||„| 111,. t..l:il iiilliiln'r of "Imr. ■> fi'i' 
 
 lie w.'iit oil piiyliiU iniir-iii" iliilli ""■ ''■■'■'''' „i,i.li ijirv Ii;im' i-. II." L .1 .i uiircl". ""'I 
 
 rfa.'lii'il lt!i ai-.ul.'it P"liit w! Iii> ilwl.l.'.l . ^ ^^ „i,i,i, i|„.v U" mi . oll.'.llurf liHiT.^t 
 
 to |i'iv 111." wliol.' tliliii; ami lak.- liN i'"'!'- '^^i ,,,|,|i,|,,||„| " iii;ii-j;l'i. Tliis .'aiin' .mt 
 
 tm.alro, II,. r.'1'.'lv...l hW I'lTtltt.'Htin (Ml 111'- ;^ ^^,„,^, ,1 ,|„. ,.„„,, „f K,,,-,.| v> u«iii:ii,v 
 
 li; r .l.iii.' >'■' 'I II 'i'V tl" tail- II. .|'|^^. i,|-,,u,.r wax (ililL'i'.l l.i a. lint iluit li'- 
 
 a.-.'..i-.l!i.-- 1.1 111.' \|..nii.il •.;.i/.r.'.- ;va- ..» ,^.^^, ^11,^. ,.,_. ,,,„,.,,« ii, i,,,„,l will. 11 hi- .'11.111 
 
 ai 111.' liluli.'-l iti.l I'j: It 111" l"»'-l. Tnkf ho ,^^|,^,^, ^^^^ ^^ dillviTV <il tlif -'i"' Rliar.'H li. 
 
 l,ii;l,|.«t ll-iir.v .111.1 »■■ 'lii'l '''1' ','■■' ","':, li.i.l lioiitflit. M.'ainvlill.' Ii.' Iiii'l .•..il.-.'l"'l 
 
 lUTiir.llir-' I" til.- qui. tall. .IK nf Hi'" "I"''" ,„.,r^|„y i„,t onlv upon Hh' l^''' "liai''" li 
 
 «.T,.liaiii:-. "'I'' "'.fill *-'.."<'■ "'Ill'" I"' |„.|,i „lilrli ii.'iliaps l..loiiu-.'l to am. tin 
 
 tltt.-. whi.li li" limiflif tliroiiL-li Ilil liniU'T ' |^,,, ,,„ „|^„ ,.„i|, ,.|,.,i „iai'i.':ii- ■•n Hi 
 
 U..I'.- worth #!l.:r.ii. Wo ar.' a^ki'd to ti.'lU'V.. ^|;^,^: „^.^ ..h'iroM Iif lia.l not. I tliliiU I wa 
 
 that the l.roU.'i' ivally I'-iiirlit U"" J<linr-« -^^ _. ,,^j ^^.,^,.„ , ^,„,,„, ,,,,,, ,,,1* Uni.l .. 
 
 In .lami.irv. ami that In- I'.Mlly l.oiiKlit \m J ,.„,., ,,„„ |^ „ „.. rM« kiml ..f r.il.li.ry Hia 
 
 «),.|ri - 111..'... nil Ha. I. -.Ill ' r Mal'.li r.iii "■■ 
 
 haM' \i,|..m-,...I it: ami I-liall-linu ili.il ;;,;;;■; ,,-,Y.I that If 111.'!'.' .v.is m.'.l of !■ -'i 
 
 i„ ,„,,,„ ,,,„,.. ,!l- i- linlil.m,. II'' ;"; ,,,i,i„ tlll'Il th.T.' !s still Illnl-.' n.'.'.l IinW 
 
 what waM .1.111.' nnilr tin- 1 1;, t^linp >>;- 
 
 at If 111. 'I'.' >v.i^ 
 
 h.T.i Is still 111.1 
 
 « frniii Hi.' fa. I 
 
 rio-lnu' ia« It inl'.'lit Ix'. ami as I will I 
 
 It h.is 1 11 in nth.M- ras.-i th.' limli'T ili'l 
 
 not buy th." Shan-, this won!. I "i''i|ii„'L'L','^ ,li,, urns of lafi:.' .'..m li 
 
 ' ,-,.,iilt '. ■ril.y al'.. Illt..rcsli'.l II t niily 
 
 Vniv. ali.iHi.'l' al.iis.' in' 
 
 ihil 111.' lirnU.Ts ai'i' now in many ims. - 
 
 Wlial Is 111' 
 
 I .III ...... - . ».,--., (til I ilnls .11 la I til- I 1. 11. 1 '.I III' 
 
 th..l.r..K.'rl.asi'i.....h.'.l 11' n, m.\ inm.l VI , 1 j.,,^,,,, ., .i.,„,^. ,,,.,, |„„.,-,.si,..l lit nnly :r 
 
 and lio lias uiven hlni titl.'s that •■'"*♦'!" i-,,,!, ,«•;„.. th.'' pii.'i'.il iiin\.' imnis ..r lli. 
 
