THE "TOTE."
The Stock Exchange Committee is so greatly to be com- mended for its prompt action in the matter of issuing a warning to the investor this week with regard to risks attach- ing to acquiring shares in enterprises connected with totalizing or betting-machines, that it seems almost ungracious to suggest that the warning might have been given even earlier. In Monday's newspapers the prospectus appeared of a company called Totalisators, Limited, an undertaking which set out the attractions of a certain machine entitled the " Premier " Totalisator, stating at the same time, however, quite frankly, that it was "impossible to state which particular type of machine will be adopted by the Control Board." Obviously, therefore, the shares were of a highly speculative character, but in that respect matters were clinched by a notice issued by the Stock Exchange Committee on Monday afternoon to the effect that "the Committee would not grant permission to deal in applications made to them in respect of any totali- sator flotation unless the prospectus, the offer for sale, or advertisement in the Press to meet the Stock Exchange require- ments, states that the machine with which the company is concerned has been adopted by the Betting Control Board."
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