ABSTRACT
Constant dealings in a particular article bring the market for it into a state of such high organisation that facilities for buying and selling become of themselves enlarged. The most highly-organised market in the world is the London Stock Exchange; after it, in England, come the Liverpool Cotton Market, those of pig iron in Glasgow and Middlesboro’, wool at Bradford, coffee at Mincing Lane, and so on, the article which is least susceptible of intrinsic variation in value being best adapted for general dealings. There is one section of the Stock Exchange where perfect freedom of contract has been impeded by legislative enactment. That Stock Exchange organisation throws open the door to a mischievous class of ignorant speculators cannot be denied. But there are markets where organisation is almost impossible, although it is sadly wanted. The money market is a conspicuous instance of the way in which the members of it keep apart, so far as free inter-communication is concerned.
