题目

英语翻译
The Securities and Exchange Commission instituted this action to restrain the respondents from using the mails and instrumentalities of interstate commerce in the offer and sale of unregistered and non-exempt securities in violation of § 5 (a) of the Act.The District Court denied the injunction,60 F.Supp.440,and the Fifth Cir-cuit Court of Appeals affirmed the judgment,151 F.2d 714.We granted certiorari on a petition alleging that the ruling of the Circuit Court of Appeals conflicted with other federal and state decisions and that it introduced a novel and unwarranted test under the statute which the Commission regarded as administratively impractical.
Most of the facts are stipulated.The respondents,W.J.Howey Company and Howey-in-the-Hills Service,[*295] Inc.,are Florida corporations under direct common control and management.The Howey Com-pany owns large tracts of citrus acreage in Lake County,Florida.During the past several years it has planted about 500 acres annually,

提问时间：2021-12-20

答案

证券交易委员会制定此项法令,是为禁止回应者在违反法案第五条的未登记和未免除的证券（?专业词汇）的交易中使用邮件和其他跨州商业的手段.地方法院裁定该禁令无效（60F SUPP. 440）,第五巡回法院同意该裁决（151 F 2d 714）.由于一份诉状宣称巡回法院的判决与联邦和美国决议相左,并在该法令下提出了一种新颖而未经批准的测验,我们同意移送诉讼文件.委员会则认为该测验在行政上是不可行的.
大部分事实已经得到了保证.回应者W.J.Howey公司和Howey-in-the-Hills服务公司是佛罗里达州的公司,其控制和管理直接普通.前者在佛罗里达湖县拥有大片的柑橘地.在过去的数年中,它每年大约要种500英亩的地,长成的树林一半留归己用,一半供给公众以“给予我们额外的财政发展”.后者是一家培育和种植许多这种树的公司,其业务也包括了收获并进行营销.