AUCKLAND STOCK EXCHANGE.

Dominion, Volume 4, Issue 999, 14 December 1910, Page 8

AUCKLAND STOCK EXCHANGE.

THE ANNUAL MEETING. INVESTMENT CHECKED BY EECENT LEGISLATION. V (By Telegraph.—Press Association.) Auckland, December 13. The annual meeting of*- tile members of the Auckland Stock Exchange tool: place after the noon call to-day. There was a large attendance, 37 out of the 40 members being present. The chairman dir. G. A. Buttle), in moving the adoption of the balance-sheet, said that tho most noticeable feature of the year had been tho serious fall in the SjTice of the Waihi Gold-mining Company's shares. At the end of February last, viz., just before the payment of tho March dividend, the price was £10 2s. 6d. Now they stood "at £5 175., a drop of £4 ss. 6d. per share, amounting to a reduction of £2,120,C00 in the capital value of stock in ten months, a very serious matter. Shortly after the fall became accentuated, the committee made some inquiry as to tho movement of shares, a-nd was surprised to find that the company's share register did. not readily disclose the information required. Seeing that shareholders had tho right to search a register at any time, and the public the same right on payment. of Is., in his opinion a register should be" so kept that anyone examining a particular folio could see at a glance the complete' movement of tho shares recorded on that folio. If that was not so of what possible advantago was the privilege of soarch to the shareholders 'or to the public? The year closed with a dull market, but .he was not without hope this would soon pass away, and that ctc long they should find themselves fully occupied. Financial institutions were prosperous and many o£ the industrial concerns were making fair profits notwithstanding the harassing conditions under which they have to operate. Ho would like to add his testimony to that of the chairman of directors of the Bank of New Zealand that in some ray. legislation of late year 3 had cheeked investment in industrial concerns. He had r.o doubt they had all experienced how reluctant investors were to put money into industries that employed a largo number of hands. In a new country like this every encouragement should bo given towards developing the natural resources and manufacturing industries, but that was not so at tho present time. He did not pretend. to say what the, remedy should be, but considered it was the duty of tho Government to incnirc into these matters, and if possible provido a remedy.