WAIHI SHARES.

Dominion, Volume 3, Issue 912, 3 September 1910, Page 6

WAIHI SHARES.

I THE RECENT DROP IN , PRICE. ■"INFORMATION TROiuUONDON. ; INTERESTING DISCUSSION IN ; ■ ;; AUCKUAND, . -..'• (By .Telesraph.—Press Association.). : ;■ ■'J. ;■ ■;■.■■■■'..■'.■.■■'Auckland,.September 2.'./. ;■' The iaui .that; Shares in .'the AYaihi. Goldmining Company /dropped in price from; 'Febriiiiry' to : £7 10s.. : last: \yeek':.naturally ■'.'oaus.ed -'.many in-, quiries ;,tb ,be hi(ido ; as to the reason why soimany-shares;were available at .such'; coiiiparativoly low figures..;,' -. All sorts of .rumours' were circulated; but. it .was 1 not;, liiitil: this hioriiing that actual: official: information' ■was': available, ■ which 1 explains to some, extent.. ,wliy shareholders, ha'vn- been glutting ;holdings; r,;jl'he' folloffihg notice was '-posted pi;: the .Exchange; this morniiig:— y- ■' : \'!(i. ;A.;;Buttlo, : 'Esij., : ;. the' chairman 'of!;.: ilie,,.: Auckland ..'Stock' -.Exchange, Aucklahd.'' -■ : :":!:'. : v,;-: '.■■:;}','■'k- : ''-■■■':■■ ■'•■'•■ :■ : : : -;■':. "Dear have-this ; morning -fcceived:■;;.from ' London.y:the .fojlowiiig cablegram,.:—'The- .authofiso ypuVto publish'-as follows:.'::'/:>;y;' ■:-•.-:'.' 'As the grade of. tho '.■.- ore being crushed i3:3oiiiew'|iat.lower,.; it.is antici-: ■patedTiie monthly returns will'-.be less/. They: will probably "come down Jto about £68,000vcacli' before.:; the, end'. of ■'• ■:', this year;; ,: ; ;It: is estimated the average.;,of about £68,000 can be, afterwards - mairitairied;,.,:-'-■;:';;': 'Hi.'/. .:':■''' ";''■' ;,; ' : .i' : .■;■.-■■.;■:•■ >.'. ;;v''lfmay : thelaboye;WM';an.nbuhced: :iii, : ' London less than twelve ; liburs'since, ■laiulvthit 'tho next 'return of; the'company,. , due': : on; , September; , 1.0, issliaping/to. he;abbut' : £7p,ooo;';.':;.■■;;.'■'.■ ,'■-'■•''(Signed); Chaa.' Khodes. iVoi'-al':-,:'diiet> 'tor; ,, :r- [':;r-,\;'::-. : :: .:'!V-V;' : :. : ;:;v);;-,-::.;v ; ;

