AUCKLAND.

Otago Witness, Issue 1027, 5 August 1871, Page 6

AUCKLAND.

(from our own correspondent.) July 21st. My last letter was written just aa the symptoms of approaching panic in the share market began to develop themselves. Since that time the fluctuations have been extraordinary, and apparently incomprehensible. It may be useful, therefore, to let you know the exact state of affairs, with the only reasonable supposition one can derive from them. When signs of decline in the daily yield of Caledonian specimens were first noted, people who had bought in at high rates, tried to sell. The fall from 215 to 100 was rapid, and with few pauses on the way. But at the latter figure prices for some time remained. Buyers came forward, favourable telegrams were circulated, and the market was firm for some days. Suddenly doubts were felt as to the reliability of these telegrams. Our two large dailies are reputed to be controlled by parties owning the heaviest interests in the Caledonian and Thames. The other daily, the Morning News, published telegrams of a character opposite to theirs, and damaging to the prospects of the mine. The public, giving its ear to conflicting reports, bought at one time or sold at another, as the humour seized it, until the fact of a great falling off in production became so evident that the shares fell to LlOO. At that point the morning papers changed front. Those which had hitherto seen everything cuvleur dc m^e, suddenly saw matters in a very different light ; while their friend and adversary, the News, began to caution people against selling out in a panic to those who wanted to buy in cheap, and were fostering alarm for the purpose. The effectsofthisconflictwerecurious, and especially shown when a telegram in one of the papers that "the Caledonian never looked so gloomy," was followed by an immediate rise of ten pounds per share Since then, prices have gone up to 130, at which, they are tolerably steady, although for what reason it is not easy to say. There can be no doubt a great change has taken place in the mine, and new ahoota at lower levels will have to be sought for at considerable coßt of time and money. The fluctuations in the market and the present firmness must therefore be caused by one of two things. Either large holders, wishing to sell out, and knowing public scepticism as to telegrams, are turning that scepticism to account ; or, what i 3 more likely, the same holders are " bulling " the market, buying and selling, but taking care the latter process shall largely predominate. If so, a few days will tell, and the "bulls" once clear, the fall in price would be rapid and great, unless some very unexpected discovery is made in the mine itself. Meanwhile, a system of selling to deliver on a fixed day — in other words, time bargains — ia growing to considerable dimensions, and is about as good a substitute for unlimited 100 as couli be well devi&ed. The next event of the day is the lecture given by His Honour the Superintendent to the members of the Thames Mechanics' Institute. Apart from the interest felt in the lecture, public attention has been directed to it by its publication in c.< tem>o in the Morning Nuws, while both Cross and Herald have confined themselves to the publication of letters or articles adverse to ihe lecture, and more especially so to the Superintendent himself. There has been for some time a feud between His Honour and the Iwo dailies, which are supporters of the present General and late Provincial Governments. Mr Gillies, however, is one of those men with whom " withering contempt" is scarcely likely to answer, and his lecture having been read and talked of everywhere, we shall probably tind the recalcitrant papers obliged yet to give it more prominence. I have heard it spoken of favourably everywhere. The dominant feeling aeems to be in accordance with it, that a change of some kind is imperative, and cannot long be delayed. What that change should be is a matter on which opinions are so vague and diverse that the sooner it is taken up vigorously, and something like a clear decision come to, the greater the likelihood of the change being workable, and in accord with the interests of the people. In this light, and apart from any special opinions enunciated, it is felt that Mr Gillies has done good service in bringing the subject so strikingly forward. The weather has been abominable for some time, with heavy gales and incessant wet. The Waikato has been flooding the country about Ngaruawahia, and the flax- mills and premises there have been much injured. We have not heard of floods elsewhere, nor is there yet much fear expressed for growing crops. Some marked cases of forging scrip transfers, and of selling scrip to which the seller had no right, have been occupying attention. 1 believe this iB the only place in which bargains are made withov^t

