WAIHT COMPANY

New Zealand Times, Volume XXXIII, Issue 7849, 11 July 1911, Page 1

WAIHT COMPANY

PUBLICATION OP SHARE TRANSFERS. PEEB3 ASSOCIATION. AUCKLAND, July 10. Some time - ago the Aucklland Stock Exchange communioaod with the Waihi directors regarding the advisability of that company keeping an open register, so. that shareholders could inspect it at any time and see what shares are being transferred and from whom, also to whom, as nearly every mining company im'New* Zealand, df not every one, keeps a register so that anyone can see at a glance regarding the transfer of shares. It was not considered by the Exchange an unreasonable request. The efforts of .the Exchange have, however, been fruitless in this respect. Mr Chales Rhodes, the local director of the Waihi Company, has written to the chairman. of the Stock Exchangers follows:—“Regarding the daily register of this company available for public inspection, the directors have again considered tho matter and have decided that they cannot agree to do it- They point out that, apart from legal objections on which they have ' been advised by the company's solicitor, there would bo tho further one that it would tend to lower the value-of the shares owing to tho possibility, that' newspapers might begin to publish periodically the principal’movements of shares, particularly where either buyer o rscller happened to bo a prominent public man, or even a well-known citizen of the world. . Such publicity would certainly hinder some persons from being holders who might be desirable as members of the company's proprietary. A leading broker In London has however suggested that if Stock Exchanges seriously think the information should bo made public your members arc themselves in a better position to do it promptly than the company, for they knew who are buyers and sellers, aften many days before the transfer is presented for registration. The Stock Exchanges could therefore arrange to, have the transactions publicly posted immediately after record of tho sales if hey so desire. To facilitate such a course I n.m authorised and instructed to receive from any Stock Exchange the names of brokers willing to supply lists of their transactions, and on receipt of such schedules I am directed to arrange that tho said documents shall bo posted uu in. the company’s office in a conspicuous place'.day by day as they come in. I will, of course, take steps to give effect to tho instructions of the, directors if any exchange or broker desires to mako use of the privilege offered/'