is crisis is near is shown by the recent bread riots. The
only hope of averting trouble is a change in the policy of the Italian
Government.

Many people in Europe are asking why the price of wheat continues to
advance, as there is apparently no reason, for the Spanish-American war
has created no increased demand, nor has it seriously interfered with
the shipment of grain. The increase in price is accounted for, by those
who are familiar with these subjects, on the ground that there seems to
be a general conspiracy to hold back supplies from Europe in the hope of
obtaining higher prices, and in consequence scarcity is created in
certain markets, thus causing the rise in price both there and
elsewhere, and with each rise in price comes additional reason for the
holding back of supplies on the part of the speculators who are
manipulating the market.

* * * * *

It is rather interesting to turn from the account of the riots in Italy
to a brief history of Joseph Leiter's famous wheat deal. This wheat
deal, which has just been closed, is the most remarkable that has ever
been known in the history of the grain markets. Leiter has not only made
himself rich, but has added to the wealth of the farmers in the West
enormously. Every effort on the part of other speculators to force
Leiter to the wall has been unsuccessful. Last fall when he was buying,
they turned over enormous quantities of wheat, but he seemed to have
untold millions at his command, for he met every offer with cash, and
demonstrated that he had more money if they could furnish more wheat:
the result was that wheat went up, up, up, until it reached nearly $2 a
bushel, and Leiter has made, it is estimated, over $4,000,000, or nearly
$500 _an hour_ since April of last year.

The account of the troubles in Italy, and the great prosperity resulting
from Leiter's success here, simply demonstrate what has been called
attention to before--that what affects one part of the world has its
influence upon the rest. A contribution from the prospered wheat farmers
(and Leiter) to the suffering poor in Italy would not be amiss under the
circumstances.

* * * * *

In our recent numbers we mentioned the trouble in the Sierra Leone
Protectorate. This trouble has been ascribed to the hut tax; this tax is
practically the only tax levied upon the natives, and it is for the
purpose of raising sufficient revenue to