Default

Default

This article displays in one automatically-generated column. View the full page to see article in its original form.

CORNERING FOOD SUPPLIES.

The Wheat Pit in Chicago is the scene I of the greatest gambling operations that the world ever witnesses, and it has been keeping up its reputation'if or making and destroying fortunes during the past week. One James A. Patten has practically cornered the existing wheat supply, and has incidentally made an enormous sum of money out of it, his profits amounting to J£loo,ooo in a single day, and half a million sterling in •less than a week. This gentleman always conducts his affairs on a colossal scale, An admiring, Chicago paper -recently stated that it was quite a common event for him to "carry" 15,000,000 bushels of wheat at a time, and that the "bull" movement that he has just brought,off so triumphantly involved at least 25,000,000 bushels. This is all very interesting, but what concerns, us chiefly is that' the great rise in the price of wheat, which Mr. Patten has so successfully engineered, has meant that the cost of food has been raised for millions of people who have no chance of sharing Mr. Patten's profits. A listening world has no doubt with proper respect and gratitude Mr. Patten's assurance, conveyed in our cable messages to-day, that' he "does not intend advancing prices further." - But the movements' in the wheat market during the past \veek compel- us to reflect seriously whether it is right that the price of food should be allowed to depend upon the irresponsible eapriqe of a handful of over-rich and unscrupulous speculators. We do not need to go into details to prove that the operations in the Chicago vvheat pit are simply gambling on a gigantic scale. And though we do not suppose that the Otago 'Trades' arid Labour Council will be able to affect American or cosmopolitan public /Opinion on this subject, we entirely sympathise with the resolution adopted by that bodylast night protesting against any, form of commerce or finance that involves "gam r Mmg 1 for the food of the people." Even iii the United States, where "high finance" is practically, omnipotent, public 'sentiment has revolted against this iniquitous system. Leiter's wheat corner, Armour's beef corner, Baehr's coal corner, Sully's cotton corner, within the past ten'yearij brought misery and destitution to- mil T lions of helpless men arid women, to whom the lawless greed of these plutocratic magnates was absolutely a matter of life or ; death. Maiiy tjmes the leaders of public opinionin America have demanded that stock exchange speculation in the necessaries o| life arid the faw materials of; manufacture shall be. made illegal; but so far without result. Yet though \ve can hardly hope to modify the course of events 'outside our own country, we can do what may be done to discourage arid check the" introduction of such systems here; and-we:trust that the,:ingenuity of our legislators arid the organised strength of our workers combined will enable U3 to keep New Zealand free from/so pernicious'and insidious an evil.' .'

This article text was automatically generated and may include errors. View the full page to see article in its original form.
Permanent link to this item
Bibliographic details
Word Count
493

CORNERING FOOD SUPPLIES. Auckland Star, Volume XL, Issue 90, 16 April 1909

  1. New formats

    Papers Past now contains more than just newspapers. Use these links to navigate to other kinds of materials.

  2. Hierarchy

    These links will always show you how deep you are in the collection. Click them to get a broader view of the items you're currently viewing.

  3. Search

    Enter names, places, or other keywords that you're curious about here. We'll look for them in the fulltext of millions of articles.

  4. Search

    Browsed to an interesting page? Click here to search within the item you're currently viewing, or start a new search.

  5. Search facets

    Use these buttons to limit your searches to particular dates, titles, and more.

  6. View selection

    Switch between images of the original document and text transcriptions and outlines you can cut and paste.

  7. Tools

    Print, save, zoom in and more.

  8. Explore

    If you'd rather just browse through documents, click here to find titles and issues from particular dates and geographic regions.

  9. Need more help?

    The "Help" link will show you different tips for each page on the site, so click here often as you explore the site.

Working