As I look back upon these days I can only marvel at the ingrained conservatism of the human mind. It is true that on the whole the public were at last beginning to understand the situation. They had grasped the fact that almost all the known regions of wheat-growing land had been attacked; and that a shortage was inevitable. But, none the less, in their inmost thoughts they still clung to the fixed idea that somewhere in the world there was bound to be a store of wheat—or if not wheat, then rice or some other edible grain—which would enable us to pass through the coming winter without undue restriction of our food supplies. It was perhaps a manifestation of that eternal optimism which is necessary if the race is to survive at all; or possibly it represented a trust in the Government’s capacity to arrange some means whereby supplies would be forthcoming in due course. Whatever its origin, it was among the most marked features of that strange time.
I remember that one of the side-issues of the disaster created at that stage far deeper impressions than the catastrophe itself. With the failure of the American supplies over a huge area, the Wheat Pit became convulsed with an outbreak of gambling such as had never been seen before. Chicago went crazy; and legitimate business gave place to a fury of speculation which grew ever more intense as the news came in of further extensions of the devastated areas. Before the Blight appeared in America, December wheat had been offered at 233¼; but in the earlier stages of the game of speculation it rushed up to 405: and before the end came it was dealt with at prices which were purely illusory, since they corresponded to nothing tangible in commodities. Thousands of bears were ruined in the preliminary moves; and in the end the whole machinery of the Pit was brought to a standstill owing to there being no sellers.
Of course that series of transactions had no real influence upon the course of events; but the public, both here and in America, failed to see this; and the bitterest feelings found vent concerning “gambling in the food of the people.” It is quite possible that the anger uselessly expended on this subject served to keep the public from concentrating their attention upon the real problem of the world shortage. Huge quantities of wheat were dealt with on paper; and the people, being unfamiliar with the methods of Chicago speculation, assumed that these enormous transactions actually represented the transfer of millions of bushels of real grain from seller to buyer. The sharp upward trend of flour and bread prices at home served to confirm their impression that the gambling in the Pit was responsible for their troubles; and Rodman’s attempt—which was practically successful—to corner wheat, led to violent criticism and even, at one time, to an effort to lynch him.
It was not only in the wheat market that this fever of speculation showed itself. Maize, oats, barley and cotton also became counters in the game and rose to incredible prices. Unknown men appeared in the world of finance and for days maintained their positions as controllers of the markets. Many of the great firms in America ventured their capital rashly and suffered disaster.
In its ultimate effects also, the gamble in foodstuffs exerted a profound influence on the stream of public opinion. The news of the speculations in Chicago, the descriptions of the turbulent scenes in the Wheat Pit, where at one time revolvers were fired by super-excited members, the tales of huge fortunes won and lost in a day, the deep undercurrent of resentment at this callous trading upon the world’s necessities, all tended in the end to bring into view the real state of the wheat question. And now the newspapers were printing the single word Famine as a headline; and the people were beginning to ask in ominous tones: “What is the Government doing?”
It was at this time that, to my profound surprise, I received a private letter from the Prime Minister requesting my attendance at a meeting which he had arranged.
V
Nordenholt
Probably with a view to avoiding the attention of the Press, the meeting was held elsewhere than at No. 10 Downing Street. I found myself in what looked like a Board meeting-room. A fire burned in the grate, for it was a chilly day. Down the centre of the room stretched a long table around which a number of men were sitting, some of whom were familiar as great figures in the industrial world. At the head of the table I recognised the Premier, flanked on either hand by a Cabinet Minister. A chair was vacant halfway up the table, opposite the fireplace; and I took it on a gesture from the Premier.
Almost at once, the Prime Minister rose to his feet. He looked worn and agitated; but even under the evidences of the strain he endeavoured to assume a cheerful and confident air. He was a man I had never trusted; and I now had my first opportunity of examining him at close quarters. In repose, his face fell into the heavy lines of the successful barrister; but when he became animated, a mechanical smile flitted across it which in some way displeased me more than the expression which it veiled. He seemed to me a typical example of the faux bonhomme. In politics he had gained a reputation for dilatory conduct combined with a mastery in the art of managing a majority; and his mind was saturated with the idea of Party advantage.
