COMMERCIAL.

Dominion, Volume 2, Issue 588, 17 August 1909, Page 10

COMMERCIAL.

. INVESTMENT SHARES/' • A fair business .was'dorio yestordayj Bank of New Zealand ■' changed hands at £9 55., tliero were two sales of Wellington Gaa'at £18 2a. 6d., and.twb.of.Taupiri Ooal at;2oV. ; 3d.. .Bank'.of New Zeaiand, buyers £9' Is. 6(l.'r National Mortgage, sellers £3; New •Zealand anoV.Rivcr. Plate, buyers .£l,-145..(id.; Wellington.'lnvestment, sollors.ils. 9d. j< Auckland Gas, buyers £14 155.; Christohurch' buyers-£9 ssl; ■Foilding.Gas, buyers £1 Os. 9d.; Gisborne Gas, sellers £2 125.; Palmerston North Gas, sellers £7 155.; Wellington Gar, sellers £18 55.; Christcliurch Meat, buyers £10 10s.; Meat Export, .third, ißstie, sellers £2 195.; National Insurance, buyers £1 Bs.6d.;South British Insurance, buyers £2 125., sellers £2 Us.; New Zealand Shipping, buyere £C 195.; Westport Coal, sollorß,'£6 15s:, cum div.; Tnupin'.Coal, bnyers £1, sellers £I,ob. Coal, sellers 7s. 3d.;- Wellington Woollen, buycra £2 195.,, . sellers £3; Leyloiid-O'Bnen Timber, sellers £1 2s. '3d.'; New Zealand .Drugs,- buyers £2 6s. 6d.; Ward and- Co., brewery shares, buyers £4 7e. 6d.,. sellers £4 10s.. 6d.'; Sharland s ordinary, sellers .£l' os. 9d.; preference, ; sellers £1 Is. 6d. . . . ■•.■:..'■.. : ,' '!' . SHIPPING FINANCE. • '; According" to a- statement .iir- "Fairplay," ■ the traffic of the Hoyal Netherlands Packet Company's lino between Batavia aud .Sydney has increased to such an' , extont that the two boats forming that line —Le Maire and Van Spillbergen no lougor\£ufflcieut for. it. 'It ia therefore intended to piit 'two larger and; swifter boats' into that service, namely, the Koning Willcm I (4448 tons) and thc.Koning Willem 11.(4293 tons), both of which belong to this Stoomvart Maat; schappij "Nedorland " It will be. remembered that the ,thrbo-,greaf Dutch .iiompanios-Ncder-land, Rotterdam Lloyd, and Paketr vaart—work together as far as .possible," and are financially interested in the Hederlandscho Schcapvanrt Unio (Netherlands. Shipping Union). Tho Eoyal Tacket Company'appeal's .to have had "a-prosperous career in 19C8, tho cross receipts being £205.837, against £1,79,630 ■ in, 1907; Of this amount. £168,034, was earned• by' the boats, and the balance was .duo. to saving;) through, insuring their-own risks.'. Depreciation absorbed X 91,554- and tho net- profit was , £103,460. Tho dividend was 8j per cent., the, sanw rate as in the preceding year, which 'compares 'with 9J por cent.-in, 1906 and 9, : pcr contain -1905; . The British'lndia Steam Navigation Co.; Ltd., wasmoro successful'in its operations, last year than many other similar concerns. For the twelve months ended February 28, notwithstanding .that trade was dull.and the earnings in 'consequence 'reduced," a , not -profit wa3- made of '£189,919,"'as 'against £132,634 in the preceding year. The roturn to- shareholders was maintained at-71 per cent, on the ordinary and at .5 nor, cent.''on .the! preference , stock , ;'leaving a >bala'nce/of' £15,922 'tb -go forward: :';The insurance / fund no"w stands' at'£47s:ooo,'. and' the company s ■fleet consists of IC9 vcsEcls of 439,649. tons gross.