"At the present moment such commodities as sugar, wool, &c., stand out prominently as the greatest examples of 'bear' campaigns, with record low prices in consequence.

"With regard to wool, I can draw your Excellency's attention to the French Government Bill of 1900. I can also draw special attention to the 'international' petition to the German, French, and Belgian Governments, in 1895, on behalf of the German-Austrian-Russian and Swiss Union of

Woolspinners.

May I humbly submit, sir, that an international commission' of a similar nature of all countries interested in cane and beet sugars be appointed. Then, and only then, will the whole truth come out with evidence taken on oath.

"The result will be, that it would be proved that these 'international' systems are the direct cause of ruin, and, further, that the prices of all the leading world's commodities are solely governed by 'bear' and 'bull' gambling operations in fictitious' products, and not by the laws of the world's supply and demand.

แ I may add, sir, that I have had the honour of having had my writings and publications on this international' question forwarded to all Continental and other governments (your own included), besides visiting most of the leading capitals of such to advocate it.

"I shall be happy to supply further information on the question. And should you deem this short statement of sufficient importance to place before

the various delegates at your conference, I shall esteem it an honour on my behalf.

"I enclose you a list of my various publications since 1891 on this important subject for your perusal. I do so, as it will show you the deep interest I take in the enconomic questions at issue in connection with the ruin of the world's agriculture, trade, and finance.

(Signed) "CHARLES W. SMITH."

THE AMERICAN AND CANADIAN WHEAT "CORNERS" IN 1904 AND 1905.

THERE have been many corners" in wheat, maize, and other cereals in past years in the United States, both of a national and of an international character, but perhaps the wheat corners in 1904 and 1905 stand unparallelled for their audacity.

It was in November, 1903, that Armour and the "Elevator" interests commenced the "corner which collapsed in May, 1904. The price of wheat rose from 85 cents to 124 cents, and on the collapse of the corner the price declined to 89 cents, ending, as in the cotton and sugar corners, with a commercial and financial crisis, ruin to many speculators and others, and semi-panics on the American and English Stock Exchanges.

No sooner was this over than Armour and others again began to engineer further corners in wheat and in maize. The price of wheat, which then stood at 89 cents, ran up to 117 cents, and after the collapse, in February, 1905,' the price fell to 78 cents. The maize corner was effected by Bartlett, Frazier & Patten, who worked the famous "corner" in oats in 1902. In May they forced the price of maize up to nearly 3s. per bushel.

1 From this date up to March, 1906, the "world's" grain prices have been dominated by the "bears."

Now, to give an example of the dimensions of this latter wheat corner, it was stated that those who were engineering it held in Chicago twenty million bushels of fictitious wheat on "future" contracts, although the entire stock of contract wheat (that is, which is suitable for "tendering purposes) was below two million bushels, while the capitalists who were at the head of affairs comprised the Elevator interests, the Steel interests, and the Railway interests.

As stated, prices rose by leaps and bounds, and a battle royal took place between the "bulls and bears."

The whole struggle was in "future" contracts without any relation between supply and demand, and the most disgraceful manœuvres were employed on both sides to win.

The "bears," as usual, eventually won, and one of the greatest panics ever known took place in the grain exchanges, the financial results of which were even more serious, both in the United States and in Great Britain, than the collapse of the 1904 corner. Many influential men were ruined, and some of the most prominent in American banking circles were imprisoned for defalcations, committed in order to settle their "gambling" grain debts.

Now, these "corners were not of an "international" character, like the Leiter and other previous ones.

They were confined to the United States and to Canada. But their effect was, more or less, felt throughout Europe. For examples: in the

collapse of the 1905 "corner" English wheat fell in sympathy in one week 5s. a quarter, and during the 1904 "corner" English wheat advanced sympathetically several shillings.

The result, however, of both "corners disastrous to Great Britain.

was

They would have

been more so, had not other countries, like Russia, India, and River Plate districts, fortunately come to the rescue with increased exports.

But the direct effect of the "corners" was the unnaturally high prices ruling in the United States, which were 5s. to 7s. per quarter over the parity as ruling in England; Great Britain was deprived of supplies from its usual channels, and became practically dependent for its bread from the abovenamed three countries. Such a state of affairs was solely due to the gambling operations by "bulls and bears," as carried on on the produce exchanges in the United States in food stuffs. Operations, I may point out, which would never be tolerated even in Wall Street!!!

And this in time of peace! Let me ask my readers what would have been the position of Great Britain in time of war, should these "" corners have been of an "international " character, as they will be, and taking into consideration the basis of importing and exporting foreign foodstuffs and other raw materials as already explained-viz., on the basis of a "bear" sale in "options" or "futures," representing "fictitious" commodities?

Why, instead of thirteen millions of people