The daily gazette., 1880-01-21
LONDON LETTER.
Regular Correspondent.

Regular Correspondent.
LONDON, England, Jan. o, 1880.
Consistent to the last In its disastrous
character, the old year pas ed away
amid Wild weather, and succession of
gaIes, which did much mischief to prop
erty, and In one instance were attend
by an appalling sacrifice Of human life.
Sad, indeed, In maay ways have been
the lessons this country has had TO learn
In 1870 for what with war, bad trade,
and worse harvests, few things, social or
agricultural, can be said TO have pros
pered in sooth. It has been a very Pan
dora's box OF evils, but, like it, they are
tain to believe In having hope at the
bottom. Certainly the past year takes
with IL few regrets, and If the horizon
does not seem altogether cloudless at
the present moment, it Is not unreason-
able to anticipate better tImes,as repe-
tition of the painful experiences of the
past twelve months can hardly be deem
cd probable. The start, it must be al
lowed, in agricultural affairs is In a
rather backward state. Frost set In
early, very shortly after the termination
of protracted harvest, and consequent
ly much land intended TO be sown with
wheat could not be planted. This was
especially the case in the midlands and
fen districts, and a report, recently Ire-
ceived from these localities, affirms that
only about ole-half of the intended
quantity of wheat has been sown. As,
however, the f.ost has entirely disap-
peared some, at any rate,of this leeway,
will he speedily made up. No opinion
can yet be hazarded as to the effect OF
the past severe weather upon the grow
ing wheat Ill this country, as the plant
lie only just beginning to appear ABOVE
| the surface, but IL may be remarked
that in France increased apprehensions
are felt ON this point. Roots have been
much injured by frost, and it will be a
difficult and expensive matter for stock
| owners TO tide over the winter as the
scanty store of fodder is rapidly dimin-
ishing. The damp weather at the be-
| ginning OF the week has rather deteriO-
rated the condition of fIe,hly-thrashed
grain, but the quantity offered for sale
at Mark Lane has been very small, and
prices have not undergone any quota
| BILE reduction. Last Mondays list OF
| arrivals into London showed only about
10000 qrs. of foreign wheat, but the
imports have materially increased since
then, last Fridays return giving 6S,240
qrs. Although not altogether untram-
meiled by holiday influences, the trade
has been affected but slightly by them
during the past week. aud the full rates
of last Monday have been obtainable.
Supply is for the moment, no doubt, in
excess of demand, and stocks are in
creasing. Holders, at the same time do
not seem inclined to press sales indeed
there appears TO be general inclination
to pause until the situation in America
has further developed, all eyes eagerly
watching for the success or collapse OF
th great speculation enterprise adoat
there. Nothing new can be recorded
with regard to this movement, stocks be-
ing strongly held by large capitalists and
able financiers, and prices ruling several
shillings per quarter above London
levels. According TO the latest postal
and telegraph adyices, the attitude of
America is confident and even defiant.
What the result will be time will show,
but cannot help considering the under
taking extremely hazardous, having re-
gard to the fact that the price Of wheat
IN this country is by no means unduly
low. With an abnormally depressed
level of value such as existed during the
first half of the past year, speculative
manipulations such as those In question
could hardly fail of success but having
a rise Of los. to 12s. per Or, the possibility
of "corner" is materially diminished.