BUYING LONDON'S WAIHIS.

New Zealand Herald, Volume XLVII, Issue 14491, 4 October 1910, Page 6

BUYING LONDON'S WAIHIS.

FIGURES TELL A STORY. JUNE SALES TO BRITAIN. SEPT EM BET? REPURCHA SES. Ax interesting light is thrown on transactions in Waihi shares, as between New Zealand and London, by a letter written yesterday to the chairman of the Auckland Stock Exchange by Mr.- Chas. Rhodes, local director of the Waihi Company. Mr, Rhodes writes : — Dear Sir.—-As ail indication of tho recent movement of shares of this company between the London and New Zealand registers, the following; may bo interesting: — Transferred Transferred Monti). to London, from London. '.Tune 3,090 nil July ... ... ... 1,245 nil August 191 __ nil September ... ... nil 3,105 Yours faithfully, CIIAS. It HOOKS, Local Director. In August the Daily Mail stated that "Ilie fall appears to have been occasioned by persistent gelling orders from New Zealand. and in the circumstances it is not unnatural that holders on this side have become rather nervous." From the above tabulated figures it would now appear that the Daily Mail's remark applied to the months of June and July, when New Zealand sold to London 3090 shares and 1245 shares respectively ; the prices ruling in June, and July being approximately from £7 16s up to £8 7s. According to the Daily Mail, it was British nervousness, caused by these New Zealand June-July selling orders, that led to the fall in August, when shares got down to £7 10s, with upward fluctuations. Reverting to the table published above, it will be seen that New Zealand investors, who had already sold London 4335 Waihi shares at the higher JuneJuly prices, were content in August with exporting 191 scrip. This appears to be the turning-point, for in September the tables were reversed, and New Zealand bought back from London 3105 shares. In September, as everyone knows, prices fell heavily, coming down on Friday last to the lowest level of the slump, £6 6s 6d. That is to say. New Zealand investors bought back from London at the low September prices a larger parcel than they sold to London at the (comparatively) high Juno quotations. The margin may be taken at 30s to 40s. After the £6 6s 6d sale on Friday a firming tendency set in, sales on Saturday being registered up to £6 lis, and this advance bccamo even more pionounced yesterday when sales were made up to £6 17s, leaving further supplies available at the same price and with buyers at £6 16s 6d. The closing sale registered yesterday represents a recovery of 10s 6d per share, equal to £260,351 3s 6d upon the total shares issued in the company.