MINING SPECULATIONS.

Thames Star, Volume XVII, Issue 5168, 10 August 1885, Page 2

MINING SPECULATIONS.

[To the Editor of the Evening Star.] Sib,—'The looseness which has been displayed in the past by investors in con* nection with scrip transactions on the Thames, affords a large field of temptation to unprincipled men to trade upon the gullibility of the public. The want of recognised and strictly adhered«to rules regarding the laws which should regulate dealings in such matters is bound to be a greater or lesser degree as time rolls on. I do not for a moment desire to impugn the righteousness of those engaged in the share business, for no reason—-to my knowledge—exists why confidence in their rectitude should cease; but in connection with shares, owing to the peculiar traffic they occasion, very strict laws should be made and enforced. The numerous transactions in active stocks render a cettain amount of looseness necessary in the matter of transfers; and the stamps and fees called for, frequently in* duce speculators to evade the law, but I fear that such evasions may come within the meaning of a penny wise and pound foolish policy. The laws guiding share Exchanges in other colonies are very rigid in their application, and are made not only for the protection of,the investor, but also for the broker, and they hare, after years of use, been found to work admirably in the interests of both parties, and I would, not only for the protection of the speculator here, but also in the interests of the legitimate broker, advocate their adoption. I would commend a perusal of the rules of Australian Exchanges to our brokers. The public are much to blame for the existence of the lax way in which things are conducted, and were they more particular and businesslike in their dealings, the complainings .which we occasionally hear would not arise. So soon as a sale takes place, the law intends that a transfer of the shares sold should be made, and this law is a wise one for many reasons. In the first place it would prevent many sales of shares by persons who hare not those shares to sell, and it would replace sharejobbing by legitimate share broking; again, it would put on their proper footing the shares in the various mines fortunate enough to find quotations, and at their proper value, without having to undergo the circumlocutions following an agent's transactions; it would also reduce brokers to the necessity of selling stock in their possessioD : and not trusting to luck to find it after they have sold it. I can sympathise with those who, rumor says have recently suffered from their.'-own carelessness in buying shares without for one moment taking any precautions to see that they obtained the article for which they paid until it was too late for them to move in the matter. Again I would wish to disclaim any intention to cast imputations on those engaged in shave transactions, whether they be members of an Associa* tion or not, but would certainly urge that more clearly defined rules should be put in force in share transactions for the future. If such a thing ba done it cannot but be beneficial to each and every one mixed up with share transactions.—l am, &c, Old Sfeculatob.