EARLY STOCK EXCHANGE.

New Zealand Herald, Volume LXIX, Issue 21224, 2 July 1932, Page 6

EARLY STOCK EXCHANGE.

ORGANISATION AT THAMES

SEATS BOUGHT AT £IOO EACH,

LINK WITH THE MINING BOOM

After an existence of over 60 years th Tliames Stock Exchange has practical]! ceased to function and its withdrawal from affiliation with the Stock Exchane Association of New Zealand was an nounced on the Auckland Stock Exchane this week. 86 Founded in the early 'seventies at about the same time as the Auckland Stock Ej. change, the Thames Exchange was o ne of the two oldest exchanges in the D 0 minion. Its first members were Messrs § Louis Mel hose, J. and W. Frater, I). ft H Gallion and John Wilson. Later Mr W I S. Styak and Mr. E. F. Tizard were I added, and some years afterward there | were elected in succession Messrs. H. (' 1 Gillespie, A. E. E. Dodd and>. Sykes.'" | The first chairman was Mr. Melhosn $ the office thereafter being usually held 1 in rotation by each member annually | Three meetings were held daily, the final ! meeting of the week taking place on » Saturday night, when brokers'offices were 1 open until ten o'clock. The Waiotahi Boom. During the Waioiahi boom several new I members joined, these being Messrs 1 1 homas Newman, James Kendrick, Albert 1 Bruce, E. Deeble and F. Constant, Mr. I R. M. S. Kilgour, who had purchased f the business of Messrs. Frater Bros., wa« 1 then elected cfiairmar,, and held' this 1 oifice up to the time of his retirement i from business last year. Mr. H. G. Gil." i lespie, now of the Auckland Stock Exchange, was secretary for many years. Busy times wen; experienced in the few years that the Waiotahi bonanza wa s being extracted and old residents stated that it was reminiscent of the very early clays to see Albert Street, Tliames, filled with groups of citizens, waiting for the latest Stock Exchange quotations and news of mining developments. Copies of t-jlegrams announcing any of the latter were posted on the notice board 20 minutes after the news had been despatched to Auckland, and the appearance of a mine manager on the Exchange corner consulting his watch was a sufficient indication to attract immediate attention. When any fresh neivs was posted a loud-sounding bell was pealed and this brought eager inquiries, from every direction. After the cessation of the mining boom the business of the Exchange gradually fell away. The number of daily meetings was reduced and eventually calls ceased and it is now some ye?trs since any quotations were published by the Exchange. Within the last few' years the 5 membership diminished to such an extent that it became advisable to cease operations. Former Scenes Deserted. In the days of its prosperity seats ott the Exchange sold as high as £IOO each. Albert Street, once the scene of so much life and activity, i s to-day deserted, and • of the array of bankers, brokers, mining agents, surveyors and solicitor!!, none now remains. The town has centralised and should the Thames ever see another mining boom, the centre of activity will be in Pollen Street, nearly a mile away from; the early scenes of activity. One of the remarkable characters who frequented the Exchange corner in the days of prosperity of the town was Mr. James Baggott, an Irishman. __ Although not a member of the Exchange he dealt freely with its members. A lack of education was compensated by great shrewdness and a wonderful memory, go that he carried most of his business in his head, writing being a real effort for him. Many were the anecdotes told about him. He usually had only one meal daily, and the proprietor of his favourite restaurani, where he spent a shilling a day, regarded him as a losing proposition. When died he left about £40,000, which was eventually claimed by distant relations living in the United States.