 S'j-d... p.,..k.'linu th.. .litr''i'.'m'.' "ff ','•''; ,„„,,; ..x.'hai.u-o. tli.'lr iiitiT.sl Is imt oiil> 
 
 It may l.o salil that my fi-l'unl <■""•'• "''^ ,i„lm-,. ih.'ir 'H.'iits t" huy ami "''li sf. .'K 
 
 „.„, H... I.i'ok.'r: •This is „„i ul.at 1 I'ou.'it '^llj^..^,^ ,^^^^ „„.,. ,„„,,..,,, ,, „,.„ ,.. „., 
 
 from ynii. Hi..r.'foro, ulvo ni- hnU n> ,^,,,„ ,,,j,,,„>, ,■„,.,,..■ l.rm'lit "f Ih.' <'"ni;.an,x 
 
 moimy.- Wh.il w.ul.l hav" l."'ii I" i''I > . ,li,.,„.|..rs Tn.'i'.'fori 
 
 of tl-.o lirokor? Klrst. h- woul.l 1i:m'_ l"'. .^^'.^ „' ,-;,^ .inui with a iiiy^tLri..!,- 
 
 voU.ll. iiatiinilly. laas.- I ..1 'liiH'V ,'''!' '• . of liuslm'«s iimnl v: ' Itm sm'li . 
 
 r.l Vh'toria. iiur Art on .MMililiUL', wh "h pro. '^ '^,," „' ;',,,, i,' [, ,.,.,.;. |. , „, |t is k" 
 
 bo..:: ,i:,wo;i.;iiiaV..sauiii.:iia'i nought ill -';-';,'"v:h rr;: • "'„;: lu^ 
 
 lUo siaros -.ml U.'|it tliom as the acnt am nfralil of that stork. I • ' • '" ' 
 
 ^11,0 ^iiroha.',- ...hi: roa.ly to ....Uv-r ;;;/'-;X^;'^;.- ,,! , 'l^^i: 1:.M>^ 1 'n 
 
 the conils at any tinir. '".'■ .''"'"'"' ,. ..,. .i,,,,-,, ' Viturili 
 
 such a .lay In .laiiiiarv 
 of Iinminion Irnii for 
 on III.' I^Hi nt" Mar 
 
 hi' l...ii;;lit P"i shari's n 
 
 laU.' li'iii wcalHiy. li<' ri'p.-al 
 
 Mr. so an 
 
 1 so ; that ; samo ?< 
 
 ■rot. In tho siiino ooiiti.lriif. 
 
 to lift 
 
 ■h li.' l.niit-'li 
 
 ht PKi shar.'s n 
 
 ih'T II.' plo. Twonty davH aftor tho sto. 
 
 ws^:^-- 
 
*, ;■■ 
 
 will u'> 'I '»" nil ")'• "llri'ilor iii'iiiiri" »\' 
 
 •' I "III -■miili 
 
 iiiiniu- iii)»''if t" 
 
 cliciip slinri* at 111.- I'llit"!!"!' of Hip ■ II'MiI^ lUi- :i. i imatK.iie Ijii' > ' liu- hIIIiIii IIu' Rripi. 
 of 111" hriikii-K iiMI'i' 
 
 Of iom»«'. »iiiiit'tlii><'K tlivy 111'' iiiiti II 
 tbi'Ilixi |\<'i< IIm' «Iiiiii|i Ik )ilr>>iu)'r Ili.iii 
 wiiM iiii«|>i'rii'i| uihl II III llii'ii, \\ lieu the 
 lirokiTii iiri' rmuiri'il up, lliiil liny iin- ii>l 
 jiily mI'Ii- lt> nil., uhilf (w;ilii'<t ih. Ir ""n 
 clliMitii. lull In or'lir I'l Rii\o tln-iii«ilMH :iii.| 
 tlii'lr illiMit-. ilify iiTi- fiiiiTil Id "ii iiliti' 
 
 ■ irulllt'! Illox' ill' Ilia Hill Ciillirl UI.'irKlH'' 
 oil Bliiiitsi HliUli Ih y ilo not |lll^»^•'" 
 
 Tlii'ii llirii- l« iiMoilHr iliiiitfir « lii'ii III .»!• 
 tllriH'lui'N li.ippi'n lu III' rlt^il". ninl lli''y 
 oriiiti' a hliiiiip nu till' iii.iiki't III iiiUi' I'l 
 M'lit'i' iip'iM I Ml h iiilirr .\« I mil ili«p'i»('i; 
 10 I'lill iMMipli- liy ihi'lr rl|;lit iiuiiirK, I iii.iy 
 ri'iiilml till- IImm... iiC wli.il li.i|ipfiiiil l>i' 
 t«'i'<li Mr Itii"", llif \ ln'-pn«U|int nf iIh' 
 MdiiHi'iiI HtruM lt:iihviiy (Diiip.iny. iiml Ml- 
 I'lirifi't. ll»' viif |'i'"''''''il "f I'"' I'oinliiiiiii 
 Iron mill SIimI. Mr U 'k>i khIiI nil lilr Kim l.n 
 III till- Mtinniiil Slii'i'l r.iiil«:iy mill Mr 
 I'ortfi'l Kold all liii clmk* in llir I >.iiiiliiiori 
 Irmi mill Sli'fl. wliiili i-.iii-i-il :i «iliiiiip 
 Now til mIiow \iiii wIimI ImoK is ulm h;ip 
 I in III 111' iliri'ipirs "f i'i>iii|iiiiili's iiri' apt 
 In ilii. I will iin'i'i' yiiu II ti'l('Kr:im lliat wa?' 
 ii'it'lviil liy ,'i fiirii'l of iiiliii' ilurliii; ;ii' 
 l:iHt slump 11" liiiil lioiulil limi sLan-i i.f 
 Miintrral Siriit Itillway on thi' Monliial 
 niarlu't. Ili- palil tin' inarylns fm' Mxnal 
 .lays, dill' ilay In' .Jut tiri'il anil lir raiHi'il 
 !ii« airi'iit III lini'liii' lo wire to ii Montrral 
 lauUi'i- to si'll his sli.iri's ill till' M'liitiiil 
 Strri'l Hallway ('..iiipaiiy .nr sm-h a ipiur' . 
 wiiii'li III' ipluli'il. I 111' .'■liaii's Will' nut 
 ...111. Insli'.iil 111' lliat 111' rii'iiM'il a ll■l|||l^l 
 l.ir slill iniir.' iiiaru'lns. lli- rrpliril ..riLniiz 
 1.1 si'll lit prii'.'s i|iiiiti'il at llii' >t.M'l. IX 
 
