THE Inangahua Times. PUBLISHED TRI-WEEKLY. MONDAY, AUGUST 21, 1882.

Inangahua Times, Volume VII, Issue 1119, 21 August 1882, Page 2

THE Inangahua Times. PUBLISHED TRI-WEEKLY. MONDAY, AUGUST 21, 1882.

It must be generally admitted that the time has now arrived when mining transactions in Reefton should be placedon a" more satisfactory footing, and in order to bring this about the establishment of a Mining Exchange „ lit^|jecojna an J3&ggl u te necessity, T.lie^ fis%taXsxifi' aislnSCT^wilß^wfiifeWiiir months hns made sujh rapid progress, m_.tJip development of its mines, that its great importance is recognised in every part of the Colony, and iihere is scarcely a town or hamlet of any size > or consequence that does not number amongst the residents shareholders in one or other of its companies. As all know, the credit of the district has been too frequently made use of by companies being formed, and shares sold ah a distance when there was actually little or nothing ki\o\vn by outsiders of the whereabouts or prospects of the undertakings. By the establishment of an association of the kind indicated, ventures of this, or indeed any description in mining enterprise, would be under some control, inasmuch as the Exchange would not register any but such as had- at least a prospect of success. Thus distant speculators would l»e protected, for every company registered by the Exchange would be stamped as it were, and there would be thus an assurance of its genuineness. If people blindly bought without enquiry they would have themselves alone to blame for any losses they might sustain. But the advantages of forming such a body, properly conducted, '.would not be confined to one class, but every one in the reinot- . est degree coacerned in mining spec.u^ lation would share m. them. Com"-' mencing with the brokers;^hey would Jbe the chief gainers'. -/do . .not I do not rise abovetneaesignation 6f merer jobbers, but of genuine business men, a large number of whom have entered into this profession. In Reefton, we areglad to^say, there- are many suoh, and their number is quite sufficient to ljustify them in establishing an institution of the kind- suggested. They ought to do this equally for their own i protection, and on behalf of their various clients. If an association was formed, and each member put down a certain sum at tho time of joining, a fund would be created which could be utilised' for mutual protection and defence, and for pushing the interests of the body in any way that seemed desirable. There have been many cases in which brokers have lost heavily through obeying instructions to sell shares, the holders, on sales being effected, repudiating the transaction, and allowing the former to get out of the difficulty as they best could. Under circumstances of this kind, or 4n any cases where a principle was involved, the association would bear the brunt of legal proceedings on behalf of an injured member, and thus very probably do much in compelling honesty and the observance of obligations. All the chief brokers would no doubt at once join, and a tribunal of value would thereby be created, and the singular fluctuations at present characterising the share market be in some measure at least avoided. It is usual for bodies of this kind to meet say twice a day, at 10 a.m. and 3 p.m., and thereby a great deal of time is saved in the transaction of business, as there is thus a recognised centre. The value of share* in various enterprises is then fixed, and till the next meeting •* ■is^^fM^U^lrf^-^^Htted^^M^hfters' of the- Exchange are vouched for, aa j it were, by thetriere fact of member--ship, and people in distant places have a guarantee in doing business with them that they will have the fullest fair play, whether ns buyers or sellers. Again, in institutions of the kind, all members are expected to send in a weekly record, of their transactions, to which any one. having had dealings during that time is entitled to access, Thus vendors xian in a moment verify any transaction . if they hay»» entertained any : doubts inspecting ifc On every ground it is most desirable that such an institution should now V introduced, and Reefton is quite ripe for it .If it be^it will have the effect of j jcreatly stimulating all legitimate mining speculation, it will raise the Btatus j of the brokers of Inangahua. and "' will establish perfect confidence in the ; : minds of nor-residents .who, in all : ihoir l.iixiness, an- entirely at the j i-ien-y of the single hp'knr with whom tlii'v deal. As a mutter of coins*', the idea will not lie n popular one with some, \n\t the h-sitimntf- brokers, no doubt. \v?'l thoroughly approve of it. ' Tlf<; «V;l!c'iHy is in'^n^ii.-; ii. \~ 0 !

one likes to assume a leading part at the outset, and, however favourable, : all hold back from taking the initiative. ! Where ro much, however, is at stake j this modesty should surely be overI come, for by (.Tenting a guild of the" ; kind in thin town, those engaged i . deeply in mining transactions would , l>e serving their own best interests, and ! at the same time conferring a benefit j upon the community at large. If a | meeting were called, without doubt, j there would be a full attendance of i those concerned, and arrangements > could, without difficulty, be made foi ian early formation. We sincerely ■ trust that some one will set the hall rolling, and that in a short time Reef- • ton may be congratulated on possess- : ing a Alining Exchange worthy of the ; district.