The Theory of Stock Exchange SpeculationCrump, Arthur
General
The Theory of Stock Exchange Speculation
Crump, Arthur
Speculation
Almost the only nation that has suffered from the worst kind
of bread famine of late years, has been one altogether outside the pale
of civilization. At the period referred to, the telegraph was only seen
in Persia, because it was necessary to use the territory for putting
up telegraph-poles to carry a through wire to India. As we write, there
is not a steam-whistle to be heard in that country, which is somewhat
astonishing, considering that it is so near to us and that it is twice as
big as France; although it must be said, in justice to His Majesty the
Shah, that he has already seen the benefits to be derived from coming
out of his dominions himself, and by letting civilizers in, with _carte
blanche_ powers, to transform his dominions from a condition, as regards
production, which may well shame the representative of an ancient line
of kings. With the exception of countries situated as Persia is, with
reference to obtaining supplies from other nations, no considerable
centre of population need suffer from bread famine in our time, unless
under circumstances which no human foresight can prevent. This very
important fact was recognized when the first great foreign railway loans
were offered for subscription in England. It was seen that by enabling
Russia to make railways from the great corn-growing districts of her
Baltic provinces to ports to which vessels could gain access during the
winter, we should, in case of need, be able to supply ourselves from this
source. We have not yet had special occasion to prove the inestimable
value of those lines of railway, but one thing is quite certain that,
whatever some authorities may say as to the impolicy of lending largely
to foreign powers to assist them in constructing strategic railways, for
reasons beyond the one given, England never made a better business than
by lending Russia some of her surplus capital. Whether or not we have
now lent sufficient is another matter.
A hunger crisis arises from a scarcity of bread, and a monetary crisis
from a scarcity of money, or what represents it perhaps too largely at
some centres, credit. There are stores of corn kept in larger or smaller
quantities by all civilized nations, and famines have arisen in former
times, not only from the absence of sufficiently rapid communication
making the surplus supply of one centre available for the deficiency of
another, but from the failure of production. It is tolerably certain,
however, that at all times while human beings have existed there has
always been enough food grown for every living creature, if it could have
been distributed according to the varying wants of different populations.
Now that this can be effectually done, famines are unknown except in
lands whose people are such lie-a-bed tories that they prefer to sit in
the sackcloth and ashes of barbarism and want, to humanising the body and
soul by the regenerating influence of modern civilization.
Public-domain text, read in full here on John Shaqi.
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