Only Trade!

Manawatu Herald, 25 June 1892, Page 3

Only Trade!

In an interview with the represen tatative of the Press, Mr Nathan mentioned a striking example of how the American trusts rig the market to suit their own purposes, and pockets. There is in the United States a trust which controls the fibre market of the world. 3 his trust operates whereever fibre is produced. In puvsuance of their ends, they engaged all the ships going to the Phillipine Islands for manila hemp. They sent their vessels to manila, and kept them there for months. They refused to buy hemp except al their own prices and were so resolved to control the fibre market, that they paid no less than £40,000 for the demurrage on their ships in the Manila harbour. Meanwhile, the block on Manila hemp sent the prices up to an ab* normal figure. As no buyers but themselves were to the fore in the Phillipine Islands, they got the whole stock of hemp at their own rates. Hence, though they had paid £40,---000 in demurrage they were able to make a vary large profit. In order that our readers may understand the operation, it is, perhaps, necessary to explain that these trusts always sell for " forward delivery," the period extending from one to three months. If their supplies are not to hand, they simply pay the penalty for breach of contract, and if the supplies come to hand in time they sell them at their own rates. The operations are carried on on such a stupendous scale, that the loss of tens of thousand of pounds is a mere bagatelle.