Chapter 521: Igniting the Crisis
After the Austrian Agricultural Economic Conference concluded, the Vienna Government announced to the public that it would replace part of its strategic grain reserves before the new grain harvest.
This happened almost every year. Usually, grain was bought when international prices were low and sold when prices soared.
This time was clearly an exception. Although no one knew how much grain the Vienna Government planned to release, it still triggered violent turmoil in the international grain market.
Compared to the beginning of the year, international grain prices had already fallen by nine percent. Now, affected by the Vienna Government's sell-off, grain prices suddenly plunged another four points.
The capitalists who had been propping up the market could no longer hold on. The Anglo-Russian deal had already cost them dearly, and now Austria had driven in another blade.
Fortunately, the Vienna Government had announced a replacement rather than a simple sell-off. Otherwise, the impact would have been even more severe.
At the London grain exchange, a middle-aged man dressed in fine clothes was, as usual, checking market prices.
The man's name was James. He was a small capitalist who owned a flour mill. Ever since the Anglo-Russian grain agreement had been signed, he had been in a panic.
Before Russia's cheap grain had even arrived, its quotas had been carved up by well-connected capitalists. By the time James reacted, it was already too late.
Of course, even if he had reacted sooner, it would have been useless. That juicy piece of meat was never something he was qualified to share. James had originally bought domestic wheat for processing, but that was no longer possible.
Domestic wheat was not nearly so cheap. If he tried to force down the purchase price, he would probably be beaten out