A WONDERFUL STROKE OF BUSINESS.

South Canterbury Times, Issue 2150, 10 February 1880, Page 3

A WONDERFUL STROKE OF BUSINESS.

A gentleman in Auckland (says the “Herald”) has received a letter from a relative in .’England giving an account of a clever and daring business stroke. TI ie writer who dates from Liverpool, says: —“ AVe have great excitement in the cotton market. A German .Jew, named Banger, bought, some months ago, all the cotton in (ho United States that was likely to reach this port in October. He then went about in Liverpool buying all (he cotton to arrive from the local brokers. They sell cotton that lias no existence if they think it a good speculation, trusting lo buy in a lower market, and so hundreds and thousands of bales arc sold daily that have no existence. Air .Banger bought from all who would sell, with the promise that I lie delivery would (alee 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. Air Ranger then called upon the brokers to fulfil their contract to him, failing which, lie would execute the penalty for non-delivery. They found that no one had cotton except Air Ranger, and they were obliged fo go to him to buy in order to sell to him again. The delivery under these contracts was to take place before noon on the 31st October. During (lie last days in October the excitement was terrific, and the Exchange on the last day of the mouth was a little Babel itself. A place about the size of the Albert Barrack Square was tilled 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 whirlpool of excitement Mr Banger is as calm ns Jupiter. He clears £150,000. He is a short, thickset man of 18, with a firm determined chin, not a happy face. He has the telegraph wire alongside his bed, from which he can send messages and news all over the world.”