Agitation Misfires

Not to Reason Why Nishtar STOCK markets are no longer bothered about Government permission to resume forward trading. They have found a way out. As is usual in such matters, the more speculative Dalai Street has given the lead with its ingenious 10- day settlement scheme. It should not be long before other markets fall in line. Under Bombay's scheme, one can buy or sell freely and delivery can be taken or given. All the outstanding business has to be squared up by the close of the settlement day; but if buyers and sellers can come to an understanding to keep their business alive, the market authorities are not to take any notice of it. One could say that this is no forward trading, it is pure gambling. But except for some respectability that goes with these words, there is perhaps very little to choose between gambling and speculation. It is amazing that the market authorities should have waited for more than 13 months and allowed their members to live on a starvation diet. Quite possibly' left to themselves, the market authorities would not have liked to resort to this not-so-desirable step. But they could not resist the mounting pressure from the stock exchange fraternity for resumption of forward trading. Having failed to persuade Government to lift the ban, the market authorities decided to go ahead on their own and relax the trading rules with a view to facilitate buying and selling for differences.