A MINING EXCHANGE.

Inangahua Times, Volume VII, Issue 1127, 4 September 1882, Page 2

A MINING EXCHANGE.

(West (Joast Tunes.) Our Hokitika contemporary on this subject lias the following : — " Our Reefton neighbors have some intention of putting the business of sharebroking, in so far as dealing with mining shares in that locality, on a more satisfactory footing than heretofore, by establishing a Vliuihg Exchange in their midst ! The Inangahua district has become so j attractive to spectators in mining scrip of late years by the vast strides it has made in the development of its mines, that large amounts have been invested there from nearly every town in the Colony, and so extensive have the transactions become that it presses itself as an absolute necessity upon those who are engaged in the business of sharebroking, in their own interests, in the interest of their constituents, and of the public generally, to tako some action in the manner indioated. We should be pleased to see the benefits of the Association, or whatever it may be called, extended so as to include the whole of the West Coast. Reefton is no doubt becoming to New Zealand, what Sandhurst was to Victoria about a quarter of a oentury ago. It is at present the great cen<ro of quartz speculation, which, so far, is oniy in its infancy. But there are alluvial fields also on this coast, which give promise of affording ample scope, at no very distant date, for a largo amount of speculation in mining scrip, teps were taken many years ago in Melbourne, Sandhurst Ballarat, and severally other Victorian centres, to to establish Mining Exohanges, and thereby greater security was at once given to speculators in mining stocks. Some of these institutions are in existence up to the present time, and amongst the members art all the leading brokers of that colony. Previous to these institutions being established, brokers were wont to deal with their constituents in the most illogitmato ways. * * * * The legitimate brokers in self protection combined, and the strictest rules were enforced with the viewof carrying on thebusiness of broking on honest principles. The jobbers were allowed to go to the wall, and the legitimate brokers, who work id under the rules of the Association, were able to conduct their business with greater benefit and satisfaction. I his desire appears to be forcing itself upon our Reefton neighbors. Capital is doubtless held back from investment on this very account Distant speculators, at present, have little or no protection. We do not mean to imply that Reefton brokers , deal unfairly in the purchases and sales entrusted to them. We believe Reefton can boast as good a class of brokers as any mining town in the Colonies, Bwt unless some step is taken by them to establish an Exchange, their num- * bers will become legion, and legitimate ' dealing will lie spoiled. Even during [ the past few weeks we have heard of , sales being repudiated, after the tranr sactions, to all intents, and purpose, ■ were closed. ***** On > many grounds it is most desirable that such an " institution should be established on the Qoast Let Reeftoii bo the head quarters, as its large brokiug ; business entitles it to precedence in ■ this respect ; butletthe Association, once 1 formed, extend its functions and privileges to all other places on the Coast and elsewhere where brokers are to l>e found who will become members of the Association, and will, under certain penalties, observe its obligations.