 l.iih-ji'. an. I lull' N 11"' rrply that imuh' : 
 r .;ui..', ■ II ■.'... K r iM, .('i-.t iii.in la put th-T.' 
 ' . - .i|.|i..ri 111' HI irl-. ' 
 
 Niiw, Sir, rilhiT Mill- lit Mvii iliiii:;-. .iili. r 
 !lic liriiki-rs 111. I to ni.v fri. n.l nr liny la-'l 
 Ii till' pillilli' .111 till' ho.ir.l of till' si il. i\ 
 
 !ian;;i'. If tin- l.'hu'r.iiii >lali'il Ih" tiiitli. 
 Ill' piililK' \\:\' liniiilini;:;i'il as tu tli" \aiii" 
 
 ■ ' III" Moniri'al Slri'"t Itaihv.ay Coiiipi'iy . 
 
 lUi'v It ill" .in.ilai l..ii> H"!-" a.i iiiMI.'. 
 ' I" liniki'r hail (Miili'iilly alri-aily s.i!.l ni.v 
 :: .mi's shari's ami r .l!""l"il margins aftrr 
 
 ■ :.■ sal" ami \va~ iinaM" I'nr the tllii" ln'i'iu' 
 • . pay 111" pro. ""lis ..f Ihi- sal". 
 
 Now, Sir. lasi lall. llnai' w.i- a n.u - 
 
 ,|i"r ipiarri'l in M mlr m! Ili.il ailr.i.'i.'.l a 
 . .1(1 ileal of alli'iilioii, a ipiari'i'l li.lW". n 
 i.f .loiirn.il ' anil ' I.a rr"ssi',' lictwi'i'ii ' I." 
 .' urnal' wliioh Is lii'lit up hy S'naiiir I'.ir- 
 . I's iiioiicy. anil ' I.a Press",' whifli is 
 iliii'il liy >ir. ('. .\. liansi ri'M.i. I n""il nut 
 ii:.iUi' the Mouse acinainted willi eithoi- .f 
 '. lis" f.va uintli'ii.eii. they are well known. 
 N ilher will I repeat any ol' th" swi"t 
 I. lu.'H that they pxehansul lietv.-eeii Ilieiii- 
 ^.■hes, of wliiili ' I'oliliei'.' • 'iirLMiiil.' 'iiirali 
 
 « ? 
 
 of my iirrfiiniials I ir»t Mr. |iaii<i i. ,iii 
 iiiiii«ihI Mr I'lirifi't of liavlnif »iilil wilhoiit 
 lliiH." II KKI w ..rill of sliari'K Ihiit weie lielil 
 \'\ Ih" III" Sir .\i|..lplii' I'll. ipli ,111 Mr, I'or 
 K>'t ilt'iiii'il that ainl replliil Ihit h n h .okK 
 tti'ip open ami lliaf If Mr liaiisereaii wmilil 
 I'.. me ami exaliiliie Iheiii he wmiM llml im'II 
 »ome protiM that .Mr l>iiii-"ri nil himself 
 h i.| 111 1.1" I will ri-ail a .-ln.rl r'.tr.nl tr-im 
 Mr li.insere.iu'H reply. In I'r. in h. ami llieii 
 lliiii«llli' It llilo i:ii;:l!-h : 
 
 J« tit li.iuvi'r.tlii dam v > dm iimrnM nl lei 
 i.iii^vlU .luiii" ' A t'la cii"n'>. 1.1 l> 111' rani', nl 
 
 P .|r I". .M.!! .■: HI. M 1.- Ml.' liriH si v.eu 
 
 ac'hi'!l>'< (.jiir viiiin P'l boii^ fits .l.ina U btlUK, 
 |ilii«li'ur« J.niri" avuni iln f.ilri' ».-hi'ii r li'n tuiroi 
 A U tiii.in"'' .11' n'y lri"i\ii»l« |i.n. iion plin, 
 I'l vnin h'- (.il-li'i vnlm ^ 1.1 villle (I'liii i-mor. 
 J" n'y .lis-'iivrlraU ,iii.-un In.ll.'i' ile la .l.'fi'n*.' 
 formilh' rt pi-r..|ilaiit»' ipif voih avle/ tiii|i(Mii^« 
 ^ 'iiii!. V.I- rll.'nii .1" r.ui'li.T an DomlnPni Coal 
 ft ail St. 1 Null. av.in,< vii le ririi •in'.'laclB 
 il nil .lii..triir J. .unit ii.iiiie p. . ri'.lli il« at 
 corniinKiiI.- 
 
