Chapter 688: Sugar Franc is on the line
All sugar merchants, even speculators who had not done sugar business before, immediately swarmed in like sharks smelling the smell of blood.
Soon, the first contract was placed on the three-person-high wooden sign on the west side of the exchange hall by an exchange employee.
That was the bill for sucrose due in a month's time, priced at 1 franc 8 sous per pound.
According to the regulations of the exchange, the "trading unit" of sucrose is 10,000 pounds. In other words, this contract means that the buyer can get 10,000 pounds of spot sugar at a price of 18,000 francs one month later.
Since the Dutch started futures trading a long time ago to sell tulips, there were many small-scale futures markets in the UK and the Netherlands, so people are still very familiar with futures trading.
As a result, all the businessmen present immediately widened their eyes.
After the French currency reform, 1 franc was equal to 10 sous. Therefore, the price of 1 franc and 8 sous has increased by nearly 30% compared with the current cane sugar market!
However, immediately a middle-aged man with small eyes wearing a felt hat walked to the trading counter, pointed at the contract of 1 franc and 8 sous, and expressed in unfamiliar French that he wanted to buy it.
The surrounding crowd immediately exclaimed:
"This price is a joke!"
"Is he crazy? In the past six months, sucrose has increased by 40%. He thinks it will increase by 28% in one month?!"
"Oh, this poor guy, he will lose all his money..."
Then, the second contract was hung up.
Before the small-eyed man could propose a deal, the old man who had been waiting at the counter next to him quickly ate it.
The third one hangs out.
Been eaten instantly.
The fourth one, eat it in seconds.
The fifth one, eat it instantly...
The merchants in the hall began to be shocked.
Doesn’t the 28% premium mean you can’t grab any sugar?
Finally, the small-eyed middle-aged man desperately grabbed the eighth contract. The contract price has risen to 1 franc, 8 sours and 1 deni.
He put away the contract with satisfaction and squeezed out of the crowd.
A young man with blue eyes and a broad nose hurriedly came over, bowed to him, and said in Dutch:
"Mr. van Schijk, I haven't seen you for a long time. You are here too. Paris? ”
Vanshayck returned the favor with a smile:
"Nice to meet you, Mr. Weigel. This is the future of all sugar merchants, so of course I want to come."
Weiger glanced at The contract that was newly listed and was canceled instantly came closer. Whispered:
"To be honest, I think the price is too high. Why do you..."
Vanshayk hesitated for a moment, pulled him behind the stone pillar in the hall, and used A lower voice said:
"The plantations in the Caribbean have been destroyed. It's hard to buy sugar from other places except here."
Weigl shook his head and said:
"The production in the Caribbean is just reduced. , It shouldn’t be that serious, right?”
Vanshayk looked around and said:
“You probably don’t know the content of the order report from the London Company last week, right?”< br>
The London Company was the British company responsible for Caribbean trade.
Every year before sugarcane matures, trading companies will go to the production area to survey the market and determine the purchase price. And this information cannot be hidden from people with channels.
“I really haven’t heard of this.”
“I can tell you that it was only 35% of last year’s purchase volume. And most plantation owners said they may not be able to deliver.” Weige Er's expression suddenly changed.
He did not expect that the sugar cane harvest situation was so serious.
"What about the situation in Egypt?"
"It is said that they were all ordered in advance by a mysterious buyer at a high price."
Weiger was shocked: "Also In other words, we can only buy beet sugar from France in the future!”
The matter of French beet sugar has been widely publicized a few months ago. After all, it is going to be sold on a large scale and it is impossible to hide it. source.
Van Schyck spread his hands: "That's probably the case. If I weren't short of funds, I would definitely buy more contracts today. I estimate that sucrose will rise to 2 francs per pound in a month."
Weigel hurriedly looked up at the board displaying the contracts and saw that the price of the latest contract had risen to 1 franc, 8 sous and 2 denier.
It turns out that I thought others were taking advantage of me, but in fact, others laughed at me and didn’t even know how to pick up the money!
He hurriedly said goodbye to Van Schijk and squeezed towards the trading desk.
The trading floor soon became like a battlefield, with shouts and curses, and some even started fighting over orders.
Weigel's clothes were torn and he was punched in the face, but he finally got a contract.
He excitedly put the contract on his body and was about to continue grabbing it when he suddenly heard someone shouting from behind:
"Latest news! The Dutch government announced that it has officially recognized Saint-Domingue The Republic!”
The crowd was quiet for a moment, and the next moment, they rushed to the trading counter in an even more crazy manner. No one even looked at the price. If you have an order, buy it!
Obviously, the Santo Domingo Assembly should have implemented a sugar cane ban. Only countries that recognize its government can buy sugar cane.
In order to buy sugar, the Dutch government directly bowed to the black rebels!
In fact, for the Netherlands, Saint-Domingue is a French colony, and recognizing its independence means recognizing it. After all, the relationship between France and the Netherlands is average now, and the French expeditionary force has lost twice there.
But right now, the British army is fighting with the black government there. What the Netherlands did was equivalent to selling off its British allies.
But now whoever can buy cane sugar can make huge profits.
So I can’t care about allies or anything for the time being.
A new contract was put out, and the price was already 2 francs per pound!
Almost at the same time, several counters on the west side of the exchange were crushed. The traders sitting behind were injured and let out heart-piercing screams...
"Trading Was there bloodshed? 27 people were seriously injured?" Before Joseph returned to the Palace of Versailles, he received a report from the police chief Besançon on the carriage.
The latter nodded nervously: "Yes, Your Highness, there are more than 60 people with minor injuries. They were all handled improperly by subordinates..."
After asking about the specific situation, Joseph just said He simply scolded him and asked him to deal with the aftermath with the exchange people as soon as possible. After all, he had seen before that the exchange's police force was not weak.
When Besançon left, Joseph narrowed his eyes and said to himself:
"I didn't expect the Dutch to be so greedy. I didn't recognize the black government, so I let them take the lead.
< br>“But that’s okay, because with this commotion, sucrose will become even more popular.
“Let’s implement that plan in advance.”
The next day.
The Paris agricultural futures exchange has reopened after suspending trading due to a gang fight.
As soon as the crowd poured into the hall, they first saw that the number of police officers had more than doubled, and then they saw the exchange manager standing on the newly repaired counter and loudly said:
" From now on, in order to facilitate settlement, those who purchase contracts in francs will have priority in trading!”
People were stunned.
Judging from the current popularity of transactions, what other priority transactions are there?
It is simply impossible for someone without priority to buy a contract!
(End of this chapter)