"SMALL TOWN STOCK EXCHANGE."

Auckland Star, Volume LX, Issue 261, 4 November 1929, Page 4

"SMALL TOWN STOCK EXCHANGE."

POSITION OF WELLINGTON. ■Referring to the week's business on the Dominion Stock Exchange, the ' "%7Z KreTemlered, however, that the sales notified and published in the Press from day to day fail to tell the whole story. On the authority of one long connected with the Wellington Stock Exchange not more than 20 to 25 pel cent of the business actually done m this citv is published by the Stock Exchange. In'fact if the published sales were all one had to go upon in estimating the volume of business done, Wellington would seem to rank with a small town Stock _ Exchange, whereas the volume of business is actually as large, if not larger, than that of Auckland or Christchurch, which publish day by day more business done than is shown in" Wellington." The "Post's" fear lest Wellington may seem to rank as a small town Stock Exchange would appear to have more foundation than the writer is prepared to admit. How much business is transacted and not recorded on the Exchange can only be guessed at, but there is no particular reason to suppose that the proportion is any greater than in the other centres. A fair gauge of business passing may be gained from the quantity of stock quoted from day to day. In this connection we find that " the "Post" of Saturday. October 26, quoted 50 isuues, and the Auckland "Star" of the same date 111. This means that on that particular day Auckland sharebrokers weie either buyers or sellers of more than double the number of different stocks quoted in Wellington. The date has been taken haphazard, and can be accepted as typical. It may be stated as a reasonable conclusion that if Wellington brokers manifest an interest in only half the lines which are listed locally, their turnover is scarcely likely to be as great. Regarding the proportion of recorded sales to total turnover in Auckland, a leading broker answered an inquiry from a "Star" representive to the effect that it wo"uld be about one-third. In this connection it should be stated that sales between two clients of the same broker, quantities considered too small to give a market value, and business with , Australian Exchanges, are not recorded in the daily sales lists. The one Exchange which seems to take the fullest advantage of its opportunities is the Christchurch. Lacking the size and wealth of either Wellington or Auckland to work on, the brokers in the Cathedral City record a volume of business that will compare more than favourably with that at ax?y other centre. There are evidently some really keen dealers in the Southerr ciiy, and the total record of sales— though not necessarily the volume of business—is very heavy.