Board of Trade Committee Ends Inquiry London, Aug. 12.
The report was issued this evening, of the Committee appointed by the Board of Trade "to inquire into the 'Sxed trusts in all their aspects and to report what action, if any, is considered desirable in' the public interest."
The committee takes exception to the term "xed trust" and amon its recommendations is a prohibition of that term in the tile of future wusts, The Committee itself uses the} term "unit trusts" Tt makes detailed recommendations for meeting " the angers and satisfying the criticisms of the "unit trust" movement which arises. in its report.
Of 35 recommendations, some call for legislation by Parliament, some for action by Stock Exchanges, and some for internal. regulations by' promoters and others acting in association, Among the most important of the Committee's conclusions are the recommendations:
1—That every "unit trust" should be registered in a manner analogous to company registration, and that a. certificate of registration should be: necessary before units or sub-units: are offered for sale.
2—That the management of the unit. trust" should be undertaken only by bodies incorporated in the United Kingdom.
3—That managers of the "unit trusts" should make a deposit with the Paymaster-General of a substantial sum—£20,000 is suggested respect of each trust managed them with 'a conditional exemption for existing trusts, 4—That trust deeds should me corporate certain compulsory provisions, including one providing for the transferability of units and sub-units to which the committee attaches especial importance as a fundamental condition of a free market.
That stamp duty should payable on transfers of unity and That the court should have power to wind up "unit trusts."
7—That the Board of, Trade should have power to appoint an inspector to investigate the' conduct of the 81 Believed Killed in Ship Explosion London, Aug. 14.
Twenty-one members of the crew and ten passengers of the steamer Oranise were believed to have been killed to-day when the vessel exploded off Montaganem, Algeria, according to the Oran correspondent of the "Exchange Telegraph."-—United Press. trust on the application of, say, hold~ ers of one-tenth of the units, Other recommendations relate to the publicity rules of management, accounts, administration, ete. The Committee recommends, also, that unit trust" type subject to the same re report unanimous.—Wireless through Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.