the City Press, in December, writes, "that the Deputy Governor of the Bank of England suggests a conference of bankers, with a view of taking concerted action when circumstances of great difficulty arise, and that the present moment he considers opportune for the constitution of such a conference."

At about the same time, with the sole object of staving off a "financial collapse" in the United States, owing to money reaching the astounding height of 45 per cent., the capitalists of Wall Street are making desperate efforts to induce the Treasury to help them in their mad gambling operations and in their endeavours to bolster up the stock-markets with its reserve funds.

With such a state of rottenness in the world's great centres of finance, as London and New York,1 how, may I ask, can the "world's " finance be kept free from a continuance of such yearly upheavals; and how can a London Bankers' Conference do any real good when its basis is dishonest?

It is impossible, and the world must suffer in consequence. And the British Government will have to acknowledge, and so will the members of both Houses of Parliament, as well as the bankers of London, when it is too late, that the direct cause of Britain's economic downfall has arisen from these international gambling operations in trade and finance, and that they alone, by their "Policy of Drift," have been responsible.

Or, adopting the words of the British Government and Parliament in the eighteenth century, re the 1 See Appendix, Note 9.

"South Sea Bubble," every word and epithet of which is applicable in the twentieth century, not only to certain nations and to their governments, but also to the so-called "Napoleons of Finance," as well as to the iron, wheat, cotton, maize, copper, sugar, and other "Kings of Commerce," :

"We have made them kings, and they deal with everybody as such. . . . The nation which two years ago had possessed more weight and greater credit than any other in Europe, was reduced to its present distress by a few ciphering cits. . . . The people found out that they had been playing their solid gold against bits of paper,' which represented nothing, save the matchless impudence of financial projectors. . . . The nation is reduced to its present distress by such a species of men. Nothing can tend more to the establishment of public credit than preventing the infamous practice of stock-jobbing, Every day brought forth a new project, till all trade was suspended save this gambling in shares. . . . . . A train has been discovered of the deepest villainy and fraud that hell ever contrived to ruin a nation. . . . The directors are monsters of pride and covetousness, cannibals of 'Change Alley,' and traitors to their country."

.

While, with regard to the universal ruin caused by stock exchange (and the same holds good for produce-exchange) gambling, the words uttered are so appropriate to the past few years, concerning trade, industry, profits, and economy, besides confirming what I have already prognosticated years ago,

1 In 1906, these now include options, futures, and warrants.

of their certain demoralising and sad effects on the nation at large, applicable to honest capital and consequently to honest labour, that I am tempted to quote them, viz. :

"The project would only extend the practice of stock-jobbing, by diverting the genius of the nation from trade and industry, and exciting a contempt for slow profits and careful economy. . The result on all peoples was ruin . . . all men ran to sell that stock, as well as all others affiliated to it, and no one would buy, thousands became ruined bankrupts, while many a desolate home, many a broken heart, and many a suicide's grave only remained to mark the traces of the broken bubble."

Thus history will only be repeating itself once more. And the economic miseries of the world in the twentieth century as in the eighteenth will again be traceable, directly or indirectly, to the somewhat similarly unnatural causes, viz. :—

To the Combined International Gambling Conspiracies in Finance and in Trade.

1 During the past twelve months, some twenty suicides have taken place in Paris, London, New York, etc., due to "gambling" losses in finance and trade. The "liquidation" of these various men's gambling operations caused a state of panic-like demoralization throughout the "World's" Exchanges.

THE "WORLD'S" PRINCIPAL FINANCIAL COMMERCIAL PANICS FROM

AND

1866-1906 SUMMARISED.

In order further to prove my contention I summarise a few of the most important financial and commercial panics since 1866.

It will be proved that one and all have been due, directly or indirectly, to international conspiracies in trade and finance, through international financial or commercial gambling operations. Further, that the international "bear" operator eventually proved victorious, and that in almost every case he has been of the Hebrew race.

And, I may remark, if one and all of these panics had been investigated at the time by the various Governments interested, the revelations would have proved themselves equally interesting for future historians as the celebrated French " Dreyfus Scandal," while such investigation would have corroborated my arguments up to the hilt as to the causes for one and all.

1866. The financial panic in Great Britain. "The Overend, Gurney, & Co. Failure." The Bank of England suspended its Charter Act.-Caused principally by "bearing" and gambling operations in bank shares.

Result. The Government passed, in 1867,

Leeman's Act, Vict., cap. xxix. This Act prohibits "bear" operations, &c., and consists of three clauses. N.B. The goldbugs, having thus obtained legislation to protect their property (gold), set to work to introduce similar systems, by which they could dominate the prices of silver and all other commodities.

1878-79. The financial and commercial panic in Great Britain. "The City of Glasgow Bank Failure,” caused by "cornering" cotton in Liverpool, and by swindling paper-currencies in the shape of accommodation trade bills. The panic in cotton reacted upon the values of Manchester goods and yarns all over the world, and brought about the failures of numerous leading London, Manchester and Glasgow, &c., commercial houses interested. These, in their turn, brought down the banks and other financial institutions who had financed them.

N.B.-These systems were only introduced in cotton into Liverpool in 1876.

From 1876 to 1890 Lancashire had to contend with "nine cotton corners in Liverpool," engineered by Jewish houses, viz.: Morris Ranger, Benjamin Newgass, Streenstrand, Runge, and Wimpheimer. All these men were financed by Jewish and other leading English banking houses.

The result on the Lancashire cotton industry was disastrous. The nett losses to this trade and to Liverpool brokers and merchants ran into millions, while several hundreds of firms failed or were practically ruined.

The failure of Morris Ranger in 1883, when he