MINCING LANE CRASH

Evening Post, Volume CXIX, Issue 35, 11 February 1935, Page 12

MINCING LANE CRASH

PEPPER, METALS, RUBBER

REACTIONS ON MARKETS

ißy Telegraph.- -I'ress Assn.—Copyright.) (Received February 11, 9 a.m.). ; LONDON, February 10. The "Daily Telegraph's" Financial Kditor states , that following the petition against James and Shakespeare arrangements are being made to take over their open position in metals. The amount involved is 1000 tons of copper and 1435 tons .of. tin. - ' ■->. ; ■•.-;■... These commitments have passed into strong hands, and the price of copper consequently rose 3s 9d peiv ton and-was firmer on 'Friday. -.'' , • The cash price of tin rose 3a 9d per ton, but forward fell by Gs 3d, owing to the abnormal technical position. ,''The Observer" today reports that theY attempt to corner white pepper, -collapsed largely because it was •:.• engineered by outsiders speculating in that commodity, upon which they were insufficiently informed. It was apparently not realised that if the difference in prices of black and white pepper : were pronounced enough, it would be -profitable>to convert black pepper to white. The problem today is the orderly marketing of four years' normal supply of pepper now accumulated in London. J. F. Adair and Co., rubber brokers, were "posted" on Saturday. ■ ;. They! were, not connected' with, Vthe pepper pool, and. acted in good faith as brokers and agents. '.'.-. I ■ The rubber market on Saturday was riot affected by this .incident, and closed firm. " . ; '''..'".