Jan. 29.] THE NEW ZEALAND GAZETTE. 295

the said twenty-four hours. Any twenty-four-hours notice required to be given under these rules shall not, however, include Saturday or Sunday, or Stock Exchange or bank holidays; and, if six weeks shall have lapsed, it shall be optional with the buyer whether he completes or not.

48. The buying member must, if required, supply the name of the buyer within seventy-two hours computed from hour of sale. If this is not done, it shall be competent for the selling member to insert the name of the buying member.

49. No member shall leave the exchange room at any ordinary daily meeting until the chairman has declared the ordinary business closed, without the express sanction of the meeting, under penalty not exceeding £20. Any member going out during a meeting shall not be allowed to re-enter during the same meeting except with the express sanction of the meeting; and any member impeding business, either by attempting to deal in shares, scrip, stock, bonds, or debentures out of their turn, or by conversation not relevant to the subject before the meeting, or by any noisy, disorderly, or improper conduct whatever, shall be liable to a fine not exceeding £1, and for each repetition of the offence shall be liable to a further fine not exceeding £1, or he may be suspended for a period not exceeding three months, or he may thereupon immediately be expelled from the meeting. Such fines, penalties, suspensions, and expulsions to be inflicted or imposed by the chairman, subject, however, to an immediate appeal to the members present in the room, whose decisions shall be final. No member so fined shall be entitled to attend the room or to take his seat, or have any of the rights of membership, until all fines and penalties inflicted on him are paid, and his suspension, if any, removed.

50. Telegrams and other written communications may be received by members during business meetings, but no messages shall be sent out during such meetings.

51. No sales of shares shall be reported of less amount than £50, or of less than 100 shares if the amount of such sales be under the value of £50, or, in respect of mining shares other than coal, sales of fifty shares or to the value of £25.

52. If any quotation of sale be challenged at the daily meeting of members, the chairman of the day shall accompany the member whose quotation is doubted to his office, and shall there satisfy himself by examination of the books or papers of such member as to the bona fides of the quotation, and shall report the result either to the executive committee in the first instance or direct to the members in daily meeting assembled, as to him shall seem fit. Any member refusing to allow the chairman a full inspection of his books and documents shall be treated as guilty of making a false quotation, and dealt with as contumacious.

53. The prices made shall be binding on members making them to the extent of £50 value of such stock, or of 100 shares if the value be under £50, or £25 for mining shares other than coal, and shall so continue at the call of any member until the daily meeting be over, or unless business shall have been done in the stock and at the quotations in question. The seller shall be liable although he may have sold a small lot not amounting to a quotation, and the declared buyer of any stock shall be entitled to the refusal of any stock sold at his buying price whilst in the room. Any offer of or for stock or shares on 'change must be considered as offered publicly.

54. No member can demand a quotation for stock which is not and never has been on the list.

55. As between members the seller shall deliver to the buyer separate transfers or scrip representing the exact number of shares sold in each separate sale. Transfers requiring scrip must be delivered with scrip, or the transfers marked as correct by the institution to which the stock sold relate, or marked as correct by the secretary, provided the scrip are lodged with him to be forwarded to the company for registration of the transfer.

56. A member selling shares or stocks is responsible for the genuineness and regularity of all documents delivered until reasonable time has been allowed to the transferee to execute and duly lodge such documents for verification and registration. In case of dispute, what is reasonable time shall be fixed by the executive committee; but in no case (excepting that of fraud or proved misrepresentation) shall a member be liable for any loss sustained unless he shall have received written notice within sixty days (or, in the case of transactions in which transfer has to be completed in Europe, within 130 days) of the date of the delivery of documents.

57. Transactions in shares shall be with dividend until the dividend is payable. When transfers or scrip are delivered subsequent to the declaration of dividend, but prior to the closing of the books of the company, and in sufficient time for the registration of the shares, the seller shall not be responsible for the dividend, and the buyer's claim shall be only upon the registered holder; but when no time is afforded to the buyer to register the shares in his own name, then the seller shall be responsible for the dividend.

58. Dividends payable between the date of sale and maturity of time bargains, and between the date of sale and exercise of options, shall accrue to the buyer and be accounted for at the time of settlement of the bargain.

59. All calls struck or due on or before date of sale shall be paid by the seller before delivery. A call shall be considered due upon the day on which it is made payable. Calls becoming due between the date of sale and maturity of time bargains, and between the date of sale and exercise of options, shall be paid by the buyer to the seller at the time of settlement of the bargain.

60. Scrip shall be delivered with all calls paid to date marked thereon and certified thereto by the company or by the selling member, at the option of the buyer, or the seller may attach the company's receipt for the call.

61. When one member of the exchange purchases shares from another member and no buyer's name is asked for or supplied, the buying member shall be liable for all calls struck thereafter.

62. In cases of dispute, the association or any committee dealing with the same may appoint a sub-committee of two members to examine such books and documents of the disputants as they may consider necessary to enable them to make a reliable statement of facts to the committee.

63. Purchasers shall not be required to take delivery and pay for securities rendered after 11 o'clock on Saturdays and 1 o'clock on other days.

64. All transactions between members taking place outside the exchange room shall be subject to the rules and regulations of the association.

65. Should it come to the knowledge of any member of this association that a broker, either in Christchurch or elsewhere, has failed to meet his engagements, the said member must at once report the circumstances to the chairman, who shall bring the matter before the association at its first meeting for decision as to what action shall be taken. Any member failing or neglecting to report to the chairman as above specified shall be liable to be fined a sum not exceeding £20, or to be suspended, at the option of the association.

Dated at Christchurch, this 30th March, 1902.

MEMBERS.

R. O. Duncan, Chairman.

R. Hill Fisher, F. E. Graham,
Frank Graham, W. J. Hopkins,
B. H. Burns, J. Mullin,
S. H. Graves, A. P. Harper.

As witness the hand of His Excellency the Governor, this twentieth day of January, one thousand nine hundred and three.

ALEX. WILLIS,
Clerk of the Executive Council.

Bonus for Treatment of Auriferous Black Sand.

Mines Department,
Wellington, N.Z., 14th November, 1901.

NOTICE is hereby given that a bonus of £2,000 will be paid to any person who, before the 1st January, 1904, shall invent such appliances as will successfully save gold from black sands in New Zealand.

The bonus will be paid on compliance with the following conditions:—

1. The invention shall, in its main features, differ from all machinery and appliances at present in use for the saving of gold, whether coarse or fine.

2. It shall be readily transportable from place to place, and shall be capable of utilising local water for all its requirements.

3. The invention must be capable of treating not less than 30 cubic yards an hour of black sand or any coarser material up to a diameter of 4 in.; and it must be capable of treating such material profitably where there is not more than a value, in gold, of 3d. per cubic yard; not less than 80 per cent. of the gold contained in the material to be recovered by the machine.

4. No bonus to be paid until the invention has been continuously worked for not less than six months, and it shall, during that period, have treated not less than 100,000 cubic yards of material, working three shifts a day.

5. The bonus will be paid on the certificate of an officer that not less than twenty persons other than the applicant for the bonus are successfully working the invention.

6. Any person who receives the bonus shall not be allowed to take out patent rights in New Zealand for his invention.

JAS. McGOWAN,
Minister of Mines.