;'.;At.'the ■nboriv.'cail, afterHhis..notice had;;;been'pbst«dj .shares sold down to subsequently. £7 :'2si' ; -and .£Ms^j6d;':were,paid^;:;> : .'■;.'.:;',-,■ ,- ' : :'.At,theicohcluaion: of-the ■.business, ilr. Masfen' asked the chairman , of the Ex-, (Mr. G, :A,. ; Buttlo)' : if it; would not: be .'just as. well to give .'to the; ; press' a' copy or- 'the letter 'forwarded _ Mr.; .-Rhodes';: to '■the'-';Exchange : '.some moiiths agbi-" Hb: : thbiight-it, would'.icatliwell. beside'.'.tlie cable.:'-S-ju'st ■•. ixjs'ted tfirpm' lit;'that know,uf;;ahy- : thing-:was;wrprig::to.'.warrant.-th'e : .drop-in (■.he;.- price, :bf ■.- "shares'.» ;■■ was anxipus.i ."•• Of J.coursertliey reaspri. ;i)ublisHcd. - ---.^ : .TJjer? v .irw'i;'i; ;, goocV !; ;|ialk;^by\; -and ; Harry tho plever'-iiianiier' ;chaUge:'. 'a'sid.e,.; j 'aud-','' , that 'was.one ,bf wguld .like , .to"■sec and tlie.fiablogram; published^si(lev'by;sido;'^:-'-.-■ ■'■': "■ • '■".::■';'■' % FA'PWhittaker.;; seconded ■mbtioiil,;'i,'V''-; ; :-: :i ''i , ' 1 s/- ; !;.i | '■'''•'-(.''. ■■'.'■■■■'■ ; > : ?' < ;;Mr.;F.^ull-;said months; 'past.the;brokers.'whp were'"'.looking,after :the.. interests .of ::thpii%clioiit'silmd:been toi;ascertain-the v '.rjea'spn,.:;'so' : AVaihi" shares ■;'had ! ,',"cwftp: • on;. to '•. the: market,; 'and-,-, also'where 'they '■ wefp:coming ifrom.-V The'yAwefb^assuredirpni' , :time'-to,' time that there'.;was;; : nb' : .'gbod. "reason /.why.the.shares should come down, Stflli).-;jndgingi;/-J)y."tiie. , ',cablegramf.-,ju'stj' .posted,. it : ';seemed' highly- probable:that,' v had .a; very .strong;suspic'i'dn'V. that--it wbiild. be' as well'.to elna'r: ;qf.. ; their rshares.:-; ,He.,did-'-noi .think'-'that \ the drpppmg?bf':ilie tpian' iaveragbi;-of-k£68,000'.-wasj-anything;. : to ; '.cause .a,panic'-iii-; shares,'and.;it. would •'not. have,: done': so' had thev:fact v ..'been. •'stateS; at?.bnce.;' T :'lfyrsuch' ; ';in'foi , niatiori. . was';kcp.t:dark: for; three ■ months',-: it was' calculatedVto 'cfbatej.a-.feelirig;of'panic: 'He. claimed;that (cv.ory.'sliarcholder. had iy : right rtp;inforniatipiy. : .frorii;''t-ho;~rnirie: at .-.as" effrly' 'st: date ■-as ; ';p'pssiille. r -::; They, ■;shoj(ld'!bQj)iblelitb's;go'-jto J ':flibr.officeVpf; : any': ;ah'd : get the information; •AyittiinVtwelve- hours of. its: being'okbled tO:iLoncloh.' ; -v/ ; ;-;,v; /;':;■'■■,- .V-Miv.;'E.'' Andersbn!' said. ■ lib would! opppse the; motipn as.'ho fearedthey 'swere likely;! tp; ■ -inake" fools of; them-! ■selves. if ; such a ..thing: was . done. , .. ft iwas;.'more : than.-.prob , ablo'.;^at;.,''ffie ir 3ire(>' tors' ihadtweighed,.the \fnliy(Vbeforermatog ; 'tbiianMunc!ement,'; ;an'd;he■;wasi quite certain V.they .''■ could not-'have such , I'informatipn; three' .months There.'had'.been'isuch :an; : amount of .arrant rionsorise talked -about :.the...Stock-Escharige:in this.matter that •he thought {ihe;best course was-to; treat : it'-'.' with , ccntempt'. :•'■: .There' were; aboiit 3000., shareholders in London,'. holding abput'3so,ooo ;:sharesy ,and': when:;they 'started selling-,the.'Auclcland.Stbok.r-Ex:: change 'was blamed, which wasvqbvi-; ously: a-.fo'rcoV..-\',:'.'.. : \i, ~■'.' ■;:'-.';. '■'::'. ■:■:} ■■