- ' THK WHEAT. MAEKET;. Tho price of the cereal has taken a downward turn, and it is as yet much too 6oon to say whether tho lower range of Quotations marks the limit of tho decline or whether prices will go still lower. Tho harvests in LuropO' and ■America are apparently up to the' average, in ■Great* Britain it was.better'than, the!'average ■for teh 'years, and f?r tho moment .supplies, are. more than suKoicnY-Wmeet the de'mand.' Bus-, sian and Canadian producers have . found_ It necessary to press sales, and tho brilliant ■ weather in Europe has given a slight check to'-: consumption. At. Hark Lane 12,C0p to. 15,000 quar-. tors, presumably'of New Australian'.wheat, sold at 395. per quartor for December-January ship- , mont. If. this is correct, the !prici) is a good one. and should learo a fair margin of profit to the growers, Early in the year. Australian wheat was making 365.: 3d. '.;

Customs" revonne collected at Wellington yos. terday amounted to £2410 7s. 3d, ;':

j , HIGH COMMISSIONER'S.OABI/E. >-' The Department, of Industries .ft'nd Commerce has received tho following cable from tho High Commissioner, dated London, August 14:— • There has been no alteration in.' the mutton market.since last week Canterbury is quoted at 2jd: 'per lb. aud' North Island' at 2}d. The lamb market is demoralised. Stoekn on hand arc heavy, and aro-widely distributed amonsst agents who ore pushing sales. Avurago price New Zealand lamb: Canterbury, 3Jd. per lb., and North Island 2Jd. '.-' ' ■ The beef market is firm. Supplies of American chilled beef aro small. New Zealand hinds aro. quoted at.33d. and fores at'-23d.-", .:■ '.. /.'. Tils butter:market is firm,:ana"there is an in-, crossing ctwnnnd .for better Ernies. Choicest. New Zealand butter-is : quoted at 109s.\por cwt.' (nominal); DnnieK, 1145.; Siberian, IOOs. .'. ■ The cheeso market is firm with a tendency, in favour of buyers Hew Zealand Is quoted at 605... :-.-'- •'-.-,.'■. . . . ' • V ' The' hemp inarket ie : vory firm. Very little Kew Zealand offering ..Eeports from Manila indicats a largo business. New Zealand ,hcmp,. good, fair grade on : spot, per ton, £25 155.; fair, grade on spot, por ton, £24 10a.; fair, current Manila, on spot, <per,.ton> £25 10s.; September to. December shipments, New Zealand good fair' grade, per ton, £25; New .Zealand fair grade, per ton, £24; fair.xurrcnt Manila,.per ton," £25; Manila- output, 17.CC0 bales. ;"■; /,-■..'" ..i?;., \- ■; The-cocksfoot seed marketjis-quieC It ',1a re-, ported'the American'.'crop is.large and of. average quality.' Aver'ago price' of . Now' Zealand r cocksfoot seed weighing 171b. per bushel, on spot, ia 665. por cwt. (nominal). ■ The wool market is firm with more inquiry. Bradford* , tops are quoted as low crossbreds, ; 113d.'J'pcr lb.; 40's low.crossbrods.-.le. OAd.; 44's medium crossbreds. Is., Ud.; 50's half-breda.-18. CMv; 56' a ■ quarter-breds. Is.. 10d.; fiO's merinos,-.2s- 2*d.■'..,,■'■ . ' '",. ■•'■'-... , • The'hop nisrket is , firm, and prices continue to advance. .■•■'... ', : *

