The Ashburton Guardian. Magna est Veritas et Prævalebit. MONDAY, JANUARY 10, 1887. RIGGING THE MARKET.

Ashburton Guardian, Volume V, Issue 1452, 10 January 1887, Page 2

The Ashburton Guardian. Magna est Veritas et Prævalebit. MONDAY, JANUARY 10, 1887. RIGGING THE MARKET.

The board of green cloth, the dice, and the cards jare not by any means the only implements of the gamester; nor are Monte Carlo, Monaco, Baden Baden, and Hombourg the only places where gambling is carried on. Rouge etnoir, karte, unlimited too, and a host of other games afford the means of gambling for thousands ; but the speculators of Wall street, and of the Bourse and Stock Exchange, whose stakes are millions, eschew the vulgar implements of the ordinary gambler, and win or lose as they are successful or unsuccessful m manipulating " corners " . " bearing " stocks, or raising " booms." Railway shares, wheat, cotton, pork, oil, or any other class of funds or articles of demand are the cards with which they play, and while only himself and his creditors suffer by the losses of the ordinary gambler, half the world, perhaps, is called upon to suffer by the operations of these riggers of the market, whether or not they themselves win or lose. For, if an article of general consumption become the subject of a monopoly, it is forced up to a fictitious price, and the excess which forms the gain of the monopolists, or makers of the' "corner," is of course extracted out ot the pockets of the consumer. Thus thousands and tens ot thousands, nay, a whole people, are artistically and scientifically fheced for the benefit of two or three who are able to command the markets — a modern system of spoliation which the law is powerless to prevent, but yet is as truly spoliation as if the manipulators by force of arms levied tribute from a conquered people. This, indeed, is" one of those fruits of an advanced civilisation which are apt to lead tbe cynical to doubt whether after all the unclad savage be not m some respects better off than his bell-toppered brother. But our readers may ask, "What has all this to do. with us?" and may urge that as it is •• a far cry " to New York, Paris, and London, people out here can scarcely have any immediate interest m the tricks and manoeuvres of the " bulls " and "bears " of Market, Bourse, or 'Change. But it is just possible that they will not be quite so sure of that when they peruse the following, which appears under the heading "A New Zealand Patriot," in thg leadingcolumnofthe^/«g7'/^«_i_fv^(i/tf of the sth instant : — " We are informed on undoubtedly good authority that a certain gentleman, who is recognised as the boss financial magnate of New Zealand, but who now resides permanently m London, is doing his best to reduce the price of New Zealand stocks, m order that he and his confederates may invest largely m them, and then sell out at a tremendous profit. The gentleman m question made a big fortune m New Zealand, and he is a leading director m many of her most important financial companies. He owns very large proparties m New Zealand, and hence he is recognised as a most reliable authority on the Stock Exchange m regard to New Zealand finance. The success of his efforts may be guaged by the low price ruling for New Zealand inscribed stock, which is quoted at slightly above 94. Had this stock got fair play, it would have reached par ere this time. It seems pitiable that a gentleman who owes so much to New Zealand should, for the purpose of self-aggrandisement, do his utmost to ruin her credit. His motto evidently is, ' Every man for himself, and the devil take the hindmost.' -We fancy, however, that the Agent-General might do a great deal to counteract bis endeavours by remorselessly exposing him m the columns of the London newspapers, His "game" is known by the New Zealand Ministry, and Sit Dillon Bell cannot be unaware of it." For ourselves, being m ignorance as to the source of the Advocate's information, we are not m a position to judge as to whether or not our contemporary is over-sanguine m regarding its authority as " undoubtedly good," but if it be so then it would seem not improbable that the low price offered for the last loan may be traceable to j similar manipulation, and that the whole colony has already suffered from the manoeuvring of the financial magnate referred to, or ot others of the same ilk. Even were this an ascertained fact, thepe is, however, 00 redress for this kind of thingi and the only way to

counteract further operations of a like

sort ..'thai pointed out by our c/vitemporary, viz, hat of bringing the whole mat.fr to the light of day m the colun.ns of she public press.