WELLINGTON STOCK EXCHANGE.

Dominion, Volume 4, Issue 1107, 21 April 1911, Page 8

WELLINGTON STOCK EXCHANGE.

. THE NEW UTILES. The new rules of the Wellington Stock Exchange appear in this week's Gazette. Amongst the 114 rules,the following 6ccur: An annual subscription of fifteen guineas, or such sum as may be determined • from' time to time by th.e Exchange, shall be paid in two instalments, tho first withiit thirty days after tho Ist day of October, and tho second within'thirty days after the Ist day of April. Any member not paying his subscription within the prescribed period shall be charged an additional sum equal to 10 per centum of tho amount due, and if such-additional sum, together with the subscription due, is not paid within two calendar months after the Ist day of October or the Ist day of April, as the case may bo, he shall bo deemed to lie suspended from the privileges of his membership, and shall continue so suspended until he has paid tho subscription and such'additional sum. New members shall pay on election a proportional part of the subscription which shall have been levied for the current halfyear, such amount to be not less than one-fourth of the annual subscription for the current year. The membership of a resigning member, from the date of resignation until the election of his nominee, shall be subject to the same annual subscription as that of existing members during that period. The brokerage chargeable.for buying and selling shares in all companies and deben. tures and stocks, .shall .pic'ajj follow:—On debentures of every description, $ per cent: on share 3 other than mining; 11 per cent.; on mining shares up to 6d., id. per share; 'on raining shares over 6d. up to 25., id. per share; on mining shares over 2s. up to 3s. 4d., Id. per share; on mining sharesover 3s. 4d. up to 10s., lid. per share; on mining shares over 10s., 1J per cent. Minimum charge ss. oil any transaction, buyers paying stamp duty and transfer fees. The above rates are chargeable to both buyer and seller. In offering to buy or sell at the meetings of tho Exchange the minimum number of shares in mining companies in each case shall be:—"Up;t,q 250 shares; over Is. to 55., "100' shajcs; 'over 55., 50 shares, or 50 pounds' worth. Tho minimum number of shares in investment companies in each case shall bo: —Up to ss. in value, 100 shares; over 55., 50 shares, or 50 pounds' worth. To maintain a. quotation under Rules 77 and -78, members must be prepared to buy or sell in numbers divisible by five. The highest declared buyer shall have priority over all other members in purchasing vthe stock in question.-at the price named. But having made .1' "purchase he must, to retain his priority, immediately declare himself as still a buyer. The lowest declared seller shall have priority over all other member;, in supplying tho 6tock in question at the prlco named. But having made a sale ho must, to maintain his priority, immediately declare himself as still a seller. All sales of stocks and shares made at official meetings shall be quoted, except sales not amounting to a quotation. Only sales of mining shares made between the ordinary calls' between two f.barcbrokcrs, members of exchanges, may be quoted at the call immediately following such sale, but no reported sales shall be quoted at tho first morning call, Sales of investment stocks may be quotc/l during the day upon which'such sales were made, or on the morning of the day following. Due date must accompany quotation of debentures. Members shall not publish in the local newspapers quotations of shares. Time bargains shall not bo quoted on the official list. Any member of tho Exchange wishing to supply any information to one or more of tho newspapers in New Zealand regarding any of the companies, mining or otherwise, whose stocks are dealt in in New Zea- ,

land, shall do so only through the Exchange, and such information must only he published with the consent, of the chairman or tlie committee and in tlic name of tho Exchange. At the cllicial meetings the prices made shall he binding on members making them to tho extent of the minimum quotation, unless the member so offering to buy or sell definitely states the. number of shares he desires to buy or sell. No sale shall be made while the record of business' done is heing tailed over, or during any time of suspense ordered by the chairman.

N.H. LOAN AND MERCANTILE.