: WELLINGTON MARKET REPORTS. Messrs. Laery and Company, Ltd.. Wellington, report wholesale urir.es ruling on the market:— ■'tt'iieat, fowl 4s. Bd. to 4s. lOd., shrivelled wheat 45.; feud oats,'2s.-to 2s. 5d.; Dun oats,-2s. 3d to 2s Id.;-soetl oata. 2s. <<1. to'2s. Bd.; Ajec'rian feed oats, 2s. 2d. to 2s. 5d.; maize, ■ 4s. 4d. to '4a ' 7<i.-; crushed malt.' 75.; fowl barley, 2e. 6d.to 2s. 9d.; Cape, barley reed, 55.; horse beans, :4s. 6d. (all at per bushel); ri.cemeal, £4 ss. to i£s- Hour, Kew Zealand, £li 10s. to £12;. bran. £4 IDs. to'.£s; .pearl■ barley, £16; peas, partridge 4s Sd, , prnesian blue, ss. 3d. t0"53.'6d., fowl peas 43 'split £17 lOijlbancdiist, £6; superphosphates, '£5 to £5-sa.*; 'pollard, £6 lCs.to'i'6 155.;. guano, '£4 "' 105.- ' babic "lag?- £4 10s.; . ' (or.teiisheaf),- £3 ss. to £3 .15s.i; oatmeal, £10 15sf to £11; potatoes.; £4 -to £'4 1"'.., seed potatoes, £5.t0 £6 10s.;"onion's, £5 to £7; Japanese onions, £11; molasses fodder, £s;bncon (factory), sides '/Jd.. hnias Si.. vn\h B]d.: butter, v bulk, Bd. to 9d. Poultry: Hens 3s. ducks 4s. to 55.; turkeys, gobblers 15s. to 18§i.,*..9e. to 10a.; afresh eg?s,- -.ls.;\ checje, to bid.; ; tPer lb.; loaf, 7d.' to 7Jd., per' lb.; Akaroa machine-dressed cocksfoot.-73d. tq.'Od,, farmersdressed sd. to. 6d.- per lb.; ryerrass, 3s. 3d. to to 4s 6d. ■ per' bushel; Italian ' '-'ograes, os. Cd. to'4s 6d. per' bushel;-whito,y:i..v.-. ; 70s. to 755. , eft'.; red 'clovor,' Css.'owt.;.co.w ■grii.is, :655. cwt.; abike' 825.-6d/cwt:s mustard,-,4os..'cwt; trefoil, 37s ■ 6d. ewt; rap'o-.:Becd,'-265.-',cwt.; timothy, 325. I !fid;--cwt.; swede'and-, turnip 60s: ewt. I; The Neiv'Zealarid'Pruitand Produce Company, ItLt(l.; v 'report>price3bfor-,the .week, ended; August 15 as follow:—Potatoes,. 4s. 3d."to 53. 3d. cwt.;. JEeed dates,.6s. to.7e':,'cwi.; onions, local, 55. : t0.75. 'cwt.;'onions;' American, 'up.:to. IJa. ;pwt.j l lettuce, ■'Is ' 3d. 'to 3s. case; .spinacli, 25.. 9d. to ,45..-case; 'bwedCsi Isrl' 63'. to U : 9d..cwt.; carrots,:3s. to ,4s. sack- parsnips, Is. to 2s. 6d. saok;.puinpkin,'3s. to 33. 3d. sack; cauliflower, 45...t0, 83. .6d. sack; turnips Is. 6d. to 2s. sack; -beetroot..2s.. Bd. to 4s 3d. sact; marrow. Is. to , Zs. ,sac*; cabbage, '2s. to 4s. 6d. sack; mandarins,. ■. ss. 6d. to 75.; lemons,- ■lβ." to ?3:;' pears, dessert, ; '.4olb:. .12s. to 16s • pears,, ordinary, os. to 7s. oa.; coolnng, es. to 8s-■ passion fruit, , ' ss. to' ,7s.'. box; pines,- Bs. ito 93.-6f1.;- apples',; extra,,.,choice; ..Jonathan or, ■todtufherV,"'Bs.'-'to • 9s.'■. 6d. •. apples,-,medium, Jona!than or : Dpußherty,.ss.-t0:6a..9d;; apples, cooking, iEpps Secdliag, '4s. ,9d.. to 65..; '■.-, apples, :'cooking, 'W.olsloys or\ Washington, 75., : to.'Bs..,'r.apple3, Tas■cianian Scarlet Pennain 9s.;.'Stnrmcrs 7s. 6d. to '8s 9d.; apples, French crab, Bs'. 6d. to 95.; apples, i'stone pippin',''7s.; apples, russets, , '. ?s.; island .oranges, 4s. to 83. 3d.; egeß,-.iresbv Is. 3d. to n ls. 4d'; hens, 35." to 4s. pair; chaff, £3- to £3 10s.; bran, 9s. per sack; turkeys, 95.-to IBs: per pair; ducks, 53. to 6s. per pair; oats, 25.-.2 d. to 2a. 3d. per bushel; peanuts,, 20s. to.22s.. s sack: preserved •'gin»ei',-61d:per lb.; walnuts, 4d. to 4Jd. per.lb.

