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To the Editor. Sir—Seeing a telegram recently in your paper that tho American grain ring had bought up all surplus grain in America, could you inform mo whit amount of grain, &c. As our harvest has been such an abundant one tins .year it would be a great benefit to this country to know the foundation of the said telegram, and as to the truth of it.—l am, &c., Subscriber. Ashburton, Feb. 23, 1880. [The ring referred to is simply a largo clique of American grain buyers, who buy up all tho grain they can lay hands on and hoard it. This causes a fictitious scarcity, and consequently a fictitious price. As to the truth of the telegram, wo have no reason to doubt it. It the ring hangs together, extreme prices may probably be reached. If the ring collapses, and tho members of it are compelled to realise on their stocks of grain, of course a fall in price will undoubtedly follow on the market being Hooded with grain. The estimated wheat crop of the 'United States for 1880, is 500,000,000 bushels. The average value in Chicago is 3s. 2d. per bushel.— Ed. A.H.J

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Bibliographic details

Ashburton Guardian, Ashburton Guardian, Volume 1, Issue 65, 24 February 1880

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AMERICAN GRAIN RING. Ashburton Guardian, Volume 1, Issue 65, 24 February 1880