Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1888-02-15
FINANCIAL AND COMMERCIAL.

The New York Journal CT Commerce, in pub
fishing statistics of the foreign imports ant
exports of that city with comparative referen.
ces to the same at former dates. remarks
The one thing which is most needed to give
renewed prosperity to all material interests o
the country Is revival of the export-trade. te
bring 1t up to- the point reached several years
ago. The labor troubles and the increase o.
wages have done more to ipjure the laborine
| men in this regard than all other causes com.
| bined."
| The new year has been entered with increased
imports, much larger than they have been dur
Ing January of previous years since 1888. Re
duced exports and increased imports render
the condition of that feature of our trade not
as pleasant as it might be under reversed cir
| cumstances
| The expert demand for wheat appears to be
slowly improving. Shipments to foreign
countries from Atlantic and Pacific ports last
week were larger than they have been for the
same time during several past weeks Pertu-
gal and France taking large quantity of that
| which left New York during the week.
The cold weather in the West had some effect
| in Strengthening prices. but the most potent
influence leading in that direction arose from
the f1rmer demand and upward tendency in
the foreign markets.
Of the annual requirements of the United
Kingdom in wheat-hour and wheat estimated
by bushels of wheat, namely 2ll 62l ,9l5, about
100000 have been received To supply the
remainder for the yearending 3lst June about
la 600 000 will be required, of which there are
In the Kingdom of home production about a.
100000. leaving $4,000 600 bushels to be obtained
from foreign countries.
The visible supply of grain, as furnished by
the New York Produce Exchange on the 11th
instant. reports 40 2S7 ,6l7 bushels of wheat, q
decrease from the former week of 700, 029 BUSH
els. Corn incr eased 522,0S6 bushels, and oats
decreased 22l ,231 bushels in comparison with
the previous week.
A fair estimate of the situation makes it
conclusive that the importing countries of
bread stufs will want all that is not needed
for home use in the exporting countries. If
the English and French markets continue on
the line Of the rates cabled last week, ouoyancy
on this side of the Atlantic will be maintain
cd On this point, one of the best authorities,
In review Of the situation made up to the
close of January, referred to the course pur-
sued by spectators in making sudden changes
and holding to thereverse now in their policies
to their action in Deem ber and, continuing
remarked: 1--WE havenow entered the second
half of the crop-year when the shortage will
soon begin to be seen and felt, and there is
likely to be another change in speculative
sentiment as sudden and radical as the last
sometime before we reach another crop"
The neglect by the Government of the United
States to foster our shipping interests, and the
failure to stimulate foreign commerce is thus
referred to in Bradstreet's OF last week -
"Austria-Hungary has been exporting an
nually 10 the Braziis ria England by steam
from 500 900 to 900 COO barrels of -four while the
United States with abundance of flour for ex-
port. although tens of thousands of miles
nearer the Brazils than Austria Hungary, for
want of steamship facilities surrenders now a
large, and prospectively an immense, trade to
European competitors.
Whilst we are levying high protective duties
on foreign fabrics reaching our shores for the
purpose, 1t is said. of building up home indus
tries. we are taking no note of the process
going on in France, in Germany and other
countries in the heavy duties they are impos-
Ing on American breadstuffs. 1t was only
recently that we announced the new discrimi.
nations of Germany, amounting to prohibit
ton, made in retaliation Of our policy, and
now GENES Sweden with its new budget of
laws in levying an increased duty on bread
great North American nation should be a
maritime power. and able with its own ships,
manned by its own seamen, to carry its Inn
mense productions to all parts of the world.
We have repeatedly compiled information
concerning the corn-crop of the seven leading
States where the great supply is produced
The shoi tage there had great d cal TO do with
the advance in wheat. Comparisons of views
by we'll posted parties in Chicago en- the Ilth
instant, affirm hat the shortage of the crop in
Illinois. Kansas, Iowa and Nebraska alone
was o.400,o0O bushels less than the Govern
men estimate. Local capitalists have bought
on speculation, but are deferred from going
further only by the unprecedented high prices
largely above the average with wheat being
now five Fights. whereas less than one half is
the comparative normal value. Whilst this is
the case as viewed at Chicago, in the mean
time the vast interior west of that city is being
secured by purchasers for export and eastern
consumption. 1t is reported that one thou
sand carloads will be despatched from Omaha
for Liverpool via Baltimore.
The coffee and sugar markets are unsettled,
with variable speculative tone. The jobbers
in coffee maintain frmness, and the trusts
which rule sugar, manipulate the purchase of
raw sugars to suit their interest in toning the
markets for refined.