PRICE OF WHEAT.

Rangitikei Advocate and Manawatu Argus, Volume XXXII, Issue 8835, 11 June 1907, Page 3

PRICE OF WHEAT.

It is nine years (says the Lyttelton Times) since wheat has been at so high a level as it is at present. In 1898 the New York millionaire, Leiter, took advantage of a temporary scarcity to attempt to corner the world’s wheat market. He failed, and lost several million dollars in the attempt, but temporarily caused panic prices to rule. In May of that year a Christchurch merchant sold his entire stock of wheat to a local miller at Ss per bushel. Many interesting stories are told of~that period. A Canterbury squatter, who was taking a trip Home, left Instructions with his agents not to sell hiss wheat, some 30,000 sacks, for less than 5s delivered at the station near his homestead. The agents received an offer of 5s 2d fiO.b., equivalent to 4s lid, but had no authority to accept, and subsequently the owner had to take less than 3s. At a sale in the Ashburton county a firm of auctioneers was bid 5s per bushel for a farmer’s line of wheat. The owner was present, and refused to let it go. After the sale, tho auctioneer, with some indignation, asked his client what he really expected to get for his wheat. “ Ten shillings,” was tho unblushing reply, from which it was evident that the machinations of the Leiter combine had impressed at least one New Zealand farmer. Another farmer was offered 4s 11-Jd for about t 20,00- bushels, but stood out for ss, and the deal was blocked by Id per bushel Later he sold at about 2s 6d.