A WONDERFUL STROKE OF BUSINESS.

Dunstan Times, Issue 930, 13 February 1880, Page 3

A WONDERFUL STROKE OF BUSINESS.

A gentleman in Auckland (says the Herald) had received a letter from a relative in England giving an account of a clever and daring business stroke. The writer, who dates from Liverpool, says : “ We have had excitement in the cotton market. A German Jew, called Ranger. bought, some months ago, all the cotton in the Tinted States that was likely to reach this port in October. Ho then went about in Liverpool, buying all the cotton to arrive from , the local brokers. They sell cotton that has no existence if they think it a good speculation, trusting to buy in a lower market, and so hundreds and thousands of bales are sold daily that have no existence. Mr Ranger nought from all who would sell, with the promise teat the delivery would take place in October. When October came, and the cargoes began to arrive from America, the brokers found that they could not make purchases, that the cargoes were disposed of, and were not for sale. Mr Ranger then called upon the brokers to fulfil their contract to him, failing which, he would execute the penalty for non-delivery They found that no one had cotton except Mr Ranger, and they were obliged to go to him to" buy in order to sell to him again The delivery under these contracts was to take place hefore on 31st October. Daring the lastflays in October the excitement was terrific, and the Exchange on the last day of the month was a little Balrel itself. A place about the size of the Albert Barrack Square was filled with a clamorous, excited multitude, shouting and hollowing at the top of their voices, just like the mob on the Derby Day, when the horses are first seen rounding Tattenham corner. In all this wliirlnool of excitement Vlr Ranger was ns calm as Jupiter. He clears Li51).000. He is a short, thickset man of 48. with a firm, determined chin, not a happy face. He has the telegraph wire alongside his bed, from which he can send messages and new* all over the world.”

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