MINING.

Press, Volume LXVIII, Issue 14289, 27 February 1912, Page 9

MINING.

AUCKLAND STOCK EXCHANGE. ALLEGATIONS DENIED. (special to "the press"). AUC*_J_\ND, February 26. For some time past, tho Auckland newspapers have given some prominence and stiongly worded criticism of the Auckland Stock Exchange and its methods, allegations of over-selling and "rigging" the market in various ways having been.made. Mr G. A. Buttle, chairman of the Exchange, interviewed in dofence of the brokcT* to-day said. "I notice that tho lack of business is put down to tho fear of over-selling, but my own opinion is • that we want gold from some of the mines. I am certain that if we struck a good -patch at Thames or Coromandel, you wotfld soon sco things lively again on the Exchange. I say emphatically that tho Stock Exchange as a whole does not practice over-selling, neither do wo countenance it. That is shown by our rules being diametrically opposed to such a practice. Thoso rules were very carefully drawn up, and if they aro adhered to would make it utterly impossible to over-sell shares. The remedy for over-selling is in the hands of the public, for they have only to pay promptly and demand the scrip for their shares. The brokers find, however, that too often clients are not anxious to pay for their sh-Tos. They do not care how long the settlement is delayed, because they hope for a rise in the market in tho interim. Under Rule 88 scrip can be demanded within three clear days, and if not delivered in that time, then notice can bo given tn writing for such delivery within twenty-four hours, and 1 ■ failing that, the chairman can be called upon to buy or sell tho shares, according to vhethcr they havo risen or fallen in the meantime. Time transactions are on another footing. The broker almost invariably covers his salo at once, for tho- simple reason that h* is liable to be called upon at any time within the period of such sale io deliver the shares in the event of the buyer tendering tho money. Personally, I always warn anyone who approaches mc for time Bale that tho terms will bo to the disadvantage of the. buyer. Another class of business is that of tlie London delivery of shares. It i* always understood thero must be delay, and payment ia not therefore mode until the shares are delivered. H any person knows that a broker has been guilty of such conduct it is his duty to report the matter cither to the committee of tbo Stock Exchange, or to the Commissioner of Stamps, tut to do so he would require to make a sreciSc charge, and not write letters under a item de plume."