In refusing, year after year, to take the initiative. fact, it has never attempted any legislative measures. It has boycotted the question. What are Governments, Parliaments, and the Law Officers of the Crown for, except to introduce legislation in order to eradicate acknowledged national and other evils? "All are sent by the people with that express object. It is their paramount duty to attempt, at any rate, to grapple with this universal cause of ruin. If they do not do so, they are not doing their duty to the nation at large, whether it be applicable to Great Britain or to Egypt, and will be held responsible for the downfall of both. However, I live in hopes that the various 'international' Congresses sitting in 1905-viz.: The Cotton Congress, the Chambers of Commerce Congress, the Judicial Commission in Egypt, and above all, the Agricultural Congress at Rome, will amongst them be able to solve the supposed difficulty. "But, if it is not possible for these various Commissions, or for the legal adviser to the Egyptian Government, to solve it, and should your Lordship wish it, I am willing, under certain conditions, to supply, for the benefit of the subCommission in Egypt, a copy of the 'Heads' and 'Particulars' of my Anti-Future Bill, prepared some ten years ago, at the express wish of the Duke of Devonshire and other members of his Majesty's Government. "This Bill meets all the imaginary difficulties, and at the same time, causes no hindrance, either to legitimate speculation in the 'actual' products, whether on the spot or in 'future' or other papercontracts representing actual products, or to bonâ fide trade. On the other hand, its aim is to protect one and all; the proposed Bill being merely drawn up to prohibit the international 'bear' operator, and hence, the pure and simple gambling operations in fictitious' products, à la Leeman's British Financial Act of 1867, the French Government Financial Bill of February, 1904, and the proposed Belgian Financial Bill of 1905. "No wonder this international question is, at last, forcing its way to the front all over the world. For, during the past few years, we have witnessed an upheaval in trade, agriculture, and finance, as well as in the leading world's commodities, caused solely by these international 'bull and bear' systems: viz., in wheat, maize, flour, wool, sugar, cotton, pig-iron, copper, hops, tin, etc., and in no years have the ruinous results in the world in general been more apparent than in 1903-1905. "May what have been officially termed in Egypt my idealist views' be realised, in the common interests of that country, before it is too late and before a financial catastrophe actually happens! "I apologise for trespassing upon your Lordship's time, and can only trust that such absolute facts as I now briefly bring forward will have due consideration from your Lordship, as well as the authorities who rule Egypt. "P. S.-Since writing this letter, I notice The Times of the 29th inst., with reference to a proposal for a future' market in grain in Buenos Ayres, says: "Speculators abounding here in shoals are in favour of a local "future" market, and, given the gambling spirit which appears to be engendered by climatic or other influences, it is feared that "options" and sales in time-bargains will only foster a wild speculation, likely to be detrimental to the true agricultural interests. The reasons adduced for closing similar "future" markets in Berlin and Vienna will be here strengthened tenfold.' "I rejoice to see such sound views expressed. And, in my opinion, taking into consideration the Argentine Government's past actual and proposed laws, re the question of gambling in finance and in commodities, this Government will never sanction the proposal of the speculators. "For the memory of the 'Baring Collapse' in 1890, the direct outcome of gambling in the gold-paper currency on the Buenos Ayres Exchange, combined with similar gambling operations in silver in New York and in London, must be still green in its memory. "The former gamble terminated in the bankruptcy of the Argentine Government, while the combination of both gambles caused a world's financial and commercial panic. Surely such a state of universal ruin, which lasted up to 1894, ought to have been an everlasting object-lesson to the world in general, in connection with the result of the combination of financial and commercial gambling, through 'options and futures.' (Signed) CHARLES W. SMITH." Copy. "British Agency, Cairo, June 7th, 1905. "SIR, I am requested by Lord Cromer to acknowledge the receipt of your letter on the subject of gambling in futures,' which his Lordship has handed to Mr. McIlwraith, legal adviser to the Egyptian Government. (Signed) "M. de C. FINDLAY, "Councillor of Embassy. "To Charles W. Smith, Esq." I am aware that virtually the whole responsibility with regard to the question of gambling in "futures" in Egypt, rests with the legal adviser to the Egyptian Government, who also is the active British representative on the Commission; just as in a similar manner in Great Britain, the full responsibility, in connection with the same subject, lies with the heads of the Board of Trade and other public departments. Mr. McIlwraith is the adviser in Egypt, just as the heads of his Majesty's departments are the advisers to the British Government. Such a state of affairs is wrong, both in principle and in fact. THE INTERNATIONAL CONGRESS OF CHAMBERS OF COMMERCE AND OF COMMERCIAL AND INDUSTRIAL THE question of gambling in "options, futures, and warrants," has on several occasions been introduced at the annual meetings of the Associated Chambers of Commerce of the United Kingdom. The first occasion was in 1891, when a Bill was introduced into the House in connection with gambling in "warrants" of pig-iron. As I gave full particulars in my last book, I will not reiterate them here. Suffice it to say, the arguments used confirmed my views entirely, as to the universal ruin done to the British iron and other metal trades by such gambling operations. The second and third occasions on which this subject was introduced were in 1894 and in 1896, at the instigation of the writer, and they directly dealt with the international systems of "options and futures" and "commercial gambling" generally. It was supported by influential members, but the resolutions were negatived, chiefly owing to the opposition by Chambers of Commerce interested in the continuance of these systems. The fourth occasion happened in 1905, when it was introduced by Mr. W. T. Rowlett, late President of the Leicester Chamber of Commerce, and was |