GAMBLING IN METAL.

Taranaki Daily News, Volume L, Issue 324, 25 January 1908, Page 4

GAMBLING IN METAL.

(tumbling in metal is done by means of buying anil selling warrants, these being the notes for speeilied quantities of metal held in stock.

The basis of the gambling is that in many businesses it is often necessary to buy ahead large quantities of metal. When things are slack large stocks accumulate, while as soon as tilings become more brisk the metal is taken out of Ihe stores.

An immense amount of gambling is done in connection with "pig," as pigiron is popularly known. Warrants for pig are made out in units of 500 tons, and payment is made for the warrants once a month, Should a man really want jOO ton, of pig-iron he obtains a warrant which authorises him to take -«)0 tons out uf store, and he will lie required to pay f m - ihe metal within the mouth.

Supposing a man buys in the expectation that he will be able to sell the pigiron at a price higher than is ruling, he buys warrants according to his means, and he has a month for things to mature. Should the price of pig go up during the month he is able lo sell his Oiirgaiii to another man, and he pockets the diberenee, although he has never laid down any money in real coin.

should things g„ wrong with him, and I' 1 ' 11 ''--' go down, ti1,.,, he is obliged to I'ny the dillereiice between the price at which lie bought the pig and the price ;" wlueh he is able to sell it, and so be sustains a J oSri .

I lie Clasgow Warrant Market is the gieat centre for gambling ,',, j,j s> y erJ . eg lorlnnes arc made here, and corres"'"•l.ng tortunes are lost: the market >■ eu-r at the nu-rey of the lug gambler. '" '"ai'ket manipulator, a s l, e j, „,„,-,, euplicnusticallv termed