MIXING VENTURES.

Taranaki Daily News, Volume LII, Issue 172, 24 August 1909, Page 2

MIXING VENTURES.

Tliorc* is to be a cessation of wild flotation. in mining ventures jf the Auckland Stock Exchange can bring it about. The Exchange has passed the following resolution : —"That in future, when quoting new mining companies, it be a stipulation that the vendors' slum's be pooled for not less than six months and be not transferable during that t'.»rm." The chairman, in referring . !;e motion, said that a number ox applications had been received for the quotation of new companies. Jn the case of four the committee had no recommendation to make New companies weiv being formed s* again test old ground l.nat, had bee! tried for years without any discoverje being made. The committee, therefore desired, to try to check the wild lIOUI tion of new companies. In the c.We o ground that had been floated time al'te time he thought that if a company o i gentlemen took it up again the ieas they could do was to work it for a time and try to discover something to war rant them asking tin- public to tak< shares in a company to develop sue! property. J>y stipulating that the veil dors' shares be pooled for six month; they would be doing something that would at least give the general public a fair run for their money when lliev went into such concerns. * It appeared to him that too many of the»e concerns were promoted at a time like the present, )vlien they were busy on the Exchange, and he felt that the main

I object of many of them was simply to trall'ie in tile shares. It was their duty . as f;ir as possible to cheek such prac-j tiees. lie was prepared to be vt-ry lenient to men who came forward with a new .piece of' ground, ami had evidence I to show that it was well worth being) prospected. Such men it was fair to. assist, but in cases when old ground was I taken up and flouted by the process of I taking people around the corner and I telling them to put their name down for shares at once, as there would be a rush for them, and they must go to a premium, it was as well for the Exchange to discourage that system as much as possible. The Exchange could not prevent new companies being float ed, because people were free to do what they oho* ill that respect. When, how- i ever, they wanted the stock quoted, then the Exchange had a right to ': c big say in the matter. 1