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The annual meeting of the Stock Exchange Proprietary was held yesterday afternoon. Mr E. R. Smith (chairman of directors) presiding. In moving the adoption of tho report and balance-sheet the Chairman said that the year wliich was just ending had been the most momentous in the history of the Empire. New Zealand had some cause for congratulation, for while all the stock exchanges in the Homeland and in the principal countries of the world, including many of those which were not actually at war, had to close their doors, they in tho Dominion had not been forced to take this stop, .'ind business had been steadily continued, though naturally on a restricted basis. Their present position was that buying orders predominated for nearly all investment shares, and were difficult to fill. None of them would ever forget the events of the early part of August—how for a few days they almost feared that Britain might remain neutral, then the feeling of relief when war was declared and tho national honor was vindicated. But these events naturally brought with them .i financial panic. Fortunately, it was very short-lived, and for this the Dominion was largely indebted to tho wise and effective steps taken by the Government, and to the generous accommodation afforded by their banking institutions. But then.' was a deeper reason for the stability that so quickly became apparent throughout the Empire. It manifested itself quietly and unobtrusively. Ho referred to the. preparedness and the coordination of all the British departments of State. There was no confusion, and they noted from the cables day by day how every necessary step was being taken to ensure and protect the interests of even those States most distant from the heart of the Empire. Some two years ago Mr Asquith inlormed them that a-committee, having for its object the co-operation of the Xavy, Army, and other departments oi State, bad been set up.That the members had justified their existence and done splendid work would be freely admitted for all time. Their Navy in a sense had done very little, but how effective that little had been! A perfect tourniquet has been applied to almost every German artery, while at the same time all their channels of commerce had been kept open, and, with slight exceptions, were quite safe. No greater servico could have been rendered to the Home Country. India, and the Dominions and colonies. That a feeling of quiet confidence had existed was shown by a comparison of their prices with those ruling on December 1, 1913. They disclosed that the bank stocks quoted on their list showed a depreciation varying from about per cent, to 10s per cent. Insurance shares,- with one exception, showed increased values. In the case of pas shares, some of these also were higher than last year. Miscellaneous stocks. With the exception of woollens, which had appreciated, showed only slight depreciations in the majority of companies. The mines they had were, fortunately, engaged in the production of gold and silver only, and as these metals were not subject to market fluctuation, the full rate of dividends had been maintained by the companies, with the prospect, as the result of good developments, that increased rates might be paid during the coining year. i'heir agricultural' and pastoral outlook was above the average, and as excellent prices were assured, with certainty of' transport, they might, ho thought, look forward to a time of much easier tinanccs than would exist in other parts of the world. The British Prime Minister expressed the opinion at an early stage of the war that the stile which could command. the last £100,000,000 would win. The fact that sonic three or four weeks ago, when he asked for £350,000,000 —the largest l*an in the history of tho world—and it was promptly over-sub-scribed at a price which, including ;e----demption. showed £3 19s 6d per cent., be taken as an indication that when the time came, he would just as readily find the final sum mentioned. It was fitting that lie should refer, before closing, to tho great sacrifices that had been made by Belgium. He felt assured that at the conclusion of the war her people would he rehabilitated, and that they as a community would not forget what was due to that brave nation. (Applause.) Tho motion was carried. The following officers were appointed for the ensuing year:—Chairman, Mr H. S. Fenwick : committee—Messrs J. Logan, H. Reeves. W. J. Watson, W. F. Shgo, E. R. Smith, and R.' A. Mathewson.

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DUNEDIN STOCK EXCHANGE, Evening Star, Issue 15676, 15 December 1914

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DUNEDIN STOCK EXCHANGE Evening Star, Issue 15676, 15 December 1914