The Wairarapa Daily. THURSDAY, OCTOBER 28, 1886. BULLING THE MARKET.

Wairarapa Daily Times, Volume VIII, Issue 2437, 28 October 1886, Page 2

The Wairarapa Daily. THURSDAY, OCTOBER 28, 1886. BULLING THE MARKET.

A OoitRKSPONDLNT of ft Napier piper recently accused some of the enterprising settlers of Pabintua of "bulling the market." This operation is usually associated with the stock markets of the world, but its guiding principle iB not unknown tven in up-country circles in New. Zealand. The term " bull" in the stock exchange is applied to those brokers who buy stock without having the intention or the ability to pay for them, and who are therefore obliged to soil again, either at a j profit or a loss, before the .time at which they have contracted to take it, We have plenty of instances in the Colony of 11 bulling the market." Mr Stark, for example,. uiudu a most successful debut ut« a bull when he disposed of bis celebrated battery site to the Government. The art of bulling the market has been, practised by all classes of society in this colony from' Cabinet Ministers down to humble but speculative op-couutry sut'.lens. Sir J. Vogel for example, indulged in a little "bulling" when he propounded his charaeteristic M leupsand bounds" programme. The'tips and downs which have been recorded in the value of the stock of some of our Colouial Companies prove conclusively that at some stage of their existence the market was bulled with their shares. Again when a private individual mauages to dispose ot land, which, perhaps, cost him live pounds au acre, at ten times its original value tho transaction is usually the result of "'bulling." It would from one point of view almost appear that bulling is a legitimate speculation and that the speculator who resorts to it is entitled to his profit when he happens to make it as a set off for the undoubted risk which he incurs. Tbe evil, effects on the community of the fictitious prices which are the action of bulling, are, however, painfully obvious. The fall in prices always follows the inflation and the higlier.tbe latter is tho lower is the fall. ■ If in Pahiatrtii, or other parts of the district,, values have been enhanced by "bulling the market" a|

time mHSt cofae when; the prices will recede, and, insteml .of ip|iresenting. morn than tjie bona fide value of the properly they,will l»y ilie inovitablo law of imtion represent h'S* The prospurity of n community cannot be established by." bulling" operations and every genuine seitW should discountenance, them.