AVELLINGTON NOTES.

Hokitika Guardian, 1 November 1924, Page 2

AVELLINGTON NOTES.

MR HOLLAND HONOURED.

(Special to “Guardian”.)

AYEI.LINGTOX, October 2!). .Mr 11. E. Holland, the Leader of the

Parliamentary Labour Party, who came to New Zealand from Australia in 1012, has undoubtedly done well for himself in this country. He has been in politics almost from the very outset, and has come to the front through perseverance, and the ability to make tJio most of every political opportunity.

110 thinks, talks and is nourished on polities, and some think this is an easy way of making a living while others hold a contrary view. There is nothing soft or easy about politics, and it is no sinecure for a political leader. Of course Mr Holland does other things besides take the leadership in Labour polities. On Labour Day Mr Holland was entertained at a gathering of representatives of the Labour movement in "Wellington. Mr T. Hrindle, the oftrejected political candidate of the Labour Party presided a ltd the usual complimentary references to Mr Holland’s leadership of the Party were indulged in. and the guest of the party was presented with a well-filled gold-fitted wallet. He was also presented with an oak-framed oil painting of himself. Perhaps Mr Holland deserves all tho good things that were said of him on the occasion, and there is one political! who will be sincerely glad to see Mr Holland continue as the leader of the Labour Partv, and that politician is Mr W. I'. Mnsssv. While Mr Holland loads the Labour Party, and while tho party is managed by Messrs l'raser, liriudle7‘N'ash, Semple, Mckeen, Thorn and Co. the Labour Party will not get a chance to run the affairs of this country. They do not command the confidence of the workers. They won several seats in Wellington last election because the civil servants were disgruntled over the cut in wages and voted Labour. When the Labour Government came into power in Britain Mr Holland reckoned that Labour’s stock in New Zealand had risen, now it has slumped, but Mr Holland will not admit that. NKW ISSUK OP HANK SHARKS. investors in Wellington as elsewhere knew that the Union Hank contemplated issuing further shares, icnsequontly for some weeks past there has been excellent traffic in tho shares which rose to Cl 5. The general opinion was that as the previous issue was made at a premium of only £4 l )0r share and as the hank’s reserve fund had increased considerably, that the issue now announced would carry a moderate premium and the shareholders thus given a chance to make a little. Imagine the surptse of investors when it was announced that the new issue would carry a premium of £6 per share or SO per cent more than the premium on tho last issue. The effect on the value of the old shares was immediate and pronounced. The shares which less than a week ago changed hands at CM 17s fid were quoted at £1 1 °s fid that being the best buying offer "and included the rights to the new issue. Shareholders have the best ,-i.dit to take un one new share to everv six shares now held. Apart from the market view of the issue of shares, it is interesting to note that so important a hanking institution is taking stops to further add to its resources The new issue at £ll per share will add ci 100.000 to the resources of the bank hut dividends will he paid on only 0500 000 which is the actual addition to the capital. If say » per cent « earned with this additional credit the hank should he able to pay 10 I*r cent on the canital of £500,000. Hank dividends look large, hut when the actual funds belonging to the shareholders and in most cases found by them the dividends are not really large. Owing to the high prices ruling for commodities increased hanking capital is necessary ami our hanks have taken care to provide this additional capital. A DULL SHARK MARMtI. Dullness begins to he noted in tho busines of the Stock Kxehanges towards the close of the year; hut this year it has manifested itself rather earlier than usual, at all events in Wellington. This dullness will no doubt shortly communicate itself to other exchanges, hut it will not he so marked elsewhere as it is it. Wellington, because there are special circumstances affecting the position here. There appears to he some competition for money and when S\ per cent can he secured oil fixed deposits for limited periods it makes some share investments look quite unprofitable. ]„ Wellington, however, there are vorv few genuine share brokers, that is men who give their whole time to the business. Laud agents, accountants and auctioneers have seats on the Wellington stock exchange, and sharebroking is just a side line with them. The calls are poorly attended and under the circumstances activity is not to ho expected.