FINANCE AND TRADE.

Wairarapa Daily Times, Volume XVI, Issue 5078, 16 July 1895, Page 3

FINANCE AND TRADE.

(Spcclillj compiled lor the' ff.lraraj.a Dally Times')

TUE WAKAMARINA GORGE OOIiDMININO COMPANY.

I am asked by "Enquirer," as to tho desirability or otherwise, of subscribing for shares in this Company, and I hasten to give all the information in my possession, The prospectus of the Wakamarina Gorge and Deep Creek Gold Mining Company, is the obituary notice of the Wakamarina Gorge Company (No Liability). This latter was mainly a Melbourne concern, a Mr Murray Jones being the central iignro, and Chairman of the Company. Tho Wakamarina Gorge Company wero the successors of the Wakamarina Gorgo Mining Company, Limited. Tho prospectus of the Melbourne Company, and tho prospectus of tho new Company now before the public, aro before me, and both have a strange- family likeness --the arguments, beliefs and theories that "fetched" tho Melbourne speculators are reproduced with scarcely any variation in the new prospectus] and possibly the life of the new company may have as sad an ending as the others. Tho public is asked to find tho

money in order that a theory, which i|»- is accepted as a fact in the district |p (presumably the Marlborough district) that the bed of the Gorge is one huge depression and likely to have been tho receptacle of the greater quantity of heavy gold which has been washed down the Wakamaiina River and Deep Creek, from timo to time, may be proved. For more that oighteen years various private individuals and companies have endeavoured to bottom this golden receptacle without success, and the experiments have entailed considerable expenditure, yet each venture was made with the most sanguine expectations of tho results. The Melbourne speculators took over the property as a" genuine mining yentnro of exceptional promise," but it ended with the promise. There niaj be gold in the pot-boles, very likely there is, but it is wholly speculative whether the company—which if successfully floated will have £3500, less expenses of dotation, available for the work-will be able

to pick up the precious metal. The

promoters stato in the prospectus Mfr that not more tlian 3s per share, or ™ £ISOO will be needed to give a practical test. On the whole I think" Enquirer" will be on the safe side in letting the Wakamarina Gorge and Deep Creek Gold Mining Company Ltd,, severely alone. It is far too speculative a venture, and although there is a possibility of it turning out trumps, the probabilities are against such an event. Of course, if "Enquirer" has£soor £IOO to "play" with and likes a" flutter" it may suit his purpose to take up shares in the Company, still I think he can tint! better mining ventures to dabble in. The Auckland field offers an excellent opportunity just now for reasonable speculation. The Hauraki, Woodstock, Hazelbank, May Queen, Talisman, Try Fluke, Kapai-Vcrmont, Welcome Find,! New Albnrnia, and several other j Mining Companies, are good buying stocks just at present. I shall . always bo pleased to give any inforA. mation that I can, but such must be W accepted for what it is worth, for 1 * do not claim to be infallible. THE JIINIXO DOOM. The brokers in Auckland are determined to make the best of the mining boom, and it will not be any fault of theirs if it flags. Already I I am assured that forward sales are] beincf made. This means that a broker sells a line for delivery in say one month from date, and the; moment this contract is made it 1 becomes the interest of the selling > broker to bear the stock, in order' that he may buy at a price lower, than that at which ho has contracted' to sell. It is this class of business ' that eventually kills the market,and drives away speculators. These forward delivery sales should be prohibited by the Stock Exchange, and regular daysof settlement should bo instituted. If settlements were made weekly or fortnightly, there would still be plenty of time and opportunity for the gamblers to play, but the bulls and bears would not find it so convenient. The northern £1 mining district has developed wonm derfully, and the representatives of y English syndicates who have acted in like capacity in South Africa, say • positively that the Coromamlel district is the best mining locality they ' have seen. So long as they hold this opinion there will be no lack of English capital for developing the • the claims. The speculator at a distance needs to bo on his guard, as there aro as many " wild-cats "as , there are really good ventures, the diflicultyisin distinguishing between them. lam in receipt of the pros- i pectus of the Kaiser Gold Mining Company (no liability), which is well recommended. The claim is part of tho old Sylvia Company's ground, ' and a few shares should be worth < holding. \ ESTATES COMI'AXV's LOTTERY. This Company's Lottery Dill was i very promptly consigned to the I waste paper basket, and the burst i of feeling, entirely virtuous, which ] possessed the House is admirable. I The Bill in my opinion was slaugh- i tered outside the Parliamentary • Buildings, the members merely 1 attending the funeral. MrW. W. i over the assets of the Bank of i New Zealand ind start a State Bank, i This proposal follows on the heels of i the defunct Lottery Bill, so that the . next raovo on tho part of tho Gov- i ornment and the Bank will be interesting. The annual meeting of ■ shareholders must now be very near : and until that time arrives we shall i not hear much. The question of amalgamation which caused such a stir last year is still in the air, and developments in this direction aro not unlikely. i PRnmt™.

Each week the prospects of the produce trade aro brightening, wool continues firm, and the Americans are answerable for the improved prices. The prospects of the reversion to the old tariff under a Republican Government is not out-stimu-lating tho Yankee manufacturers who are no doubt laying in a stock beyond actual requirements. The Mkv market has improved, and Miring the past four or five weeks the price has hardened by 2d or! more. Frozen meatissteadior, wheat is steady as compared with last year, hemp ia in fair demand, tho advance in pic;-iron suggests a revival of business; so that viewed from all points the prospectsaremore hopeful. STOCKS.

British 2j per cent. Consols (GoscWsjbave advanced 10s, and are now quoted at 107f. Colonial Government 4 per cent, stocks exhibit a downward tendency, three denominations ljare dropped

from 5s to 10a. New South Wales have hardened 10a. The table of comparison, is as follows : July July More-

4 11 meat. New Zealand 1929 113 112J Fall on N.S. Wales 1933 117 117ri Rise 10s Victoria 1920 109} 109 Fall 5s S.Australia 1936 112 112 Queensland 192-1 112J 112 Fall 10a W.Australia 1931 119 119

In thn 3i per cents., there are only two movements to record, arise of 5s in New South Wales Stock, and a fall of a similar amount, in South Australian, as shown below : July July Move-

4 11 ment New Zealand 1913 105.1 105J N.S. Wales 1921 108} 108J lliso o: A'ictoria J 923 102 102 S. Australia 1930 105? 105 i Fall oi Queensland 192-1 101? KM? Tasmania 1910 105 105 Percy Pijxi.y.v.