[TO TER EDITOR Or TER "SPECTATOR."]
SIR,—There is an aspect of the transactions in the Marconi gamble which thus far appears to have escaped public notice. Purchases on the Stock Exchange are of two classes : (a) investment, (b) speculation. It has been stated, and it appears perfectly clear, that the English Marconi Company could influence but slightly the earning power, and consequent investment value, of the American Marconi Company; also that, from an investment point of view, there was a com- paratively small relationship between the two companies. When, however, we look at the influence of the English company upon the American company from the point of view of speculative value, the case is absolutely different. There would have been the very slenderest possibilities of a huge gamble in the English Marconi Company's shares but for the English Government contract! There would have been still less possibility of a "boom" on the London Stock Exchange in American Marconi shares but for the gigantic gamble in the English (Shares. A gambler, therefore, in American Marconi shares depended chiefly for his hope and any chance of gain on the successful gamble—due to the prestige of the Government contract—in the English shares. With the Government contract made public, a gambler might just as well purchase the American shares as the English shares.—* I am, Sir, &c., A MEMBER OF THE LONDON STOCK EXCHANOK.
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