: i 'THE : FROZEN MEAT.,MABKET. (By Teßcranb.—l'rcsa Association— Oopyrlcht.) 'London!; August 15. ■ The Frozen Meat Trade Association's , Smithfkld market quotations 'for tho undermentioned classes of frozen meat are bated on actual sales of not-less than one hundred carcasses of mutton or lamb,-or twenty-flve carcasses of beef of fair average quality. These quotations are not for selected lines, but.for parcels fairly representative of the bulk of tho shipments now on tho market:- ~.-. . _ . ? Mutton— • '•■;;■' '■." ,-.... °- d- • Canterbury,, 1ight.,...:...,.., 22 v 21M6 Canterbury,', medinm :.....-.,., ,H 23 i Canterbury, heavy' ?"•?••....*» 28 NOTth la island;'"be 3 t":::::r:z; £ i^ &h Island, ordinary. ~..;2r . -j 5-16 Australian, light ,2 M 6 2 3-16 , Australian, heavy .2 1-16 2 1-16 ! Eiver Plato, \lgU- M ■ Bivor Plate, heavy 2i 2J Lamb — ' ' ■ ' Cantorbury. lißjrt' ~..:....,.;..,. ;33 ' '31 Canterbury, modium ■..;...:...•.;;■ ih ■ t Canterbury; heavy .......;......., ZS 23 Southland •.-■■•■•• ■■:■«.•:*?■ , 3 J ~ North Island, selected ...,.».-.-.; 3» 3 1-16 North Island, ordinary .;.;;; .31 i Australian, best ..: 23 I. Australian,- fair : .83 J Australian, inferior ,:U . 8 Kiver Plate ■■ ■•••• 23. '-e _ ', "now.'Zealand,:ox fores i.'.,... V.,..,23' !5 Now.Zealand,.ox hind 5,.....,,., ii . i : Australian, ox fores ■.......,.:.....-M 'i .Australian, ox hinds .............:;. si 18 : Blver Plate, ox' fores ~.....;..:;'.2? .' . 2 3-16 Eivcr Plate, ox hinds ...;.....;,....' 3a 31 ; ■ MINING-NEWSi ' . ; ' THE MINING MAEKET. ■ The'market was quiet, and;only a moderate business was done. ■ Waihi Grand Junctions Jooendd wcak>at £2 13n. Jd.,-which induced buy. ittS. Waiai Extendedg \texe -BlMt, ia BSdtei-

pation of important developments this week. Yesterday's sales wore as under :— May Quoen, Cs. 3d. (second call). . . ■■ Maoriland, Bid. (first call). Now Zealand Crown, 7s. 5Jd., (third call). ■ Mew Sylvia, 3s. lid. (third call). Eoynl Oak, 2s. BJd. (third call). Tairua Keefs, 6Jd. (first call). ! Talisman, £2 17s. 9d. (first call). Waihi, £9 9s. (second call). , Waihi 'Grand Junction, £2 135.. £2 13a. 6d. (third call). : IVoitangi, 4s. 2Jd., ss. 2Jd. (second call). , QUOTATIONS. Tho (luotations, with tho lust recorded sales, were as follow:— Mayers. Sellers. Sales. £s. d. £b. d: £s. d , . Bondijo II 9 0 10 - Dixon Consolidated ... 0 010 0 11 - Dominion — 0 010 —. Komata- Reefs : — .009 — Kuranui 0 14 0 17 — Kurauui Caledonian... 0 2 0 0 2 1 — May Queen :.-.... 0 62 06 31 063 May <J«een Extended 0 0 44 — • — Jtaoriland 0' 0 85' 0 0 9- • 0-' .0 81 N^Z. , Crown 0 7 6'. 0 7 ■ 6J: 0 7 5a Now Sylvia 0 311 0 4 0 0.-3 11 Old Hauraki 0 1 6 — - Pride of Waihi 0 1.4 . 0-1 51 "- P.elianco , :......■ 0 0 6 -0 0 61 " — Koyal Oak ...0-2 8 . 0'.2 9 ,01 81 Saxon 0,2 2,0 23., —~ Tairua Broken Hills..:' 0■ 3 I.' -0 -3 'S ■• — Tairua. Eecfs .-...-■ —- 00 7 :fl-0 63 Talisman ;......•..'2 1?-3 -217 6 217 9 Victoria -...,. ,02.0' —. V.' — ■■ Waihi -....:.:....'. ;...' 9' 8 6 -910 0.- 9 9 0 Waihi Consolidated .... 