 .Mi'< u.iii iiMluii* .IM.' vieis lii' fiiri-ii. pai 
 liitiKUi'H «1 lnli>res«iiit prii lu imlilli' Vou.i fQtea 
 anist-/ liuii p ui iii'i. liii.i .ill P.i.Nllfpi.' en 
 6 h.iiiKi' ■] i.i." inf. rill 1' 1.11, I .iii "1111.111". »t 
 vmu in'r'iihli'z ipii' ]'.iviU ii^.ill«i'.. J>' nr tail 
 trull, priili.ilili'ini'iii $1 ;''iO Vom aavei que J« 
 lie les tuucliai JniiKih, 
 
 llire is the translaliun : 
 
 I ill". Ill I lia 1 la » in 1 1 uiii iiu 1 ilh.r ;h" ij 
 li'.-i s' \. n ; 1 y.iur .Iienis, a.ir ili' ir an„'.T, nor 
 Ih ir P- .1.1. .11. \.i' h.iin' Weill 1 Kh iw a).- wbe- 
 li r v.. a li.iii.-li! 1^.1. ..I Ills an .1 .l.'.linfl n.'voral 
 • liy-i h. for.' si'llliiK oihprs oti thi' rl-i" Neltlier 
 sh. iil.l I finil whi'lhiT you sol. I tbein on th« 
 eve of a rise, iior nheulil I itlsciver any Indl- 
 .,"i..ti "f 111.- firiii.il inl p.'r>i:.-i'-'it nrehiliitMn 
 uhiili V... b: ' lm|..M.-<l up.. II ;ill y.'ur .-lii'ms 
 from t.iui'lilrii? Iiuiuliiloii Ci):il an. I Sicel, We 
 haM' si'i'n ihp r;iu' sr'"'a(ii' of a ilirert.-r rl»y 
 Ini; with the erf. Ill .if hH duiip.iny My trana- 
 a.il 11. with yi.ti were nut l.itiii nn.l of Utile 
 IntiTfs' 1.1 till' pill, 111-, You were Koo.l enough 
 10 l.iiy P.iriilc for m.' In exi'hanu.' for a p. 'Inter 
 : it.iv. vuu. an.l yiiii wr..ti' nie that I ba 1 r -.il- 
 i/el. I .111 nnt kn.nv how rau.'h. perhaps ll.IOO. 
 Veil tiniiw that I ncvrr receive. I It. 
 
 I ii'L-iel 1 eaiiiiet lrai|..l.ili' "Xae|l.\ the 
 w. It'll ■iii^.iii.' 'ill-' literal Iran-lail.iti In 
 ■ pij.. ■ It is a \"ty i\pt".-.i\" villi-.- wunl, 
 wlii. h means a valnalile Itil'iirinatiun ns'i'lveil 
 ami i;l\"ti serrelly, \1 r. I'orcet av..iileil eare- 
 fiill\ 111 repel the a. '.■lis. 1 1 i. in that he was 
 L'.iliilillnu' a;.'aln-t Hie "..nipaiiy of w lii.'h he 
 was a illreetnr : l.iit in r.|ily l-i the oilier 
 "liai'i:e. he slali'il thai I..- h.ni never li..ii;;lit 
 laiiailian I'aillie liallw .> ^tock for .Mr. 
 Iiaiisereau, In r.niulon. anil lip had only 
 liiiii;.'ht si.ni" shai'i's in .New York ..nl of 
 wliiili Mr- Iianserean had realized a proht 
 of .i!|l><. Mr. Dans'reau then had a photo- 
 '.'rapli taken of th" ini'inoraniiiini that eaine 
 fr 
 
 11 Ihe l-'oi'tfet li-.ns" and In- had It printed 
 
 
 '-% 
 
 
 lip ship, and ' traitor,' • spiiiicer 
 
 drunk- in 
 
 I.a Ttess 
 
 I w ill read that nieiiioraii- 
 
 iii.l,' on the other fide, were 11111. uii: the ' diini Ii Is as follows 
 
MRMOnANDlM. 
 
 From I.. J- Furgot * n.., 
 Stock Brokers, 
 Mombeis of the Montreal S.ork Exchange. 
 ?.2'} Notr" liam- Sireot, 
 
 MoiiT.al. J'l'y 2T, 1S>B. 
 
 To C. A. HmS'ro.ui, E3<1-. 
 
 m.t .liil not luMo- thru. *-lKno in Ills '.-^os 
 nu.l =,1111 woiso that soni. tl.nos lie war, uot 
 uMlnliij; wliilt" they wfiv i'>''lii!; . 
 
 U,M< are not iH'ltin^' Miul siMM-.ilMlni;: "«• "st 
 Iheif clinit^ : but on the eniitriiry. they 
 . .' , ,1 s , -vilh the ,.re;,test r:,cillty. Al- 
 hoMUh thev may he the n.nst virttr.us imd 
 ,!Ni„teres„Ml class 1.. the <->.'hnnnty,Jve 
 .!„.mUI Moi exiM.se Ih.Mr virtue, l.esalos. I 
 
 City. 
 
