SPECULATION IN GREECE PURCHASE OF RACEHORSE

Otago Daily Times, Issue 18875, 30 May 1923, Page 7

SPECULATION IN GREECE

PURCHASE OF RACEHORSE

’ FALL IN THE POUND. ENORMOUS GAMBLING OPERATIONS. Press Association—By Telegraph—Copyright ATHENS, May 29. (Received May 29, at 5.5 p.m.) The whole economic life of Greece has been upset this week owing to the fall in the pound from 400 < drachma! to 250. Enormous gambling operations by a few speculators caused the fluctuations, which induced almost everyone in Greece to try the new form of gambling, which is done without cash oh the “bull” and “bear principle. The bears ultimately took control. Panic ensued, and enormous sums were lost. It is feared that the Government will be unable to collect the taxes which were imposed on the basis of 400 drachma! ,to the pound. The bankers agree that the economic value of the pound should be about 500 drachma!. Foreign residents now find that Greece is one of the most expensive instead of one of tlie cheapest countries to live in.—A. and N.Z. Cable.

A PECULIAR MISTAKE. Press Association—By Telegraph—Copyright LONDON, May 28. In reference to the objection which has been raised in racing circles to the Hypatia filly, Mr Wool ton states that at the auction sales he thought ho had bought number 12 on the catalogue, i Black Jester—Hvpatia filly, but he really bought number 13, a Black Jester—Palm Branch filly-. Ho entered his purchase as a Hypatia filly for several races, and ran her in that name at Epsom before winning at Gatwick. That night the purchaser of the real Hvpatia filly telephoned him that she had been shipped abroad. He immediately reported the facts to the racing authorities.—A. and N.Z, Cable.