0-5 5 '.— . -' ' Waihi'Extended .;......:'.O .8 .4 0 8 51 - Waihi Orand Junction" 212 9 213 3 2 13- 6 - Waitangi : .04 -2 0' 4- 3 -'-0 4' 2i Watchman ..................... —• • ■ 0-.3-2' ■■ —■•:• Black-water 18 9.-, — Con.- G01di1e1d5............. 13 6 14 6 - Ross Goldficlds — 016 6 — . STOOK EXCHANGE. - - (By TelcEraph.-Spcclal Correspondent.! Auckland, August 16. - Tho following are to-day's mining sales on tho Auckland stock Exchange:- ■ - . - • bonanza Icont.), 10d. Dixon's Cousolidatcd (cont.), 101 d., 10d. i ■'' Kuranui, Caledonian, 2a. ' ' : May Quoen, 6s. 3d. to 6s. Id. , - . ~ Now Sylvia. 43. : Old Alburnia (paid), 2s lOd,, 2s. 9d. Saxon, 2s. 3d.. . .. - • Scandinavian, Id. to 4d.. ; . ~. i . Thames, In. Id.- / ' e Victoria, 2s. sd. to 2s. Zd. . . ;' ' Waiotahi, 7s. 3d. , .Waitangi, 43. Id. , ~,.'■■. ■Watchmnn, 3s. Id. to 2s. lOd. " .'■ ■■; ' • Rosa Qoldfields, 17s ' . Hauralii Freehold, sd. . Old Ifauraki, Is. 7d., Is. Bd., Is. 7d. Pride of Tokatea, .Bd. ... ■ Koyal Oak (cont.), 2s. Bd., 2s. 7d. .! Beiidlgo, IOJd. ' .Crown, 7d. 6d. to 7s. Bd. to 7s 6d. to 75.-7 d. to 7s. 6d. : . '- , , ■ ■ ' ' , Dominion, 10d. ■'' ' "■ ■! Kirikiri, sd. ; Karangahake, Hid. Komata Roofs, 9d. : Haoriland, 9d. ■ '• ■ ■ i Pride of Waihi, Is. sd. to Is. 3d. ... -... ■ Rising Sun, Bd. ■ ' ' . ..Tairua Broken Hills, 3s. 2d. to 3s 4d. ; Tairua Golden Hills, 75., 6s. lid. I' Tairua Monarch. 7id., 7d. '' Tairua Eeefs, 7Jd. (6d.) and 6id.. (cont.). Talisman, 5Vs. 9d., 575. ■' . Waihi, £9 11s. ' .•..''.'. i Waihi Beach, UJd., lid. 'I Waihi Extended,'Bs. , 4d. to Bs'.--7d. to Bs. 2d. ' Waihi Grand Junction, 545. to 635. to 535. 6d. ■;.to 535. ■ . ' .' -; Handsworth, Is. 3d. ' Mountain King (cont.), Is. Bd. New Waitaia, Is. 61d., Is. sd. . Missouri, 3Jd. [ , (liy Telegraph.—Press Asanclatlon.i Ounodln, August 16. , Stock Exchange sales:—Pride of Waihi, Is. 6d.; Waihi Extended, Bs. 3d.; Waihi Grand Junction, £2 13s. 9d.; Kuranui Caledonian, 25.; May Queen, 6s. 3d. Sales are reported of Waihi Grand Junction (six woois forward , delivery), 555.; Waitangi, 45..4 d. ■ . . . .. .. -. : ', The following aro the Stock Exchange quotations :— I Dredging stocks: Electric, sellers 55.;- GoldenBed, sellers 11s.: Hartley and Ililey, sellers £1' 45.; Island Block, buyersi Is., sellora 25.-6 d.; No (Town Creek, sellers 125.; Eiso and Shine, sellers •£1 13s. 6d.; Eising. Sun, buyers £1 12s. 6d.; Sailor's Bend, sellers 95.; Stanley Paracalo, sellers £1 Os. 6d. • '~:- •:,,■-.■.• ■: ■■■■■ ■ ■ , '■ Mining stocks: Barewood. buyers 13s. 3d., soll.crs, 155.: Prido of Waihi, buyers la. 4d., Eellers Is. 5d.; Kuranui-Calodonian, buyers Is. 10d., sellers 25.; Hay Queen, buyers 6s. 2d., sellers 6s. '4d.; Royal Oak (contrib.), sellers 2s. Ud.j Consolidated Gbldflclds, sollers £1 4s. 9d.: Tairna Broken Hills, buyers 3s. Id., sellers 33. 3d.; Waihi sollore £9 125.; Waihi Extended,'buyers Bs. 4d., Fellers Bs. 5d.: Waihi Grand Junction,' buyers £2 12s. 6d., sellers £2 13s. 9d.; Waiotahi, buyers ,7s.' Id., sellers 7s. 3d.