 I>.;,.ino m New York a- :'.TJ l.lu= J ";• ^.<8'' «' ,,„„„„ „„-. rxi"— ., - , ,, „ 
 
 By s.lo of ::23 shares Can a lun I'a.iuo .,,j,.^ ,,,. ^,„„„,s. ,t eain.ot 1 e 
 
 in Ne- York at '.VA ^f^ .Ue'r'vise than that they sh..uhl speculate 
 
 Profit^-l.-s^ J 50^25 ;,..,aiiisl Ih.'h- (liciits. .►• „„ec.i- 
 
 N-^' P'-'^"---' ' *"^' in- the ehl bucket shops' Uceiieis. I" thos-^ 
 
 Ni!-1T5 shar.^s boURht in Lonion, Knglanl, ,, ,,, ,!„.,v was the ■ticker,' i' >""' " l^' ; 
 
 at a'i soM at 47 to be settle Iwhot. settl-men ;„.,,, nmnt xvhicl. ei.aM.'l the no 
 
 of Lon^lou in-nk.r is r,v...iv,..! whi. h vMll 'e -^,^.' ._^ ^^ ^,^_^,n ,„,,.„ ,„ ,,,,,„.,ui that he AWs 
 
 about AtiEust ith. kr.'lin" 111 ciila.-t with ih.' s|. .cU exchali.-i . 
 
 T;„. traasiati .„ is a. l-,.ll„ws : l;,,.l uA.-r ha. be.M. ab;.lishe.l but .s .me o 
 
 The Photogravure pab,.h.a by .- -^^^^ -h.^ hr..i..s, b. 'f:':;'r;.,'^;,;::er,tr\;'.ve;;:.rs 
 
 U but a ntotnoran.Pan,. It .. n. a f.,: ':",„„' .n' , a.ntrv P.wns an.l in.b.cin. 
 
 X,,l„,.ly ha.l ever elainuMl it was a .m.ii- -"'-''''; j, „.,„,, ,1,.; U'lliic- the mercham> 
 
 tra.- ,',',, iMiiur- l~ Miv shar.'s of this stock or 
 
 _our sipnitoro l.es not anp.^ar. It ^va. but a ■' - , .,„,|,:;, voiirini: to n.al;.' tlu'iu 
 
 note xve %av.- to Mr. nans.r.-an, explam.ns to ',,"',,.,, j,, :, t.^w .lays Ile^v w.ll maU.' 
 
 Htn th- traa.-aoon that w- ha-l ..■b.--.i for h:m. .. ^. ",';.',' ,";,^ ;,, ,,,,, ,„„s„„l lu't.,.-.' l-^s^ 
 
 \,„1 li.-r,. is tlie point P. wlii.il I want to ,,„,. ■,;.^i,, ,„,„■. but ..nly b. » pi'ealev .-x- 
 
 di'ivrt ilie atl.'nliou ..i Ih.' Ib.u-^.'. •.;,|^, .,,„| „,.„ „„„.u ,„ ,;,. seri .us eons...iu.Mi 
 
 ,he''r,n:.?.ia;%;a^i«"n";^wa;.''l'^i;,a''b:i.u ' 'T ,,..- be ask,.,. : Why are the au.b,.ri,ic; 
 
 mueh mire than .hat aiM ha|_ «iven to M-- ^, , ,„„„,,.i„^ ti.e pr,;s.aU '^'"V/^; ' ' - 
 
 Dansorcau iho bonelit of iho.'o 22., .h ii-;. T i= y. . ,, ,„.,y .||m, be saal thai 1 t e 
 
 °e,^^tl..nanlia.lr..ali/...lapront,.f?llv..as lo , ' ^^ ,„„ ,.,,„,;„iu. it will b, 
 
 same a„„.-ar.. l.v th" n. m.r.a.bnu .lu.-l a." ,!,\ ,„,;,..,,„„,,..•, nM^',a,tla w. 1 au, 
 
 2Tih Jnlv, 1SS5. .! ; ,!.. p, J,lv' si, rliv P, li,.-e ,.P,i,M.tions 
 
 So this MiPT.-lin- ,-.rr,-poii.l"'"-;' ''-b'- T- ,," j, ,„„:, 1„. la^ne lnb,aa-.l ihal \." 
 
 l,lM„-s this fan ; Iliat Mr. Korpt bought. ' ■ ■ .,,^,,,„ ,,v„,, uas n.uniiia 
 
 himself, in N,'w York, for Mr. Hansereaii >bi;,;' ^j.^.^ ,^, , 1,^^,,,,^, ,,„,.u,., ,i„,p<, 1- 
 
 •JO-, sliares aiie.untim.'. as I have sani. i" ' , ,,„. ,,|.,.;,inbi.' ; 
 
 i?s,l,-,.-.c,:; an.l h,. .•ans.al to be b,,u?h in '> ■ ,,.,„,,.„,„, Ih,^ rin. an i 
 
 ll„. p.tal vain., of the stock l.an^ >.•.-! .-^ ;",,;,., V'','' ,....inm..r.i .1 anl puMic tnorality 
 
 I„ ,P.. sain......n-..~p.ci.l..iice. Ml- lylucl ^. v^ ; , "^^ ;„,' ,,,„,,i,„^ f,.il:,,.-s ...r siL-h Kam.n • 
 
 ,,„ .,,, ,,,..' ;,n.l Mr. l.aii--..r..aii a.lmits ,t. ll..al •';;;[ ;'';'_.^:,;,, , „„„,.,. ..alv ...ll.-l ' l,a,.ket-sh..p!. 
 
