The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1880-01-24
LONDON LETTER.
[ Regular Correspondent


accompanied by a little rain in the night ant
on Sunday. does not look like lasting long
as this morning is clear and bright, and We
may expect a renewal of frost if we do MOI
have the unsettled weather predicted in tel
egram from the United States, Autumn-sowr
grain has scarcely made Its appearance above
the SOIL and the cold has been In some meas
ure serviceable to farmers in checking the de
velopement of vermin, and improving the
condition of the homegrown wheat, which
has been freely thrashed to furnish growers
with the funds requisite at this season, but
unfortunately, with very poor results IN point
of Weld On the other hand roots have in
many places been seriously damaged, as the
snow has disappeared and exposed them to
the vigor of the temperature. Great destitu
ton prevails amongst the poorer classes, who
are suffering sadly from the privations en-
tailed by sickness and the want of employ
ment The past disastrous season has been
absolutely rulnous to the agricultural interests
indeed, it is hard to find parallel to 1879, a
which, having produced neither wheat, hops,
nor fruit left the country nearly drained OF
money and farmers prey to the most dismal
forebodngs. If brighter prospects do not
await them in the future, and abundant har-
vests in 1880 cure them of the heart sickness
of deferred hope by bringing back at any rate
some of the money which has been flowing so
freely into foreign pockets, emigration will be
the only alternative. The first six months of
the year were marked by great inactivity in
the grain trade, and comparatively slight flac-
tuations in the price of wheat; indeed it was
not until the end Of September that millers be-
gan to pay much attention to the reiterated as
surances of an unprecedently bad wheat crop
IN this country. While other grain-exporting
countries were but furnishing US with their
usual quota of supplies, America was shipping
enormous quantities, paralysing speculative
increasing their stocks. 1t was not until the
fact was we'll known that the wretched results
of the home crop would necessitate an impor-
taton of something like 100000 qrs. more
than Is required in ordinary seasons to meet
our requirements that anything like sub
stantial advance in values took place. but the
turning point once arrived at, the improve
ment was steady and lasting. Slight lnterme-
diate Quotations have occurred, but, speaking
roughly, the quotations today show an adj
vance of los. per or. IN the value of wheat
since the first symptom Of rise was dlscerna-
bic in September last. A combination of
strong capitalists are now practically in pos
session of the bulk of the American surplus,
and prices are being forced up on the other
side, not only without any corresponding adj
vance in this country, but with strange in
difference on the part of English buyers to so
important movement. At the present time
quotations are 3s. per ar. above the
level of wheat values IN London. No doubt a
good deal of uncertainty attaches to all specu-
atlve movements, and there are those who an
icipate speedy collapse in the one in ques-
ion but the fact cannot be overlooked that
he position of America is exceptionally strong,
md enables her to embark upon her present
venture with unusual chances of ultimate sue
,ess. Concerning the state of the trade during
he past week little can be said, as, from holt
lay reasons, business has been almost at a
stand still In few retail sales of wheat
which have taken place, previous prices have
oeen repeated, but as there has been more
maize offering both on the spot and near at
land the sellers have had to submit to areduc-
ion of fully Cd. per Or Oats have favored
buyers to a similar extent, while other feeding
tufts have ruled dull at nominally late rates.