.' investment 'stocks: Bank of Now Zealand, buyers £9 45.; South British Insurance, buyera £1 3s. 3d.; ' Union Steam Ship Company, :SeJlora£l Ms;; 3d.; Westport Coal Company, ibuyers £6 lSs.,(Sollers £6 155.; Milburn Lime and Cement (£1), sellers £1 Bs.; Milburn Lime and Cement (10s.). .buyors 13s.' 3d.; New Zealand Paper Mills, buyers £1 25.; City of Waipori Debentures (4J per cent.), sellers par. - : ■ GRAND JUNCTION. ' . (By Telcgrapb.—Saccial Correspondent.) ■ AuoKlanil, August 16. - Driving through the Martha lodo in tho north' crosscut of the Grand Junction, No. G level, haa temporarily been suspended with a viow to opening up the drive, 60 that two rock drills can be worked. Driving operations on the reef, which includes a nice band of payable ore, will then be commenced east and west, and connection mado with the winze for ventilation purposes. Country rock still maintains in the face, of the crosscut. ■ ■'•"" . ."■ -■'■ ■ ' ROSS GOLOTIELDS. ; ' '." ■ (By Tclceraph.—l'rc3s'A3aoclatlon!i Holiitika, Aupust 16. The strengthening of the Boss Goldftelds transmission line lo comply with the requirements of the Government inspection is expected , to bo'finished on Thursday, when pumping operations v;ill be commenced. The formal. opening ceremony in connection with this great undertaking haa. boor, fixed for September 8. : ' MINING SPECULATORS. • Mining speculators in Auckland-mining stacksarc beginning to feel dissatisfied. .They do not think that tnoy aro getting a "fair run" for their money. The work at the mines may be right enough, and the reports may be fair, but the- manipulation of the shares in Auckland is far from encouraging. If the sharobrokers of Auckland want to see' tho present revival maintained, then they must do tiieir utmost to secure public confidence. New Zealand is too small to stand continuous "bear-, ■ing" of the market. -The small investor soon grows cautioue and drops out, and without him the inarket loses its vitality. This feature of. the situation has not escaped the attention of the people, and Mr. J. T. Hendry, in a letter to the Auckland "Star," thus comments on the matter:— ~ ' ■ ' ' •. "Tho people of Auckland have before tbelr oyes the Waihi mines and the past record of the Thames and the prospects of the Deep Levels scheme—quite enough to make any community of enterprising business men, take an active interest in mining; nnd they will continue to do so, as long as they are sure that they are getting a 'sqnare deal' for their money. .But it is all a matter of public confidence; and I ask anybody who has over paid the least attention to mining and share-broking, how. long- the general public will bo prepared to put money into mining if they have to face the sort of thing that has happened in connection with several prominent mining stocks during the past month. I make no charges, because,- like tho general public, I don't know. But what I mean is that it is just because the public doesn't knotf, and isn't allowed to know, that it is beginning to suspect that the share market here is occasionally manipulated by unscrupulous : people for their own selfish ecus. And of course this means that there is danger that investors will be frightened away and that our great mining industry, which depends entirely upon public confidence, will receive another serious- setback.

"I don't need to say all this to share-brokers or to members of tho Stock Exchange. They know as well R9 I can tell them that as Boon as over the public gets the idea that there is something that it can't quite understand about the way in which certain mines or certain shares are being worked,' it begins to light shy of them. If once this anxiety spreads it will grow into a panic, and we will see the bottom drop out of this present 'boom , , very quickly. It Wonld not matter so much perhaps about a, few people losing their money, but what concerns everybody in Auckland mines need-to bo developed, they deserve to bo developed, and they cannot be developed unless they attract capital to them for that purpose. . . .All that is wanted ie capital, and if the mining business- were properly conducted here tho capital could bo got, not only in Auckland frat elsewhere in New Zealand and.in London. The prospects are more than good enough to justify the demand for it, and the one thing needed to secure it is* as I said before, confidence that tho investing public will get hero a fair run for their money. Wo come back to that every time. Now, does anybody believe that the interests of mining aro going to bo promoted and that capital is going to be attracted hero unless the investing public is convinced that mining in Auckland means a 'equaro deal.' not only on the mine, but on the Stock Exchange? . So as Now. Zealand is concerned, it seems that-Auckland has no very hoalthy reputation as a mining centre."