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Following the Sharebrokers’ Act of 1871, sharebrokers were required to pay a £25 licence fee and provide securities of £1,000. This was to discourage fly-by-nighters from setting up as brokers. John Mowbray, who gained this licence in 1872, was a founder of the Auckland Brokers’ Association and was its chair from 1881 to 1884.
Courtesy of NZX
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David Grant
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