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The Cyclopedia of New Zealand [Auckland Provincial District]

Auckland Stock Exchange

Auckland Stock Exchange. This association is, so far as is known, the oldest institution of its kind in the Colony, having been founded in 1872. The building in Queen Street, known as the “Exchange,” was erected in 1870, and at the time a number of gentlemen, who were engaged in mining, agreed to take offices in it. In the course of a year or two, as the interest in the mining industry increased, and the public grew more eager to invest and speculate, it became apparent to prominent and trustworthy men, who acted as middlemen or brokers, that to guard against outside and irresponsible speculators, it would be to their advantage as well as that of the investing public to inaugurate an association on the principle of the London Stock Exchange, and publish, by means of bulletin boards and through the Press, a daily list of quotations. In pursuance of this object about twelve gentlemen formed themselves into an association, and drafted rules to govern its proceedings. At first they met in a small room at the back of what is now known as the rotunda. Amongst the earlier members were Messrs J. Friar Clarke, John Mowbray, Samuel Vickers, Alex. Saunders, Joseph Newman, J. M. Lennox, Hugh Campbell and Charles Alexander. The first presidency or chairmanship cannot be identified, as the original minutes and records have unfortunately been lost or destroyed. At the start the members merely paid a subscription fee, just sufficient to cover the ordinary current expenses of the association, and admitted or refused to admit candidates for membership, after the manner of a club. In the course of time, however, the Exchange grew in importance, and a membership or “seat” attained a definite value. The entrance fee was then made £25, and shortly afterwards £100, and as the public began to recognise the benefit derived from the institution, the price rose still higher, and now a “seat” on the Auckland Stock Exchange is worth £500. The association deserves credit for the care with which it has guarded its reputation. It has been in existence for over twenty-five years, yet its total membership at the present time is barely thirty; but the members are men of sterling integrity, and the investor can depend upon absolutely fair treatment in any dealings which he or she may have with any of the members. There are three “calls” every day: at 9.30 o'clock, 12 o'clock, and a quarter past three o'clock, and so soon as the list has been ratified, the quotations are prominently posted by the various members. In this way the public is made aware of the business that has been transacted, and of the prices offered by buyers and demanded by sellers. The present (1901) members are:—Messrs G. A. Buttle (chairman), Alfred Oldham (secretary), William Clarke, D. B. McDonald, Francis Hull, R. G. Mackey, John Mowbray, H. S. Ruddock, V. J. Larner, R. Frater, Aitken Carrick, James Reid, G. F. Brimblecombe, Charles Alexander, D. McLeod, Duncan E. Clerk, J. T. Armitage, L. A. Levy, W. A. Knight, F. H. Masfen, J. M. Lennox, R. E. Issacs, E. Anderson, W. H. O. Johnstone and W. Frater.