To the Editor of the "Nomni-Cinxa Daly News"
Si—In these times of Emergency Measures, I venture to draw atlention to the menace of the professional manipulator and the necessity to. anticipate what es ahead.
No good purpose can be served by going into the delalls of the tactics employed by the fraternity referred to but as soon as buying and selling resumed, it is reasonable to expect, that certain, if rot all securities, will attacked.
suggest for the consideration of the "Committee of the Shanghai Stock Exchange, that it would. be entirely in keeping with the times to Institute an Emergency Measure. which would provide for the deposit fof at least twenty-five per cent. of Setual Script respecting every trans ection. Such measure to remain In {fore until the situation takes on a definite shape and a correct perspeelive of values arrived at.
Tt seems to me that the Committee of the local 'Stock Exchange owes, this "precaution to the investing public, upon whom' its members Fely, in normal times, for their lives hood.
some such action is not taken, holders of what were, and we hope still are, sound securities and investments, will be left to the tender mercies of the professional manipula for.
T should state that no reflection of any kind is intended on any member of the Stock Exchange for it will be obvious that anyone outside of this organization can indulge inthe pastime of selling something they do of possess, in the hope of covering the commitment later by purchasing jat_a lower price. In normal times this procedure has attendant. risks, but in the present atmosphere, the ease by which prices might be Sompeded must "be faced and emergency measures are definitely necessary If the majority is to receive any measure of protection by comparison with a mere handful of manipulators to. whom any. benefit will accrue.
Tt will be within the knowledge all, members of the Stock Exchange, that there are many in /Shanghal, who rely for mere, exist~ fence, on meagre incomes derived from local investments. This is the compassionate side of the situation, but of far greater importance is the fect "that merchants and business organizations of every class are fi ready. faced. with very severe losses and the trading community. will have its hands more than full in extricating itself from the condition which has fallen upon it Ike avalanche. The future of all trading concerns must remain extremely obscure. and is fraught with all kinds of danger.
In. the circumstances, the Committee of the Shanghai Stock Exchange would corn both respect. and gratitude of the business community, by taking such action as may ie within its power to safeguard it against these who will be offering
Text read from the printed page and cleaned; old type leaves the occasional error.