 '\lr' r.anM.r..ati was iii-ol-eiit. S .. ^;e_ar.. .,,:,, ,„,',,„,, v.Mih.. J, .' ■■ 
 
 l,,.;, ,i„, M,. r.,r-et b..n-'ht "v..r -s ...i» ' ^^..|, ,„, ^,„,,,„„, ,,.. 
 
 v,.„,,h ■• sl:ar..s au.l that he '■'^l"- y! ,^ ': , p',. v ' w nli'i. J oi tie. pn-ambi,. iroti, u- 
 
 l„„.,.r,.au t. pay I'or th.-m when l'«' 1; ;'" . , ,;.•,., ',,,,^.-1 or.linary <!...■:. M.^-ib. 
 
 ,,„ was in<..lv,.„, V 'Hi^'t -i^^s was a PU , - "'l ,) ,;. „;,,.„„.„„„... ,r.. ,,i,T..r,.n: 
 
 uanibliiii: oiM-ration is .•h'arl.v 'r'.V''' ' ', '. „ ,,,„ ,,,„ „-,. ppr .lu.',..!. Sir .b.l: 
 
 ■ ., ,,y ,i„. fa.-t wl,i..I. I have ,,nst s .1 1 ^^ ' , ' ' •;.^. ,„.,„..,,, ,,5,, ,1,; 
 
 i,.., ,,y ,1„: fa.-t wl,i,-I. I I'-^'V'e, Then Ti . n ,. . 1 v -^'v I'r .l...|-ly ^ai.lthat wl,at w; 
 
 "■ •"■,i'-;'--i>- 'i.-o;'::rr';;wr a,., n'.;;; 'imeVat then vias „,.. wihi ^.;-';>^;«;;;'v; 
 
 iccoi-ilinL- I'. Ml. |. II-, !><'"" . ,■,•.,,,., ,.,..|| ■-,, ,iN lliat w.is u.'., ill:; on. ihal 'h.' hi 
 
 ,,,,,,,,,,H,a.n.a.inimli,a-ofshar^o t^in ' ;^^J,, ;„„ ^,,„ „ ,,., .,f , .,,tr.,nii 
 
 liian ra.ilii- IMilwav sb .'k m -^ ^\ ".,1,' ,.x,.l,:.ii.... of shari's of joint sP ■ 
 
 ,,„, .in„.ly a,-kn.,wl,.,l^,.,l a proht .m --o ';■,;;;:':„, „i,,Mli,- pnrnos,. of prey,., 
 
 ,,■ ,i„.^e shar,-. which. 1 snpp -c . ;„,'.'".„.,„ ,,„„,.li,m in mi-.-chamli-. 1 ml 
 
 valuation of "- '";>-''■ Pe!l -^ if ' he ^ -- cin-nmMa ii-.-s it is mit operat ve ,.. 
 .,,,.,..,,.,111111 which l.v.ke.l i.S 11 ill ii.i'i , _ __. „...,., .1... ^t.,t,.ni,Mi .• > 
 
 .no'i-aniinm w 
 
 iii-ilia.;r.l nomin.-i 
 
 ll.v 
 
 shar, 
 
 rtaln exp-nl. 
 
 Ih,' statemi'nt .'t 
 
 I. .,11-1 
 
 lie. 
 
 f .r orilinary cl 
 
 iho .bihll 'I'll, mpsi 
 
 n as to i!ie t 
 
 rri.,.| i.f til,, la 
 
 flo not (leal in ' tuyaux 
 
 vho couhl not aui 
 
 ) 11 
 
 iin.ii.lini-io'' 
 
 ia\ ,. menli.in. 
 
 • 1. 
 
 w 
 
 ,-.,ul.l not 
 
 11 iu'ipirlaut politicn 
 
 1 secr(.ts. 
 
 =lill w 
 
 ,r-e till' jmlLim.-ti 
 
 t whh-h 1h,. Trix 
 
 wli.nt ^iiar.nutee 
 
 liavp thoy tha 
 
 t, liisp.a,! of ('.inncillias civen sim-t 
 
 that time, ami wlii. 
 
 niakiu.j 
 
 tliem .^liare in liis pr 
 
 I-,. fits. Mr. Vov- . 1 lia\,. an 
 
 iilyse 
 
 1 ami which has rcmleroil tl 
 
law pi'i-ieclly iicgntivo. Hon. KciitloiruMi will wUl be very difficult to stop the evil I be- 
 s<.(> ihiit it IS liiniiiillciiMe to the inpsciit cii- | lleve It would be Impossible at the present 
 iiimshiiices. I liopi", If niiothor fiisi. woio j time to declare that no transfer of shares 
 liriii!.'lit l«-lon. the Privy Council, it would I could be made unless they should be paid 
 l>e pU-aded as it should be pleaded, without ; for In full, and It might not be wise to enact 
 hclii- piiMcdi'il hy a |'nMsplrnpy sii.-li as 1 that now ; but It should be at least declared 
 
