THE Wairarapa Age MORNING DAILY. TUESDAY, JUNE 11, 1907. THE HAGUE CONFERENCE.

Wairarapa Age, Volume XXX, Issue 8461, 11 June 1907, Page 4

THE Wairarapa Age MORNING DAILY. TUESDAY, JUNE 11, 1907. THE HAGUE CONFERENCE.

The programme which the Russian Government has . drawn up for the second Hague Conference contains so many questions of a highly controversial nature that the delegates will have, a heavy task before them. But most of Ithe great Powers in their reply to Russia's circular letter have reserved the right to withdraw from the discussion of any question th'atja, riot likely to lead to a practical, result and this reservation will greatly expedite the business of the Conference. The question of reduction oLarmaments will again occupy a prominent place when the delegates meet; but • international jealousies are so strong, and the conflict of interests so great, that no one entertains the faintest hope that,any unanimous decision will be arrived at on this important question. Germany has been from the very outset opposed to any such policy, and the recent inclusion of Spain in the "entente cordiale", between England and France has shattered her cherished hope of gaining a permanent foothold in Algeria, and rendered her hostility to the proposed reduction of armaments even more pronounced than before. So we may expect that Germany will go on building her Dreadnoughts, if with no definite aggressive plan, in the fervent hope that she will be in a position to avail herself of future international complications, ani so shape fcr harself new outlets for her incressing population,and increasing manufactures. But though the "disarmament- phantasy," as our German friends are pleased to term it, will quickly be disposed of, the programme contains many questions of an eminently practical nature which have come into notice since the first Conference. Some are questions which new inventions have brought for the first time under the notice of international jurists; others, questions on which the great Powers have as yet come to no definite agreement. The majority of points submitted for discussion arose during the progress of hostilities between Russia and Japan, and the solutionof each will have an important bearing oil all future warfare.

SPECULATING IN WHEAT. i The Melbourne Argus gives some interesting information about speculation in Australian wheat, in the ex- ] citement of the last few weeks. The _ speculators in London have reaped more benefit from the rise than the 1 Australian shippers, for out of forty i cargoes sold in London in one week : only nine were "first sales." For instance, the cargjp of the Criffel, which left Sydney on February 22nd with 9,531 quarters of wheat, had been turned over six times before she sighted England. The first sale was at 30s l£d before completion of loading. The purchaser resold on March 13th at *3os 7£d, a profit of 6d a quarter, andj the second purchaser turned it over to a third on April 27th, at 30s IOJd. The third purchaser, as a result of the rise in America, sold the cargo on May 18th at 33s 3d, making a handsome profit. The purchaser atj 33s 3d sold at 345, and ina few days later the cargo was turned over again at 34s 3d. The j fifth purchaser evidently thought the market had reached the maximum, but subsequently advices were received of the sale of a South Australian cargo at 35s 9d. The cargo of 12,111 quarters in the Clyde, which left Fremantle on May 9th, was sold at 31s 3d on April 26th, and resold a second time on May 24th at 355. The County of Cardigan left Melbourne on February 16th with 9,267 quarters of Victorian wheat, the cargo having been sold before the vessel left at 30s 3d. On May 10th, several days before the rise in America, the purchaser resold at 31s 6d, reaping a profit of Is 3d per quarter. On May 23rd, some days after the rise in Chicago and London, the cargo, was turned Jover at 345. The Lyderhorn left Melbourne on February sth, with over 20,000 quarters, and her cargo was sold on May 3rd at 3ls 3d and resold a fortnight later at 34s 3d. The Serena took 12,757 quarters of Victoria wheat on February 4th, and the cargo was sold on Ap£il 12th at 30s lid; resold on April 26th at 30s 10Jd,. on April 27th at 315.3d, and on May 25th at 34s 3d. A speculator made £1, 751 on a South Australian cargo after holding for twelve days, and another made about £2,500 on a Sydney cargo after holding for less than a month. These profits were surpassed by that of another speculator, who sold 15,000 quarters*, of South Australian at a profit of 3s 9d a quarter. Farmers who sold their ' wheat early in the season at 2s IOJd to 2s lid per bushel, have been fueling aggrieved at seeing prices go to 3s lljd.