According to the "Financial Times" there is reason to believe that, as the result of tho consultations v.-hich have taken place between the committee of third debenture stockholders, the trustee:; for the third debenture stockholders, and the directors of the Jfew Zealand Loan and .Ucreantilo Agency Company, the attitude of the trustees for tho debenture-holders towards the general scheme of financial rearrangement; which has been under di&cussion, liae bccoino more favourable. It is hoped, therefore, that, before long, a, general line of action will have been agreed upon, and, in that case, a tangible proposition will be placed before the shareholders in due course. The principle favoured by the committee is, it is generally believed, that the outstanding liability of £8 lte. per £9 sliaro shall be reduced by a contribution on the part of the proprietors, and that this shall be supplemented by n substantial sum from the reserve Tund. It is this question -of is transfer from the reserve ■ which was at. first a. stumbling block in tho way of the negotiations, it being argued in some quarters that this fund was hardly applicable to such a purpose as suggested. This objection has, however, been overcome, and the first, and probably meet difficult, step in tho negotiations has thereby, it appears, been accomplished. The company's prospects, it is considered, justify the belief (hat, with its capital account adjusted and all uncalled liability extinguished, tho price of tho shares mil eventually stand at a- substantial premium. The reason for mentioning this point now is that it affects the ultimate value of whatever portion of the reserve is capitalised in the form of shares. Thus, if every sovereign of the reserve dealt with in this manner has a potential value of 255., and the third debenture stockholders receive the benefit of a portion of this appreciation, it is clear that their prospects arc improved correspondingly. In . their present form the accounts of this undertaking by no means represent the full strength of its position, for the assets are worth considerably more than the sum at which they are entered in the balancc■sheet, and the process of appreciation is still going on. It is not likely that the asets will bo revalued: until the company's finances have been reorganised, but when this has been completed there will probably be something akin to a revelation regarding the advance which has taken place during recent years in tho value of the assets held. The third debenture stock■hulders are fortunate in having at work on their behalf a committee of experts who aro capable of handling the difficult problem of adjusting the company's finances, while it is fair to add that the directors are by'no means lacking in ability in this connection, and there is every indication that the committee- and the. board are working in entire harmony. Customs duties collected at the port of Wellington yesterday amounted to £42(9 Os. 2d. WHEAT. (By Telegraph—Press Association Copyright! London, April 19. The American visible supply of wheat is estimated at 59,431,000 bushels. SILVER. By Telegraph—Press Association—Copyright London, April 19. Bar silver quoted at 24 11-16 d. per ounce standard. SYDNEY SHOW SALES. HORSES, CATTLE, AND SHEEP. By Telegraph—Press Association—Copyright Sydney, April 20. At tho show sales the following prices were realised:— Clydesdale Stallions. On account of Mr. J. Boag—Royal Favourite, 250 guineas; lloyal Edward, 120 guin- - eas. , Hares. Mr. Boag's ' Gipsy Queen realised 95 guineas. On account of Mr.. Cullen, of Cheviot— Bessie Bell, 80 guineas. Fat Cattle. On account of Mr. F. Fairer, Nelson— The bullocl; which took second prize brought £20. Mr. Fairey, of Nelson, secured second prize with a fat cow, which was subsequently sold for £11;- Another of the bul■locks brought £15. Stud Sheep. On account of Mr. Eeid, Ellerslie—Three Border Leicesters ranged from 4J guineas to 7 guineas, and two Borancy March from 7i guineas each. WHEAT. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London house under date April 19:—Wheat sold at 335.. lid. c.i.f. Australian parcel: market quiet but steads'. The position is owing to favourablo crop reports; outlook discouraging. AUSTEALIAN MARKETS. By Telegraph—Press Association—Copyright (Eec. April 20, 10.55 p.m.) Sydney, April ' 20. The wheat market is inactive, buyers offering 3s. 2Jd. and sellers asking 3s. 3*d. Flour is quiet at £8 ss. Bran and pollard, £4 15s. Oats, Tasmanian Sparrowbills, 2s. lOd.; Giants, 2s- lid.; Algerian milling, 2s. 6d.; feeding, 2s. 3d. Barley, Victorian and Cape, 2s. 6d. to 2s. Bd.; English, 2s. 3d. to 2s. 6d. Make, Victorian, 2s. 9d.; local, 2s. sd. to 2s. 6d. Onions. £2 to £2 lte. Potatoes, Tasmanian Redskins, £7; Whites, £5 15s. to £6 ss. Bacon, 7d. Butter, 665. Cheese, 5Jd. to 53d. / Melbourne, April 20. Wheat, 3s. sd. to 3s. Sid. Flour, £8. Oats, Algerian milling. 2s. Id.; feeding, Is. 9id. Barley. English malting, 4s. 9d. to 55.; Cape, 2s. 3d.; feeding, Is. 9d. Maize, 2s. <d. to 2s. 5Jd. Bran and pollard, £4 15s. Onions, £1 17s. 6d. Potatoes, £5 to £6. Adelaide, April 20. ■ Wheat, 3s. 3d. to 3s. 4'd. Flour, £8 to £8 ss. Bran, Is. Id. Pollard, Is. ljd. (firm). Barloy, English, 3s. Potatoes, £3 lCs. Onions, £3.