 • that no transfer of shares can be made un- 
 less they are margined to the extent of at 
 least 25 per cent of tlu'ir value. This sys- 
 1 tcni of purchasing on small margins Is tho 
 I greatest cause of slumps. Shares of good 
 1 and bad stocks are bought In large quantity 
 by people who put all tho money they have 
 I on a small margin, and who. therefore, tako 
 j the greater ris!-. because they expect the 
 I greater profit. They buy on these small 
 ! margins just for the purpose of selling as 
 i soon as the shari's liso In value; and this 
 j gives the greatest opportunity to the ' bears,' 
 because when they want to run down a 
 stock they know that thousands of shares 
 j of that stock are In the hands of people who 
 I cannot hold them and who are bound to 
 ! sell the moment they go down a few points. 
 j Wlicn the bears make a raid, and the stock 
 I goes down three or four points, these people 
 [ are forced to sell, and then the slump be- 
 gins. Tho ne.\t day those who are a little 
 nronger on the market will be forced to 
 
 l.avo ili'M-rllicil. .-md lliat ll)c judicial com- 
 iiiitlce of the Trivy C.>niicil woulil llnd ,i 
 \\-:\y to change tlic juri-;iirudcnce ; lint lis 
 il sI.'IihIs. it is inipossililc to ai>ply the l.iu 
 of ISMS, in view of the Jiulgnicnt that Im^ 
 iM'.-n u'ivcn. Then I add and I think this 
 is I he sironsc'if :irg\iinciit— that so long as 
 \vc Ic.ivr l,nt imnilivc l.-iws it will be Impos- 
 sible to stop that (vll. You cannot have .i 
 Munitivc law ajiplied t'l a particular evil 
 ■inlcss iHililc oiiinioM admits that that par- 
 'Icul.ir evil is ;> crime. The iMililic at large 
 ::r>' nui iiiicrcslcd in tliis. and a great nuni- 
 '■(•r wild ;ire intcr-cstcil are something i ' -■ 
 !!ie fiiimblcrs in otiicr tilings : some of tiicin 
 :ii-e not (lispuscil ti> h.'ive the I.iw ciianged, 
 :!nd •ahcrs s.-iy tliat evil exists In every coun- 
 'vy and it is useless to try and stnp It in 
 :!iis. It is .ilsa ai'sueil tiiat It will lie im- 
 p'lssihle til convinc(> a great ni:iny people, 
 iid even tho jndi;es tliemsi'lvcs, that specu- 
 illon ill itself is .-i crime and tliat therefore 
 : is useless lo ^I'lily .■! punitive law. 
 
 need is an administrative I;iw 
 
 / What we need is an administrative I.iw ■ ' ".Vll' "'"^ within a week or ten days the\ 
 
 (.1 law that will not prevent legitimate specu- ! '"^^'''''nt grades of these small speculators' 
 
 : ition. lnit a I.iw tiiat will minimize spe<ii- "1"' ''® "''PPd out ; and such will be the de- 
 
 lation ; a law that will regulate specula 
 ti 'U aud that will establish a basis of some 
 liind for sto<'k e.xcliange oi>crations, and in 
 
 iped out ; and such will be the de- j 
 
 crease in the value of shares caused by/ 
 
 putting so many on the market, that the 
 
 bona fide holders of the stock, who Invested 
 
 with the idea of becoming part owners in 
 
 iseinieic.- pn vmi u ilil s|n.ciilali.in. first ."' - o i c ... 
 
 • all. I believe that stock brokers should i , '.' I''"0PPrty. will also be wiped out of 
 ■nducT their business under the authority '"■"' ''"'""'R'^- ThPrefore, the larger the 
 the law, just .tr hotel keepers do, and ^ """fK'" you provide for, the safer you will 
 
 t as in large cities people who keep 
 li 'Uses that are not considered to the credit 
 0! the community, but are necessary to a 
 ?• ite of corruption, must keep these houses 
 U'lier the guidance of the law. Stock brok- 
 '■:• should take out a license. I do not say 
 t' It they should be appointed by the gov- 
 
 ment. because that was tried in France 
 
 make the speculation. If the stock is fully 
 paid up, or If It Is paid up to a large extent, 
 the stockholders will look to the directors 
 for a profitable administration of the con- 
 cern. They will look to the directors of the 
 company for their security. Instead of look- 
 ing to Mr. Forget or to Mr. Ames to make 
 
 „ tj"'"i gain upon stocks that perhaps Mr. 
 
 1 proved to be a f.-iiiure." Butstock "llrok- J '''.°'"K<'t o'' ^'r. Ames are interested In run- 
 shoulil take out a license so that we may "'}'*^ f,"""]- 
 
 >w who is conducting stock exchange ! ,/°. ^"^ fourth place. J would advise the 
 rations, and so that nobody else shall , ,""^"''" of Justice and the government to 
 .luthorizcd to carrv on the same trade, i ff'^e "omf attention to the existing law con- 
 lien it should be made a provision of the i ^uT'"fJ°,'",' ^^"^^ companies. I am told, 
 that no large company, whether Incor- : „ . '°"f ^,,V«?.L „ ' "i^^J^f 7^^- ^^^^ "' 
 ited by parliament or under the seal of F,f pU, 11^*^^°' State Issues under 
 S.-cretary of State, can elect as a di- \ ' !hnw,inl ,t h°' F''"""^^ letters-patmt 
 or a licensed stock broker. Then again. f,"I,,f' if ,^' ''.'"ff"" .ol^ companies of 
 k brokers should have no right to specu- ■ ul' 'f an . nl.mi/lH '"'" P^"^""/ ^^°^^ 1° "'• 
 for themselves, but should content them- " ?'' "" ""I'^"*^'^ "^"""fi . ' "*'«''^ °0' ^^^ 
 es with the profit arising from the specu- „. "s ockTs ^Vn^oTL'°" *'"l 'f "^ "iJ""^^' 
 •n of their clients. If speculation is IV u'\/'- ,^L^ ^J^^""?! ^'?''f ^'" t''^ «■«; 
 
