Closing offices.

43. When a majority of the members of the Exchange
    decide upon closing their offices for any purpose (including
    holidays), all of the members of the Exchange shall be bound
    by such decision. The closing of offices shall include entire
    cessation of business, and any member committing a breach
    of this rule shall be dealt with under Rule 25.

44. All partners of any firms of which one partner shall
    be desirous of becoming a member of the Thames Stock and
    Share Brokers’ Exchange shall be simultaneously proposed
    for membership. All the partners of any firm of which one
    is a member of the Thames Stock and Share Brokers’ Ex-
    change shall be proposed for membership within one calendar
    month after the formation of such partnership. In the
    event of any partner not being elected the member shall
    dissolve the partnership. If one calendar month after such
    non-election the member has not dissolved such partnership
    he shall be deemed to have retired from the Thames Stock
    and Share Brokers’ Exchange, and the committee shall
    announce to the members that he has so retired, and his name
    shall be erased from the List of Members.

45. That in future any syndicate or company requesting
    the use of the name of the Exchange for publication on their
    prospectus be charged the following fees:—

Joint-stock companies ... ... ... ... ... ... 50
Mining syndicates ... ... ... ... ... ... 10

46. That the holidays to be observed by this Exchange
    be—Regatta Day (29th January), Good Friday until the
    following Tuesday (both days inclusive), the 24th May, the
    King’s birthday (9th November), and from the 25th Decem-
    ber until the 3rd January of the succeeding year (both days
    inclusive), St. George’s, St. Patrick’s, and St. Andrew’s
    Days, and such other days as may be determined by a ma-
    jority of the members.

By-laws.

Priority of seller.

1. The member who at the ordinary Stock Exchange
   meetings offers to sell any debentures, stocks, or shares at
   the lowest declared price shall have priority of all other
   members in supplying at such prices so much of such deben-
   tures, stocks, and shares as he may be willing to sell; but
   having made a sale he must, to maintain his priority, im-
   mediately declare himself as still a seller.

Priority of buyer.

2. The member who at ordinary Stock Exchange meet-
   ings offers the best price for any debentures, stocks, or shares
   shall have priority over all other members at such declared
   price for as much of such debentures, stocks, or shares as he
   may be willing to take; but having made a purchase he
   must, to retain his priority, immediately declare himself
   as still a buyer.

Payments and deliveries when member has no office in the borough.

3. Members who have not an office in the Borough of Thames
   must notify to the secretary a place, within reasonable dis-
   tance of the Exchange, at which delivery of transfer may be
   made and payment required, failing which, and any special
   arrangement made by such member or members, vendors
   and purchasers may, on or after the third day from sale by
   or to such member, exercise the powers provided in Rules
   30 and 32.

Penalty for member or members joining any other Exchange at Thames.

4. The privilege of buying and selling at meetings of the
   Stock Exchange shall be withdrawn from any member during
   such period as he, his partners, or his clerk shall be a mem-
   ber of any other Stock Exchange within the Borough or
   County of Thames.

Interpretation of Rule No. 30.

5. That a seller of shares on Saturday has (Sunday being
   dies non) until 3 o'clock p.m. on Wednesday to deliver them.
   Failing delivery on that date the purchaser can give written
   notice that he requires delivery during next business day—
   viz., by 3 p.m. on Thursday. Delivery not being made on
   Thursday as demanded, the buyer may then, at his option,
   either cancel the contract or buy at the vendor's risk.

Placing of stocks upon official list.

6. Companies applying to have their names placed upon
   the official list must furnish full particulars to the satisfac-
   tion of the members. They must give assurance of due for-
   mation, and that shares are available for transfer, and under-
   take to supply to the secretary of the Stock Exchange of
   Thames from time to time (without his applying for same)
   prompt notification of all cables and telegrams received,
   and calls, dividends, alteration of capital, or other material
   information regarding the company, while on the official list.

D

The Exchange shall have power to remove any company
from the list if they see cause to do so. The members will
decide by a majority of those present whether the company
shall or shall not be admitted to the list. The fee payable
upon application of the company shall be fixed from time to
time by the members, the present fee being one guinea.

All foreign mining companies be quoted free of charge.

Stock and share-broking companies.

7. No company carrying on the business of stock and share
   brokers shall be placed upon the official call-list of the Stock
   Exchange of Thames.

Member selling responsible for validity of documents.

8. Any member selling shall be responsible for the validity
   at any time of delivery of all documents delivered, and for
   the shares being free from all liability then past due at the
   time of sale.

Auction sales, tenders, &c.

9. (a.) That no member of this Exchange, nor his partner
   or clerk, or any one employed by him, shall be allowed to at-
   tend auctions to bid directly or indirectly for stocks, deben-
   tures, bonds, or shares of any description, forfeited shares
   and shares in deceased and bankrupt estates excepted, also
   such other sales of bonds and shares as may be permitted
   by special resolution of the Exchange from time to time.

(b.) That no member of this Exchange be allowed to tender
for stock, bonds, debentures, or shares of any description
in a private estate, shares in deceased and bankrupt estates
excepted.

(c.) That no member of this Exchange be allowed to tender
for stock, bonds, or debentures of any Government, municipal
or other corporations, except on such terms and conditions
as may be sanctioned by the Exchange.

(d.) No member of this Exchange shall renew a transfer
in a limited liability company.

(e.) That any member infringing these resolutions shall be
dealt with under Rule 25.

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

ALEX. WILLIS,
Clerk of Executive Council.

STATEMENT of the average amount of Liabilities and
Assets of the Bank of New Zealand, in New Zealand,
during the Quarter ended 25th December, 1905.

ASSETS.

4-per-cent. guaranteed stock, £1,000,000. (Interest, £20,000
for six months, paid 1st November, 1905.)

Preference shares fully paid up issued to the Crown under
“Bank of New Zealand Act, 1903,” £500,000.

Capital payable by shareholders, £500,000.

Rate of the last dividend declared to shareholders, 5 per cent.
Amount of the last dividend declared on preference shares,
£25,000.

Amount of the last dividend declared on ordinary shares,
£22,618 10s.

Amount of the reserved profits at the time of declaring such
dividend, £43,897 7s.

Dated at Wellington, this 12th day of January, 1906.

A. MACINTOSH, General Manager.
HENRY R. LAWRY, Acting Accountant.