AUCKLAND STOCK EXCHANGE.

Lyttelton Times, Volume CXXI, Issue 15488, 14 December 1910, Page 7

AUCKLAND STOCK EXCHANGE.

ANNUAL MEETING. [Per Press Association.] AUCKLAND, Deoember 13.

The annual meeting of members of the Auckland Stock Exchange took place after the noon call to-day. There was a large attendance, thirty-seven out of the forty, members beiug present, i■. •, The ohairman (Mr G. A. Buttle), in moving the adoption of the balance sheet said that the most noticeable feature of the vear had been the serious' fall in the price of Waihi Gold Mining Company shares. At the end of February last, just before .the payment of the March dividend, the price was £lO 2s. 6d. now shares stood at £5 17s, a drop of £4'os 6d per share, amounting to a reduction of £2,120,000 in the capital value of the stock in ten months, a very serious matter. After the fall became accentuated the committee made some inquiries as to the movement of shares and was surprised to find that the company's share register did not readily disclose the information required. Seeing that shareholders had the right to search a register at any time and the public the same right -on payment of Is, in his opinion a register should be so kept that anyone examining a particular folio could see at a glance the complete movement of the shares recorded on that folio. If that was not so, of what possible advantage was the. privilege of search to the' shareholders or to the public? The year closed with a dull market, hut he was not without hope this would soon pass away, and that ere long they would find themselves fully occupied. Financial institutions were prosperous and many of the industrial "concerns were making fair profits, notwithstanding the harassing conditions under which they had to operate. He ; would like to add his testimony to that of the chairman of directors of the Bank of Now Zealand that in some ways legislation of late years had checked investment in industrial concerns. He had no doubt they had' all experienced how reluctant investors were to put mouey into industries that employed a largo number. of hands. In a • new country like this every encouragement should be given . towards developing the natural resources and manufacturing industries, but that was not so at the present time- He did not pretend to say what the remedy should he, but considered it was the duty of the Government to inquire into these matters and if possible provide a remedy.