The Evening Star. DUNEDIN, TUESDAY, JAN. 16, 1866.

Evening Star, Volume III, Issue 841, 16 January 1866, Page 2

The Evening Star. DUNEDIN, TUESDAY, JAN. 16, 1866.

Jx is gratifying to observe that capitalists and the public generally are displaying a large amount of interest in the development of the mineral resources of the province. A considerable number of sluicing and quartz-mining companies are already inexistence and at work, and from the favorable reports which are received from time to time as to their prospects, we anticipate that new companies are likely to be formed having an increased amount of capital and perhaps more perfect appliances for the extraction of the precious metal. As there will no doubt be large transactions in the shares of these companies, it is, we think, advisable that the brokers whose duty it will be to furnish accurate information as to the hona Jide nature of any scheme which may be placed before the public, should combine together, and, if possible, establish a Brokers’ Association. We are aware that an attempt was made some time ago to do this, but the objects sought to be attained by the com • bined brokers were too vague and indedeflnite. We think that it would inspire confidence in the mind of the public if, for instance, it were known which of the brokers combine the business of jobber with that of broker, and'whether it would be desirable, in so limited a market, to draw a dividing line between the two occupations. For ourselves we may say that we do not think that there is any insuperable barrier in the way of carrying on the business of broker and jobber together, but we are afraid that from a want of knowledge on the part of the public, it is just possible that the combination of the two lines of business in one person or firm may lead to serious misunderstandings and probable charges of unfair dealing. To avoid this, we would suggest that if an association, or miniature Stock Exchange, is established, the committee of that body should issue a properly authorised register of such brokers as act simply as agents, distinguishing those who combined that business with dealing in stock or shares on their own account. The committee might have the power of altering the list at any time, when it could be shewn that any broker had acted as a jobber, and of placing the person so departing from his professed line of business in the same catalogue with those who are acting in both capacities. By this means this suspicion which lingers in the public mind, that when they are asking the advice of their broker, they do not always get it in a disinterested manner, would be removed. Any person purchasing stock or shares of any kind would Jcnow what he had to expect in his

dealings "with, anyone wlio combined both, pursuits, and would no doubt take his statements cum grgno salts , and trust to his own judgment as to the bargain he might make. On the other hand, in dealing with an agent or broker, the confidences which are generally exchanged between the client and his adyiscr would be of. a J)Ofia Jidc character, and both would understand their relative positions. The one, as not taking advantage of his client’s confidence ; the other, as having, as the fruit of that confidence, the best advice that his broker could give him, and the transacting of his business at a fixed rate of charges. These charges should never be too low, because when they are so, they hold out the greatest temptation to those who are not overscrupulous to forget the interest of their clients, and be only mindful of their own. Again, if a Broker’s Association were formed, they might issue an authentic share list, showing the relative position of the various companies, their probable prospects, the amounts called up, statements as to pajments of calls and dividends, and generally furnish information in reference to monetary matters. We have but hinted at one or two of the subjects which such an Association should take up, and we therefore hope for the satisfaction of the public, who as a rule are suspicious, as well as for the credit of the brokers, who should always be above suspicion, that immediate action will be taken to have such a body established at once.