SHAREBROKER AND CLIENT.

Otago Witness, Issue 2955, 2 November 1910, Page 28

SHAREBROKER AND CLIENT.

STAMPED CONTRACT NOTES. WELLINGTON, October 28. Judgment was delivered by the Full Court to-day in a case of much importance to sharebrokers—Gaulter, Dykes, and Co. v. Begg. This was a claim by sharebrokers for moneys paid by them for the purchase of mining shares on behalf oi respondent. The defence set up was that as the nolders had not complied with the requirements of section 133 of " The Stamp Duties Act, 1908," as to the sending of duly stamped contract notes, the contracts entered into were illegal, and the sharebixikers could not recover. The court consisted of Sir Robert Stout, Chief Justice, and Justices Edwards, Cooper, and Chapman. Sir Robert Stout and Mr Justice Edwards were of the opinion that the provisions of the Stamp Duties Act rendered the contracts illegal unless evidenced by the stamped contract notes as required by section 133, and that the defence was good, and the sharebrokers could not recover even when they had resold the shares at their client's request. The client had therefore obtained all the benefit he could under the-contract. Mr Justice Cooper agreed that the appeal should be dismissed, but based his judgment on the opinion that the action was a proceeding within the meaning of section 139, and the appellants had not complied with the proviso to that section. Mr Justice Chapman agreed with Mr Justice Cooper on this point, but also agreed that the illegality of the contract prevented the brokers from recovering. The appeal was dismissed, with £2O costs.

IVotes from Cromwell. (Feom Que Owk Correspondent.) OROMWELL, October 28. The river is now fairly high, the Olutha particularly so, through the heavy rains at the lake and throughout the district. The Electric No. 2 dredge has stopped, and it will be some time before the gorge dredges will havo a favourable river. The sluicing claims are having a splendid supply of wator, and there is every indication of it continuing throughout the season. The Cromwell Syndicate dredge* is working steadily at the beach below Bannockburn Creek. The Rise and Shines and the other dredges on the Clutha River are working steadily and doing fairly "well. There is every prospect, I believe, of the Punt dredge striking more than payable ground where it is making for now. This is where a patch was struck some months ago. The wash is showing fair gold, and is almost certain to improve as they work down the lead.

A NEW VENTURE. CFkom Oub Own Cobkespondent.) WELLINGTON, October 25. I am informed that Mr F. W. (Long Drive) Walker, of Waihi, a, well-known •mining nan. who went Home some time ago, has been successful in forming a company with a capital of fPOOjOQO to develop certain properties at Waihi in tho line of tho Waihi reefs system. NEW BIG RIVER MINE. REEFTON, October 31. The New Big River returns for October are 2530 z. Bc'wt from 175 tons, and from the. cjanide 560 z 6dwt from 300 tons. DREDGING RETURNS. Oz. dwt. gr. Koputai, Waikaia, 138 hrs .. 50 1 0 Rising Sun, Cromwell, 124 hra 48 5 0 Golden Bed, .Miller's Flat, 128 hrs 47 1 0 Rise and SMr:e No. 2, Clutha River, 135 hrs 37 14 0 Sandy Point, .Alexandra, 126'hrs 52 5 20 Rise and Shine No, 1, Clutha River, 1411ns 32 0 0 Karaunui, Alexandra, GOhrs... 25 0 0 Otago No. 1, Miller's Flat, week 22 0 0 Central Charlton, near Gore, 132hr* 20 4 0 Waikaka United No. 1, Waikaka, IlShrs 20 2 0 Waikaia, Waikaia, 244 hrs ... 20 0 0 Masterton, Waikaia, 131 hrs ... 18 14 0 Mystery Flat, Waikaia, 130 hrs 16 10 0 Waikaka United No. 2. Waikaka, 118 hrs 20 2 0 Golden Treasure, Miller'e Flat, 132 hrs 14 0 0 Olrig, Manuherikia. week ... 12 5 0 Lady Roxburgh, Roxburgh, week . . 9 8 0 Total 440 9 20 The West Coast. Worksop, 129 h rs 53 18 0 Blackwatcr River, 125 hrs . . 40 7 0 New Trafalgar, 137hre 23 6 0 Total 122 11 0 lIAURAKI GOLD OUTPUT. (Fbom Oub Own Cobekspondkmt./ AUCKLAND, October 31. The output of bullion from the mines on tho Hauraki Peninsula lor tho month of October totals £106,882 18s 2d. As usual, tho great proportion of the bullion came from the five* big companies in tho Ohinemuri County. Appended are details:— New Zealand Crown, 1919 tons, £2172; Talisman Consolidated, 4000 tons, £19,122 14s 9d; Mount Welcome, two tons, £270; Waiptahi, 171 tons, £576 5s 9d; Kapowai, 50 tons. £140; Old Hauraki, 110 tons 2801 b, £935; Watchman, 22£ tons, £126 17s 8d; Bremner's Freehold. fiQfilb

