BETTER BUSINESS

Dominion, Volume 27, Issue 68, 13 December 1933, Page 10

BETTER BUSINESS

Auckland Stock Exchange CHAIRMAN’S REVIEW* Dominion Special Service. Auckland, December 12. Considerable improvement in business on the Auckland Stock Exchange during the past year was reported at the annual meeting by the Chairman, Mr. G. C. Creagh. He said there was every indication of an era.of renewed activity which was likely to last for some time. The chairman said the members still felt the disability of the system of stamp duties on overseas transfers. Nowhere else in the world did such a system of double taxation exist. It was to be hoped that the matter would receive the attention of the Government.

Dealing with the present active conditions in the goldmining industry, Mr. Creagh said that Investors should consider the value given by promoters, a test suggested being that if the value was only the clai mand its pegs, without satisfactory prospecting results, It could be assumed the proposal was a gamble without ipuch chance of success. “If this test were more often employed, many so-called goldmining companies would never have seen the light of day,” said Mr. Creagh. Attention had been drawn to the dangers resulting from the system of what was known as interlocked corapaines, more particularly in the older countries of the world. Warnings had been given that it would be necessary to contend with the methods adopted by such organisations if they were allowed to establish themselves in the Dominion.

The investing public had been cautioned against exchanging shares in well-established companies for shares or debentures in newer companies holding out promises of higher rates of interest, , , Mr. Creagh was re-elected chairman for the fifteenth year in succession. It is stated to be the longest period of any previous office-holder. Mr. .J. W. Prater was re-elected vice-chairman.