MINING.

Lyttelton Times, Volume CV, Issue 12538, 27 June 1901, Page 2

MINING.

CANTERBURY STOCK EXCHANGE. The following are yesterday's quotations of the Stock. Exchange of Canterbury:—fuller Junction, sellers 6s 3d p; Blackwater River, sellers la dis; Caledonia, sellers par; Davis' Bend, sellers 33 ~6d p; Ford's Creek, sellers lis pd; Golden Gravel, sellers 20s-pd; Golden Molyneux, sellers par; Golden Seward, sellers 20s pd; Great Woodstock, .sellers 15s pd; Greenstone Greek, buyers 17s pd, sellers 22a 6d pd;Grey River, buyers I9s pd; Koh-i-noor, sellers Is 6d p; Leviathan, buyers IBs pd; New River, sellers 8s 6d pd; Orwell Creek, sellers 193 pd; Pactolus JNio. 3, Kellers par; Red Jacks, buyers 23s pd; Teremakau, seilera 3d dis; Three-mile •Greenstone, buyers Uss pd. STOCK EXCBAINGE FEES.'. The question of the tees charged by Stock Exchanges for quoting dredging shares on exchange was brought up by -Mir. llhorrjihill Cooper at the annual mcjating of the Red Jaoks Company yesterday, lie said the meeting would have to consider the propriety-of paying fees to the shareholders' Exchanges. So far, the direotora had declined to submit; to any such exaotiona. The Exchanges demanded £3 3s before sio company's shares could be quoted on exchange, and a further fee of £1 Is per annum. There were about three hundred companiea o» the >Dunedirji Exchange, and 4hls meant a largo sum to the associated snarehrokers. Tha Exchange made enough profit out of share traffio as it -was, and the company did enough in finding the shares for .traffic. He strongly disapproved of such & charge. It was like blackmail, and the company could afford to do .without brokers. \No banks or insurance, companies haul paid fees to exchanges, and .he could not flee why dredging companies should be bled. | Mr 'O. R. Woledge moved that tho company should not submit to :the exaction, of fees by any.Bhareforokers' Association/ He said it-was only paying brokers to gamM© iST the company's shares. Tho motion was oar-, ried unaimously. The annual general meeting of shareholders of ithe Red Jacks ■Gold Dredging Company was held yesterday, Mr T. 'Cooper, chairman of directors, .presiding. The first annual report stated that the chief work done had been tho letting of contracts for the machinery and pontoons, and tiha purchase of about, thirteen Rorws additional ground. The new ground was believed to be highly auriferous. This purchase, and sundry other expenses, unforeseeni at dhe inception of the company, had necessitated a iurther expenditure of aibout £I2OO. Difficulty in financing •the ampun't was not anticipated. During the year ifhe confidence of the directors in the property had in-creased. The balance-sheet showed receipts amounting to £B4BS ! 13s fid, and expenditure to £7863 1-is .leaving a credit balance of £317 ISs Bd. : The contingent liabilities' list .amounted, on the dredge to £1924, pontoons £lB9, firewood £l5O, and engineers' account and sundry £350. The report and balance-sheet were adopted. The

Chairman said that, as tiiho shareholders pre_&ent were all directors, tli« company showed "great confidence in. thein. Ha considered it had been a good ixircatzaent to purchase t'ho property, and the company was ■ in even a stronger position now -than it was &bz months ago. A sum. of .about £I2OO wa-s necessary, but. the necessity was not immediate. If it htvd to bo raised, -the directors could advise, the shs-reholders "by circular,, and hold a special meeting. It xras decided that the directors should consider the matter, and, if there -was a- necessity to raise the money, tin shareholders should ho informed by circular. The Chairman 3aid it was possible that fho extra amount might Tie financed ■without raising cxira capital. It was 'through the purchaao ol the Chinamen's property that tha extra amount was necessary, 'but the proparty •was ■worth more than the money. It was decided ihat the rate of remuneration {or .directors should bo .-C2O per annum, to he retrospective if the pro/its' of the company in iho "future permitted it. The retiring directors, Messrs R. Moore and C. R. Woledge, were re-elected. Mr <H. 'H'Beth was' appointed auditor. The Chairman reported that ihe'., •work of erecting the* machinery was proceeding satisfactorily, and the dredge should l be at work 'int two month's' 1 time.