SPECULATING IN WHEAT.

Cromwell Argus, Volume XXXVIII, Issue 2045, 17 June 1907, Page 5

SPECULATING IN WHEAT.

The ‘Argus’ gives some interesting information about speculation in Australian wheat, in the excitement o! the last few weeks. The specu« lators in London have leaped more benefit from the rise than the Australian shippers, for out of forty cargoes sold in London in one week only nine were “ first sales.” For instance, the cargo of the Criffel, which left Sydney on February 22nd with 9531 quarters of wheat, had been turned over six times before she sighted England. The first sale was at 30a IJd before completion of loading. The purchaser resold on March 13th at 80s a profit of fid a quarter, and the second purchaser turned it over to a third on April 27tb, at 80s IOJd. The third purchaser, as a result of the rise in America, sold the cargo on May 18th at 33s 3d making a handsome profit. The purchaser at 33s Bd sold at 345, and a few days later the cargo was turned over ugain at 34s 3d. The fifth purchaser evidently thought the market had reached the maximum, but subsequent advices were received of the sale of a South Australian cargo at 85s 9d. The cargo of 12,111 quarters in the Clyde which left Freemantle on MayOtb, was sold at 81s 3d on April 26th, and resold a second time on May 24th at 355. The County of Cardigan left Melbourne on February IGth with 9267 quarters Victorian wheat, the cargo having been sold before the vessel left at 30s 3d. On May 10th, several days before the rise in America, the purchaser resold at 31s fid, reaping a profit of Is 3d. On May 23rd, some days after the rise in Chicago and London, the cargo was turned over at 84s, The Lyderhorn left Melbourne on February sth with over 23,000 quarters, and her cargo was sold on May 3rd at 31s 3d, and resold a fortnight later at 34s 3d. The Serena took 12,757 quarters Victorian wheat on February 3rd, and the cargo was sold on April 12th at 30s l|d; resold on April 26th at 80s on April 28th at 31s 3d, and on May 25th at 84s 3d. A speculator made £1751 on a South Australian cargo after holding for twelve days, and another made about £2500 on a Sydney cargo after holding for less than a month. These profits ware surpassed ' y that of another speculator, who sold 15,000 quarters of South Australian at a profit of 3s 9d per quarter. Farmers who sold their wheat early in the season at 2s 10£ d to 2s lid per bushel have been aggrieved at seeing prices go to 8s ll^d.