Speculating Without Mines

Thames Star, Volume XLV, Issue 10240, 5 June 1909, Page 4

Speculating Without Mines

"Elconomist" writes thus in the Auckland Star : —"As it seenis now fairly evident there is no intention of combined action (being taken to test the d&ep levels at Thames, the queation naturally arises as to whether the same results could be achieved (from a speculator's point of view) as at ipresent, under a system, of carrying on operations without mines. This would! save all the waste of money at present entailed in, the shape of directors' fees and other expenses ,while the speculators would have the advantage of getting ai larger percentage of their money returned to them;. The present system .if allowing large areas of landl to be held by companies that practically aire doing no real development work, is only a waste of money, as far as investors are concerned. During! the past weak some thousands of shares have been sold by auction at a .cew shillings per thousand', and no doubt in due time the pur-chasers will try and work' them], off at a. few pence eacli ■upon the guileless public. NW, if mining were abandoned altogether (excepting of course, in the Waihi and Karangahake districts, where there are large reefs that pay ijor working, with the. result that it becomes* more of am industry than a gambling business*), the large amount of money now wasted on useless pi-o-perties could be utilised for the purpose of letting the people have a "flutter," under a system that woul'.l carry on the various means that *.re now resorted to, in order to get a. move on shares.

"First of all,- it should "be cJearJy understood that the brokers would still be required, though unfortunately, the directors, secretaries of companies, mine ma.nag.ers, andi the miners could all be dispensed with. A. certain number of companies could V.c formed by the Eixcihange", each with. a hundred: thousand shares at ■Is each. These shares could be allotted in the usual way at threepence on application, and threepence on allotment, and at stated intervals 'tin. 1 rest of the money could' be called; up in the usual penny contributions. Tr the brokers' room, should be two bal lot boxes, by means of which the market could be worked. For instance, a certain number of telegrams could be placed in one box each call, and the namies, of the companies in the other. Then, in due course these could 'be drawn alternately, so that each telegram> wwukl apply to the company drawn immediately afterwards. If 501bs of specimens was reported, it could be arranged! that they should count at, say, 20s per pound, and that swni would Ibe credited to the dompany tha.t was next drawn.