 !e by them under a false name It should |teel Cot^ "-.nv T.,i?LSr'°"l" i'? "^'^ 
 issimilated to consnincv i ,. '-O^Pauy. This company had a ready 
 
 simiiateu to cousplracj. obligations for more than its property was 
 
 en tlie jiuestion of margin comes in. I worth, and just because It pleasVd its dl 
 t say that I share the opinion which , rectors, thev made a new Issue of $" 000- 
 ZZ^'fet^^' *''" *"'"«'^^°f Trade and OOO worth of common st^k at 60 p^ Ct 
 :. erce fift.'en years ago, that so long as It was not because It was worth RO per 
 ,1 owjpeculatlon ou narrow margins, it ! cent, but Just because t^ey decided, under 
 
 W 
 
 'Of'i 
 
 k 
 
10 
 
 tUeir autborlty. that It was to be soUl at 00 
 per cent. Ai.d wbeu two of the k^K« of t^^ 
 financial world, Mr. Boss and Mr. Iorj?et, 
 decided to quarrel aua to n'-'''>^ /^'j^.f ;>;;, 
 
 bolders pay for tl'^'f 'l""-^*-'- .^''•^/!^e^,"e 
 run down to V2 or 13 per cent. ' /''^^^y^^; 
 say tbat there should be no »" " f "^ 
 given to any company ""'1'"'^,''^^;' ' L ' ".'o 
 parliament or by tl''',,««'"^/"'*:,°Lfi fj'^'ise 
 issue stock or obllsations for "">"^ "\ ^^j^. : 
 than real worth, which would in itself Justi ^ 
 fv^ucb ssue of stock or obligations, 
 ^'l would also advice tUut the law should | 
 provide tbat no transfer of shares woiUd be | 
 '•and unless the transfer bore the name of | 
 the seller and the P'"-=h=>''".''"f, \l''- j*^,"*^ I 
 of the transfer, so that we would ""' ''"J,^ i 
 these pretended sales that are now carried 
 o^'nd so that when the ^Peculator on mar- 
 Kin would come to pay In full for ■" sl^^'[^ 
 he would receive the .shares thai he 1 U. 
 MM I Mi.t llie shares tli:it the st. ck biolMi 
 
 %hen the law should provide that at least 
 the sTvings banks. If not all the banks at ; 
 east the Savings banks that '^^X.%To(ihl \ 
 l.v this parliament under the credit of the i 
 coun rv and which receive the money of le 
 worklngmen and the poorer c asses si odd 
 iw> fleharred from being a party to intsi 
 ^eculaUont and while they refuse to =^ccep 
 a eood note signed by an honest and sohent 
 ^n^ endorsed by another honest man. for 
 say $500 thev w.^l not be permitted to lend 
 I-.0 000 to Mr" Ames or Mr. Forget, who wil 
 g*eThem a^ security shares that are not 
 ?i;i ow™ property, but whlob l^long to 
 other people, and with which they play foot 
 
 ball all the year rou.ul. At ^1 even s ,o 
 bank, whether a chartered bank or a s.n 
 Ines bank, should be authorized to lend 
 mSnev on stocks that are not margined to 
 at least '2.". per cent of their value. 
 
 It luay be said that lluse sugges ons 
 wonUlYo a large extent stop tfe operation 
 ,„ ||„, SI :(l> .■\rl,aim.'s. 1 am not a hl>. 
 nnancler and I o«Mn,it say ^•'■■'t /^^f,/!!" ' 
 I would be If stock exchange operations wei. 
 limited but I share in the opinion of the 
 1 member for North Norfolk (Mr. Charlton 
 when he said, that these op.ratioas con - 
 be greatly curtailed without any detriment 
 i whatever to the ronimnnlty. I have .i ways 
 rhouRht that the idea ^^'^ y'":^%^^^ 
 left to speculate as widely "'; t'>"y ^?;'^; 
 Is a wrong Ide.n, kept up by ^t"''^ ''[ .'^',^^, 
 for their own pnriiosis. Kveu tin v> V' 
 
 who have boen'fl ed by them ""■•><;-;:-, 
 
 plices of such a fals,. opinion. At •i".^ ; 
 no dimage will be done to iegitimate sp.' u 
 Htion f the band of the law s,.pa.;ntes ho 
 go, d from the bad. the robl.ers .-om 1 ^ 
 rol.be.1 and protects those who are th e ( I 
 
 that I have never in my lile bad any deal 
 ^«s vh stock brokers, that I l'^>- •'r^;' ^ 
 s,-eculate«l, that 1 do not even know yh. I 
 UNO speculate, except by the sad relat . .i^ 
 whicl. 1 have received from lieoplc wbc 
 :^',s a Intelligent, just as honest, JUS 
 
 s ^, lod imsiness nu.. as those "ho 1 ; 
 ;„l,l,,.,ltlieni under th.. l.rotection ol the l.i« 
 
VJ ^-.iJL ^ — ^^-.-^- _, 
 
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