the scrip changing hands. Few of the companies have any scrip. They give only a certificate that the holder is entitled to a certain number of shares registered in his name. This certificate — generally on a scrap of paper— is lost Bight of. and the shares change from hand to hand on the mere registration of the usual sale note by the legal manager. Hence when sales are made in Auckland, and the legal manager's office at the Thames or Coromandel, everything is done in faith. The door is opened very widely for dishonest people to take ad"vantage, as some days must necessarily pass before the fraud could be detected. Even in Auckland the sale note is gene* rally left with the name blank, so as to avoid filling it in and paying stamp-duty on each successive transaction. Confusion and loss are certain to result from this loose system, and the brokero are making efforts to have it remedied, but how, unless by insisting on the scrip accompanying each sale note, is not ea3y to see ; to that remedy, as causing delay and expense, there seems to be a strong objection. The road steamer lately imported io becoming a familiar object, and travelßabout daily. It has not yet done any work beyond bringing a large boiler very successfully from Onehunga into Auckland. Having been carefully inspected prior to shipment by the officers whose duty it is to inspect similar engines for the War Department, and coming out with a certificate of thorough efficiency from them, this road steamer ought to settle finally the question of their suitability to New Zealand. It is manufactured by Roby and Son, of Lincoln, with whom Mr Thomson has contracted for the future manufacture of his engines, in order to guard against the imperfections which have been so much complained of in aome of those sent to the colonies. Among items of domestic news I ought to mention the abolition of the Maori market at the end of the Queen street jetty, This market had become a filthy nuisance, and its abolition was necessary. The Maori protector who so vigilantly guarded the interests of hi 3 proiegis in Dunedin reserves, will probably insist upon some substitute for the market being found. At present nothing is said of such a substitute, and the course taken certainly seems harsh and high-handed. The hawkers, upon whom a tax of JA a year has been levied, are also crying out against it, and are meeting with considerable sympathy. The supporters of a Permissive Bill are bestirring themselves to bring it before the Assembly, and the Auckland branch U. K. A. ia getting up strong petitions. The Natives are having a great meeting, professedly to settle all difficulties connected with the Te Aroha and other land disputes aa well as the road and telegraph questions. Those who know Manuhiri and the leading spirits in this movement, do not think them likely to take up such subjects without due consideration, or with any other view than the nnion of the Waikato tribea in support of the KingIf they succeed in this they will not leave U3 long without significant proofs of their intentions. If they fail, then all we shall hear is that the meeting adjourned without coming to any decision. But as to the real condition of affairs within the aukati, neither the officials of the Native Office nor any one else can apeak authoritatively while the system of seclusion is so rigidly maintained by Tawhiao and his people. After alternately laughing at and defying us, the Ohinemuri natives have sent in to a Maori Chief the long detained letter bag with its Government despatches and important private letters, leaving him to hand it to the Pakeha if he ■wishes to do so. The delays in telegraphing, through the obstinacy of these miserable Ohinemurites, have been much felt lately, when we are obliged to send south to the nearest telegraph station in small steamers which sometimes remain weather bound in harbour several dayß after the telegrams are put on board. The Nebraska brings only 11 passengers this time, and 214 tons sugar from Honolulu. Hall's line via Fiji continues to run, and, I hear, is not likely to be given up. The City of Melbourne is reported to have left Honolulu with 50 passengers and a full cargo for Sydney ; but it is clear one or other of these lines must give way, or the loss will become serious to all concerned, and a matter for grave con« Bidaration to our own Government.

Our Wellington correspondent telegraphs that Mr Fish has been re- gazetted a Resident Magistrate. The following appointments are notified in the New Zealardi Gazette of the 17th inst. :— Messrs R. H. Leary, John Logan, and E. ff. Ward, to be Justices of the Peace for the colony ; Mr G. Reid and Mr E. E. Field, to be Registrar* of Marriages, and of Births, Deaths, and Marriages, for the Manuherikia and Arrovr districts, respectively ; and Mr W. Somerville to be Deputy-Registrar of Marriage*, and of Births. Deaths, and Marriages, for the Dunedin district.