THE WAIHI MINE.

Dominion, Volume 4, Issue 1040, 1 February 1911, Page 6

THE WAIHI MINE.

FLUCTUATION IN SHARES. STOCK EXCHANGE DISCUSSIONS. RECENT EVENTS REVIEWED. (By 'Telegraph-Press - Auckland, January 31. An interesting discussion took place after the noon call of the Auckland Stock Exchango to-day, upon a motion by Mr. Masten that the directors of the Waihi Company be written to pointing out that tho reports from the officials of the company here have not been borne out by the report of tho mine manager. Mr. Masten said, after reading (he reports sent out by tho directors from London, and comparing thein from time (o time with those received at tliisend, and also with what had anneared from press .representatives at Waihi, to the effect that there was nothing at all wroiiß in the mine to cause the shares to drop, he considered it was tho business of the Exchange to inform the directors that other opinions were held at this end. As to tho report of Mr. Williams, published en Saturday, ho understood that" that had come by mail from London, and had been sent by post to the directors there, which would mean a loss of some two or three months, during which, time the shareholders in the Dominion- were not informed of what was evidently known some time. What they wanted was to create such a feeling that wealthy sharebrokers would take the matter tho case inquired into before a competent judge, with a clever cross-examiner. The steady selling of shares 'hud been going on for months. It was evident from Sir. Williams's report that some eight or'nine months ago something was wrong. Mr. F. Whittakcr, in seconding tho motion, said ho considered .it was hardly resolute enough. He had been watching tho trend of events in connection with tho mine very closely for months part, and had arrived at the conclusion—a conclusion which lie felt certain was entertained by hundreds of others' in this Dominion—that thero had been transactions which deserved the severest condemnation. He felt sure- that a day of reck-, oning would- come. When' they saw shares drop . from £9 10s. to tho figure they had before Sir. Williams's report was published, it was impossible not to feel that certain information was known at Home which.wasnot available'to the bulk of shareholders at this end. 'Ho considered that an important report like that of Mr* Williams's should' not have been sent by post, but should have keen cabled, no matter what tho cost, in order that shareholders should have j tho information as soon as possible. They were told that Mr. Williams's report' was acted upon, -as soon as it- was received by the directors in London, but so far they 'did not know upon what date that report was written.. When tho Exchango" irrpto asking that tho register of the Waihi,. Company should bo kept the same as in other companies, they got a reply that it was correct. It should bo kept in the order adopted, as some shareholders did not wish their business to' be known.

Mr.. W. Mowbray suggested that tho Bxchango should ask for definite information as to tho date of Mr. Williams's report. The chairman said that was a very important matter, and in that connection it must not bo lost sight of, that when tho Exchange closed for the Christmas vacation thero wero buyers of Waihi shares'at .E5 lGs.,, yet within a day or two afterwards the price in London was SA 12s. Gd., which would seem as if certain information had then reached London.

Mr. E. when tho Martha lodo was not shaping so well, ho would have been a bravo man then who somo nino or ten months; ago had stated that Waihi shares .would' be sold at £3. lbs. within that period. Mistakes might havo been mado without thero being any serious irregularities.

Mr. D. Hay said ho would liko tho Exchange to bo certain of it 9 ground beforo sending any letter. The previous reports should bo . carefully compared with the one just' published from Mr. Williams, to sso if they did not agree. He had been carefully considering tho reports for tho last eighteen months, and they did not indicate that everything was.going all right. He felt sure that thero was a. good deal to Iμ said on tho other side'if they only know all tho facts, if they considered Mr. Rhodes's statement.. About 'eight or nino months ago he told them clearly. enough that practically half tho development of tho Martha lode had been done", and that it was disappointing. Now, had the Edward lodo como in as. good.as it did onco before in the level above, there would.have been no sudden drop in shares like this, but it had not done so. They should not forget that' there bad been two or three-' occasions in the history of tho Waihi mino. when , tho ■ directors had known that the things were not looking too well,' but nothing was said to frighten tho shareholders, and as~tho mino recovered again all was- well; but in this instauco. it. turned out tho other Mr. W. Colbeck said ho was sure that men liko the chairman of directors of the Waihi Company, with; such a good financial reputation, and like Mr. Rhodes, in Auckland, holding the position ho did, would not bo concerned in anything discreditable. At the same timo ho did not , say mistakes might not havo been made. Mr. Tapper, suggested that a public meeting of shareholders should be called by the Exchange to consider tho matter. •Mr. G. M. Buttle did not see why the Exchange should interfere , in the matter. It was a matter for tho shareholders, if they thought thero was cause for couiplnint, and not for brokers. Ultimately ths discussion was adjourned until to-morrow. -

Christchurch, January 31. A lengthy discussion took place on the Stock Exchange with regard to- tho fluctuations in Waihi shares, upon a motion that the should be written to pointing out that reports from ■■ tho officials of, the company havo not-been homo out by the reports of the mine ninnagcr. The. discussion, stands adjourned until tomorrow. . ' '. .Dunedin, January 31. Tho following telegram has been sent by the Dunedin Slock Exchange to tho A'uckland, Wellington, and Christchurch Exchanges :— "Does your exchange proposo to take any action with regard to Waihi disclosures. Considerable indignation here."