.■^-The;'chairman- said-tbat'■ Jits' recollec-' :tion ;was .that. tliD letter, was a private one, to-the: members of thei Exchange, ■aiid;if.thatVwas.tho'caSe' it' should-not' bapublished without the conserit-.of tlio'l ;writer:-vJIe: did;noV ; think ■Rhode's.'i would?.; raise ii any .objection. tosuclr a -.course , beitig ■•'adopted. .„' Mr. ,Buttle'.agreed' with; Mr,. ■; Andersori 'that: ;there ..was", adanger of ..the Exchange making itself,look foolish;•■So-farVas:,the' c'ablegrani; was ■ concerned, the' ' ■'. directors'' had\dqne exactly ;what. Mrf.'-Hull; sug-.j gested by 'making;- the, news. public .'in; 'Auckland Iwithin'.a': : short space of. its being known iii.Locdon.-V'No doubt 'tho directors' decision was tho outcome; of, the -'developments the mine ; during' .'the last/three-months. Ho did not for '.believe'that the:chairman'of. directors.had ; the''.''information available, at'ithe. annua] ..meeting- of shareholders!Jlad they "carefully-perused '"the , : reports 'for the .' past three .months they.. must have seen, for ; .themsclvos thai.. it would ■not; be ..possible ,tp maintain- tho: same. A-alues.in the crushini;, but.it B'as only, very, receiitly .that-.the \ .valiios had fallen ', '■'. ■'.;'..-' ~ ■ ,'; VVv '■':' i,,:!Tho was,then;;put and' losti only three voting for it and six against, the bulk; of'those present ndt. exerois-: .ing'tho.'privilege. ; . .;' ': '".■'' ;, ■j Tho'letter about 'which the discussion took;-place was, , as 'a matter of" fact, handed.:to'-, the press:by Mr: Rhodes and:published at tho time:' ; ■' ; r.',.;

V OETIIVIISTIC VIEW. ; ■:'•:. ■ The ■ following extract , from a- letter, to ■; the :■'. Aiiekland..;' iStar' 'of September, 1 ; 'from Mr. , • J.V C, .Colbeok, , is of , par-' ticular interest;—: , .''■-• . . : •■ .... . ; ' personally, .I'am '■ deeply sensible of the qbligation".under which'.many peo-. pje, are placing .me, and-at the .right time, and inp proper manner,: 1 shall ■endeavour to,. suitably respond. ■ . To. convince myself that the prospects of tho Waihi wore as gloomy, as they- hiive been represented by the- editor of the "Weekly Report" arid; others nearer homu, 1 paid a visit to Waihi on Saturday last, and have: returned with the same faith in the Waihi G.M.-Company as I have; had for tho,last ten .'years,' and'so long as my bankers abstain.from calling upon me for their little account I shall continue to he a hplclor of AVailii shares. So far my-limited know-' ledges of mining goes, I. ani under the opinion, that N0..,810vc1, iiiotwitlisthnd-' ing the adverse opinions bold ,by many as. to its value, compared with -No* 7, has proved itsolf to have developed a large tonnage.of ore, and of higher value than another level of ; the, mine, and I go .further, and venture the opinion that should there prove to be some falling off in tonnage in No. 9 that it will ,bu fully compensated for by its higher values. And I can cheer my fellow shareholders by informing thorn that the above;opinion is endorsed by' some-.of the high officials of the AVailii Company. That there is some sinister influence at work reciuiros no proof to those who .have been l ' following the course of ■ events for; • the ;;;past six months/ . Every -'devicei known' to bulls

and bears Jias been resorted to; the 'names of.many men' for whom wo-have the. highest respect, have been treated lightly by those who have been trying to savo us.from loss. The sale of 25 shares' by anyone .connected, with the /management of the company'has been used : unscrupulous}; , ; the transfer of shares to London, rumours. of creeps, in,fact, all tho artillery, great and small, has been omployed to damn the innocent shareholders of'this tho greatest, mine in. New Zealand,; the greatest to-day,, andj in my humble opinion, the greatest for many a long day,to come.. ".My apology for the length .of. ..this letter, is its importance to the whole of New Zealand, and- lask you to kindly accopt.it on these grounds;—l/iim, otc, I ■'■;■■ :, ; '■■■;• .•.•■■-■■John c. goi/Becsk!;-