WAIHI MINE. CHAIRMAN OF AUCKLAND STOCK EXCHANGE.

Evening Post, Volume LXXXI, Issue 24, 30 January 1911, Page 3

WAIHI MINE. CHAIRMAN OF AUCKLAND STOCK EXCHANGE.

AN INTERVIEW. fBT TELEGEATH — PBESS ASSOCIATION.] AUCKLAND,' 29th January. Interviewed regarding the report of Mr. Williams upon the Waihi mine, the chairman of the Auckland Stock Exchange, Mr. Francis Hull, said :— "My idea with regard to this matter is that the directors are to be congratulated upon having given publicity to such a straightforward account of the position of the Waihi mine. No matter how bad the news may be, tho furnishing of the fullest, information to shareholders will always have my support. I have always held shareholders" are entitled to the fullest information upon these matters. Of course, there were signs yesterday by the number of shares thrown upon the market at low prices that this information had leaked out, but it is almost impossible hi large concerns to prevent some idea of what is happening getting abroad. "I notice by Mr. Williams's report that for eight months the mine has been under a cloud; also that there waa a eerious set-back in the history of the mine during the progress of tho crosßcut from No. 4 to No. 6 shaft at No. 9 level, where soft decomposed country rock was met with, which Mr. Williams refers to as undoubtedly a bad indication the world over. The question is : At what date was that fact known to the directoru? Was it about the time the Auckland Stock Exchange was taking a prominent part in making all possible enquiries as to what had caused the fall in the price of these shares ? It is somewhat singular that the Exchange was not supported in any way at that time by the shareholders, who preferred to be guided by those in authority. I refer to the time when a statement appeared in the press, something to the effect that it was a case of "save me from my friends" as far as shareholders being benefited by the Exchange taking action in the matter. It is some time ago, but, as far as I can remember, statements were then made to the_ effect that there was nothing in the mine at that time to warrant the fall in shares. Now we have had the full position placed before us, and 1 consider that there is no cause for panic, as, even at the reduced dividend indicated in the cable from London, there its still a fair return for money invested in Waihi shares at the present market quotation, and there is always the prospect that this may prove to be only a barren zone, and that values may come in again lower down. In this connection I am pleased to note that Mr. Williams specially states that, 'Taking into consideration the amount of development at the ioOOft level, there is far less calcite.' That, I think, is at least a hopeful sign for the lower lovols. ANOTHER POINT. "There is another point worthy of motioe, ?ud which I think may aJeo be considered a reassuring sign. I am very pleased to see that the. Hon. Seymour lnorne George, who had his sharesiranjsferred to the London register about a >ear ago, has had exactly the came number transferred back again, and that lie never sold them can bo easily proved bty any one examining the (register, as exactly the came number of shares came back, and. also the same numbers on the regicter, Mr. George is ,a director cd the company, and had he sold his shares come months ago in London would no doubt have made some thousands of pounds by the transaction, and could have bought them back again at the nresent low figures. That he held to 'the same shares* right though is to my mind, not only creditable to him as a. director, but also reassuring to the other &bareholdei'6. "There is one significant point I feel it only right to touch upon, namely, the fact that when the Exchange dosed here for the Christinas vacation, Waihi shares etood at £5 16s, and the general feeling was that they would move upwards in the New ¥ear. Instead of that, however, wo were astonisheoi to learn during the holidays that these* shavea had suddenly dropped as lovr a& ±)4 12s _6d in London and that without any information being given locally as to the reason. Ifc would appear from that as if some people in London, had better knowledge of the state of affairs in the Waihi mine a month ago than we had at this end." PRESS COMMENT. The Staa* has the following editorial comment : ''While admitting that the directors have taken the right course in giving lull publicity to this report, we believe that most people would bo glad to know \snsn this inlormation was first laid before those in control of the mine. Mr. Williams's report is not dated, but it testifies 'that, during the last eight months the mine, has been under a, cloud.' Surely we must not infer that the directors knew eight months or more ago all about the 'sott decomposed country rock' and the 'long stretch of poor country' along on© side of the Martha, lode. Eight or nine months ago the shares were quoted up to £9 or more, and evea-y effort was made by those intereefced in the mine to strengthen public confidence in it, and to reassure any waverers who seemed" instinctively to scent danger in th© air. We mate no insinuations, for we have no evidence to go upon, but the directors know at least as well asj&nybody else that this is a most serious business for Auckland and for New Zealand, and a fall of something like two and three-quarter rnillionsi sterling in the value of this much-boom-ed property within twelve months is a matter of more than private interest and importance. Therefore ', we hope that some satisfactory answer will be forthcoming to the questions already asked by the chairman of our Stock Exchange. When was this report drawn up and when was it submitted to the Waihi directors?"'