METHODS OF METAL EXCHANGE
NOT GAMBLING”
'.By Electric Telegraph.—Copyright.) (Australian it N.Z. Cable Association.)
LONDON, July 13,
The methods of the Metal Exchange were considered by Mr Justice Shear man in a case in which the defendants raised the point as to whether certain dealings were really only gambling transactions.
It was stated that small numbers of members, accompanied by clerks, assembled in a room arranged like a prize, ring. Dealings in each metal lasted ten minutes. Someone shouted "1 11 sell so and so.” and someone accepted. A clerk's record constituted a contract. There were eight rings for four metals. Members onlv dealt in “defferenees.”
Mr Justic Shearman gave judgment that the Metal Exchange was not a collect ion of bookmakers gambling, but a market where enforceable contracts were entered into, tlrougli from the outset both parties contemplated there would he no actual deliveries of metal.
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Nelson Evening Mail, Volume LVI, 15 July 1925, Page 5
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147METHODS OF METAL EXCHANGE Nelson Evening Mail, Volume LVI, 15 July 1925, Page 5
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