"ORANGE KING" AMBITION

Evening Post, Volume CVIII, Issue 118, 14 November 1929, Page 22

"ORANGE KING" AMBITION

FAILS TO CORNER MARKET A man's ambition to be an "orange king" and the tragic sequel has caused consternation on the Liverpool fruit market, states au overseas paper. One of the leading members in the fruit trade, and well known ou tlio Liverpool Fruit Exchange, he mado 310 secret of his desire to corner the orange market, and within a fortnight i bought at the Exchange auctions 25,000 cases, equivalent to 8,750,000 oranges. This reckless buying raised the price t>f oranges by 10a a caso above the normal figure, and it was computed that the "Orange King" had bought at a price which brought the auctions £12,500 more' than could havo been anticipated, "It is all right," tho man airily exclaimed when tackled by friends regarding, his extraordinary enterprise. "I have bought five Lancashire cotton mills to warehouse the oranges, and t have ordered a fleet of motor lorries to carry them from the ships at Liverpool to these store places. >In ix weeks' time the market will be bare, and I shall ■ then unload. my oranges, and I shall make fabulous profits." At the end of a fortnight's frantic buying, the "Orange King" was interviewed by the brokers, with regard to settling - up, the credit period being on the point of expiring. There was a dramatic scene when the auctioneers, on instructions, refused to take the bids. He demanded to kn.ow why, and ' was told that he must first comply with the conditions.

A few hours later tho "Orange King", was jemoved to a well-known Lancashire institution. It is believed by the friends of the man, who i« highly esteemed in the trade, that hU mind was unbalanced throughout the whirlwind enterprise that paralysed the operations of Liverpool fruit merchants.

So far as oranges are concerned, the lots which he bought have been resold at normal market rates, at a loss of more than £10,000;