2cwt specimens. £950; Halcyon, 9 loader £7O; Waihi Grand Junction, 7418 tons, £11,002; May Queen, 190 loads, £480; Komata Reefs. 800 tons, £2168; May Queen Extended, 22 loads, £126 8s; Waihi, 54,951 tons, £68,744;—t0tal for four weeks, £106,882 18s 2d. GOLF. DUNEDIN STOCK EXCHANGE. The past week on the Dunedin Stock Exchange has not been by any means a busy one. Some business has been effected in mining stocks, but the dredging and investment departments have been practically neglected. In dredging stocks Blackwaters, on offer all the week at 6s, have failed to find a buyer. Sellers of Electrics eased to 2s on Wednesday, but there has been no better buyer than 6d. Hartley and Rileys show a decided casing tendency, and closed on Friday at buyer 3 7s, sellers 12s. Rise and Shines (ex div.) closed yesterday with a buyer at £2 Is &d, without sellers, and Rising Suns were wanted at £2 2s 6d. In investment stocks the market has bsen very quiet, there being ,a total absence of business on 'Change. National Banks were on offer at £5 17s, without buyers, and Bank of Now Zealands have been inquired for at £lO ss. New Zealand Coal and Oils were firm on Friday at buyers ss, sellers 7s, and National Mortgages were in demand at £3 4s. There were only two sales effected on the Dunedin Stock Exchange on Monday, and there was a very small amount of business reported. Island Blocks were wanted at 4s 6d and No Town Greeks at 7s. Otagos were on offer at 16s 6d, without attracting buying offers. Buyers of Rise and Shines advanced to £2 2s 6d, and Rising Suns were in oven demand at the same figure. Ross Goldficlds were slightly being on offer at 2s 9£d, with a sale at 2s 9d. Thames stocks wore even, there being practically no variation in values. Talisman Consolidateds firmed slightly, closing at buyers £2 A4s 9d, sellers £2 IBs 9d, and Waihis also showed something of an improvement in values. _ There was a sale of Waihi Grand Junctions at £1 lis 6d, values closing firm, with buyers offering £1 12s and sellers asking £1 12s 3d. In investment stocks buyers of National Banks firmed to. £5 15s 6d, with sellers standing at £5 17s. National Insurances were inquired for at £1 lis 3d, with" no bettor seller than at £1 lls'7£d. Milburn Lime and Cements were wanted at £1 19s 3d and Mosgiel Woollens at £3 6s, in each case without drawing selling offers. The following are Monday's latest quotations, subject to the usual brokerage: Dredging Stocks. Island Block—Buyers 4s 6d. No Town Creek —Buyers 76. Olrig—Buyers Is 3d. Otago—Sellers 16s 6d. Rise and Shine—Buvers £2 2s 6d. Rising Sun—Buyers £2 2s 6d. Sailor's Bend —Sellers 5s 6d.

Mining Stocks. Ross GoidfieJds—Sellers 2s 9Ad. Muddy Terrace-Buyers £1 UB 3d, sellers ' £1 Is. May Queen— Buyers 3s 7d. sellers 3s I&l. New. Sylvia —Sellers 3s sd. Old Hauraki—Sellers 2s 9d. New Zealand Crown—Sellers 4s 7d. Watchman—Buyers 2s 7d, sellers 2s 9d. Talisman Consolidated- Buyers £2 14s 9d, sellers £2 15s 9d. Waihi—Buyers £6 11« 3d, sellers £6 12s. Waihi Grand Junction—Buyers £1 12e, sellers £1 12s' 3d. Oct. 26.—Waihai Grand Junction. £1 14s; Waihi (forward delivery), £6 14s 6d. Sales Reported.—Morniinßr: Talisman. Consolidates, £2 16s 9d; Waihi, £6 15s 6d, £6 15s. Noon: Talisman (new issue), £1 18s 3d. Afterncon: Christohurch Meat, £l4- ss; New Zealand Paper Milks, £1 3e 9d. October 25.—Waihi, £6 15s, £6 15s, forward delivery; Waihi Grand Junction, £1 15s, £1 15s. Sales Reoorfced. —Morning: Waihi, £6 15s; Waihi Grand Junction, £1 14s 3d. Afternoon: Waihi, £6 15s. Oct. 27.—Talisman Consolidated, £2 14s 3d ; Waihi, £5 12s, forward delivery £6 13s £6 13s; Waihi Grand Junction, £1 13s Sd. Sale Reported.—Afternoon : Koputai, £1 I*. October 23. —Morning: New Zealand Paper Mills, £1 3s 9d; Westport Stockton, 7s lid; Talisman Consolidated, £2 14s 3d. October 29.—N00n: Waihi, £6 10s 6d: Waihi Grand Junction, £1 12s; National Insurance, £1 lis 6d. Oct. 31—Ross GoldfieWs. 2a M; Waihi Grand Junction. £1 lis 6d. Sales Reported.--Noon: New Zealand Paper Mills," £1 3s 9d; D.I.C. (pref.), £1 4s. AUCKLAND STOCK EXCHANGE. AUCKLAND, October 31. The following business was done at the 3.15 p.m. call to-day:—Ross Goldfields, 2si 9d; Bremner's Freehold. 10£d; New Zealand Crown, 4s sd; Tairua Golden Hills, Is 7d; Taiarua Monarch, 3Jd ; Waihi, £6 14s, £6 14s 6d. £6 13s 6d; Waihi Grand Junction, £1 13s 3d; National Bank, £5 15s 6d.