BETTING ON WHEAT.

Auckland Star, Volume LV, Issue 308, 29 December 1924, Page 5

BETTING ON WHEAT.

MORE THRILLS THAN HORSES.

IS THERE GIGANTIC RING?

LONDON, December IS. -It is widely believed in Britain that six men, whose names can be given, control the world's wheat," said Mrs. Snowden, when questioning Sir Herbert Robson, partner in Ross T. Smyth and Co., grain and flour merchants, of London and Liverpool, who appeared as _. witness before the Food Commission. Sir Herbert declared that the quantity of the world's wheat was enormous, and its control would be impossible. The money needed to finance such control would be colossal, while geographical conditions made control unworkable. Only two corners in American whc.it had occcurred in .'lO years.

It would be impossible to induce all Governments to agree to fix the price, thereby giving the growers security. There were long periods in which they sold at below the cost of production. Middlemen's profits in America aud Canada were small. Large quanlii-i?<> of wheat were transported from the farms to the shipside for a penny a bushel.

Speculation in wheat in America, continued Sir Herbert, was as wilespread as betting on horsera.-inp- in Britain. Tho liftboy in an Ameri.-an hotel asked about the wheat market, instead of the races, while the chambermaid asked: '-.Shall 1 buy or sell?' The price of bread was higher in >ew York, Chicago. Montreal, and Toront__ i_a, in. Britain,