“ORANGE KING" AMBITION

Evening Star, Issue 20320, 31 October 1929, Page 7

“ORANGE KING" AMBITION

FAILS TO CORNER MARKET AUCTIONEERS REFUSE BIDS. A man's ambition to bo an " orange king ” and the tragic sequel has caused consternation on the Liverpool fruit market. One of the leading members in the fruit trade, and well known on the Liverpool Fruit Exchange, he made no secret of his desire _ to corner the orange market and within a fortnight bought at the Exchange_auctions 25,000 cases, equivalent to 8,750,000 oranges. This reckless buying raised the price of oranges by 10s a case 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 have been anticipated. “ It is all right,” the man airily exclaimed when tackled by friends regarding his extraordinary enterprise. Li have bought .live Lancashire cotton mills to warehouse the oranges, and I have ordered a fleet of motor lorries to carry them from the ships at Liverpool to these store places. In six weeks’ time the market will be bare, and I shall then unload ray 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 instruction, refused to take the bids. He demanded to know why, and was told that he must first comply with the conditions. A few hours later the "Orange King ” was removed to a well-known Lancashire institution. It is believed by the friends of the man, who is highly esteemed in the trade, that his mind was unbalanced throughout the whirlwind enterprise that paralysed the operations of Liverpool fruit merchants. So far as oranges are concerned, the lots which be bought have been resold at normal market rates, at a loss of more ■ than £IO,OOO.