The Gisborne Times. PUBLISHED EVERY MORNING. WEDNESDAY, FEBRUARY 8, 1911 Notes and Comments.

Gisborne Times, Volume XXIX, Issue 3139, 8 February 1911, Page 4

The Gisborne Times. PUBLISHED EVERY MORNING. WEDNESDAY, FEBRUARY 8, 1911 Notes and Comments.

r Lhe trend of events in connection with the Wailii mine continues The Fall in to engage general nttenWaihi Shares, tion. Jt is not many months ago since the shares in the property were regarded hy investors practically as the equal of any gilt-edged security. What has happened in that short period is, however, now a matter of history. Then, shares won* quoted at well over £9; today they do not make £4. What is more, the annual dividend is to be suo.sta.nl daily reduced. It is interesting to recall the career of this famous property which ranks among the world’s greatest bullion producers. Since 1890, when the yield was but £10,628, its output has increased by leaps and bounds until dining the last three years it lias for each 12 months exceeded £900,000. Altogether the total amount of bullion won from the mine to date comes to over £9,000,000. Truly this is a wonderful record. To investors, too, there has been pa id in the aggregate no less than £4,000,000 by way of dividends and bonuses. It may also be of interest to mention that tilt- yearly distribution foriß93 was os per share, but during the past two years it reached 18s per share. It is only natural that there should' be keen discussion among holders of shares in regard to the present position of the mine. One of the leading topics of controversy is, of course, the amount of information that was available to tho investing public in New Zealand whilst the shares were falling. For some reason or another the view appears to ho strongly held in some quarters that sales took place under an impression which had it been general would have prevented purchases taking place as freely as was the case. To the Wellington shareholders must he credited the most vigorous stand for a full investigation in regard to this valuable property. They have already passed a resolution to the effect that the directors be requested to obtain a report by personal investigation by a first-class mining engineer non-resident in New Zealand with reference to the mine. Equal!’.’ important is another resolution which proposes that effective steps be taken by the directors to prevent the imparting of information [relative to the development- of the mine) to the detriment of the great body of shareholders and to the great advantage of persons so informed. The fact that a less vigorous and independent attitude Ims so far been taken up in the North on.tlie -subject appears to have been the subject of much unfavorable comment in the South. 'We have on more than one occasion,” says the ‘‘Christchurch Press,” * ‘felt it our dutv to give expression to the distrust felt in the South Island regarding Auckland financial methods, especially in dealing with stocks and shares. Most people thought until recently that amid the eddies and quicksands which beset the investor in dealing with Auckland ventures, the Wailii Company stood as firm as a rock. After the. rude shock which has now been administered we imagine that Southern investors will he still more chan- in the future when they are asked for capital for the Northern. centre.” As a parting shot, the “Christchurch Press” adds: “There is a stronger feeling than ever that the plodding. Southern is hardly fitted to cope with the nimble intellects and the ardent and mercurial spirits which animate Auckland finance!”