154 WHEAT PRODUCTION IN NEW ZEALAND 
of the knowledge of the conditions of supply and 
demand, are operating to eliminate these admitted evils. 
The very magnitude of the transactions and the methods 
employed necessitate the most scrupulous honesty on 
the part of operators, not that these speculators are a 
class notorious for their probity. The speculator himself 
is a man of unusual qualities, for his real economic 
function is practically the manager and director of the 
world’s wheat movement. If, indeed, he be not a man 
eminently clear-headed and practical, with a vision as 
keen and penetrating as that of the prophets of old, he 
cannot continue long in his position of importance; for 
the stupendous undertakings which he often assumes 
are possible only with a boldness and a brilliancy of 
imagination possessed by few. 
Such a discussion may appear a digression from the 
real question at issue. We commenced with the intention 
of investigating the factors which determine the price 
of wheat. These were mainly two sets, those operating 
from the demand side and those from the supply. side. 
But it is not enough to consider the nature of these 
factors. The method of their operation must be con- 
sidered. The study of the way in which these sets of 
factors are brought together is of no less importance 
than the discussion of the factors themselves. Now, it 
is just here where the importance of speculation attracts 
attention, and it is obvious that, without a consideration 
of this subject, our discussion on the determination of 
the price of wheat would be quite incomplete. We are 
therefore justified in going into the study of the matter 
in detail. Moreover, the study is perhaps one of the 
most fascinating in modern economics, as well as one 
around which much controversy has raged, and is still 
carried on. 
