SUDDEN SLUMP

Waihi Daily Telegraph, Volume XXXVI, Issue 9061, 20 April 1937, Page 3

SUDDEN SLUMP

FORTUNES VANISH IN WHEAT SPECULATION SECRETS LEAK OUT Australian and N.Z. Cable LQNDON, April IS. Fortunes made by wheat speculators at Liverpool vanished in a sudden slump, says the "Sunday Dispatch," recording a decrease of Is per centum on the Liverpool. Cr.rn Exchange within 24 hours. "The People" says that secrets are beginning to leak out, showing the hoisting of prices in the past six months to have been one of the biggest "ramps" ever precipitated. Prices were forced up on rumours of a coming wheat famine and now crop reports show that American and Australian harvest's are likely to be 1,000,000 bushels better than last year. .•,'■, The weekly trade summary states that the terrific hammering of markets, which has endured for mora than a week, culminated in a rout in commodities, rubber alone holding its ground. \ The world's grain markets experienced the worst day for years and were subject to a terrific flood of selling on Friday. Copper fell on the same day five guineas, the severest break in memory. The metal exchange and other base metals were weak.