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BRITISH COMMERCIAL NEWS.
("From our own Correspondent. 1
London, Deaomber 21.
la all business circles just at present the
holiday season is promoting a quiet tone.
There is a general balancing up of accounts,
and estimates of the future are being for- ,
mulatod. There is no question that 1894 is
going out under more hopeful prospeots than
it opened. During its progress one important
subject of reaurring uneasiness—the Baring
liquidation—has been finally removed from
the scene, and from a financial point of view
there is now nothing looming on tne horizon
suggestive of uneasiness. The offeot of this has
been a marked restoration ofoonfidenoe, which
has been further confirmed by the more
oordial relations subsisting between this
country and Russia and the marked succsssof
the Russian loan. Our export business during
the past three months also has expanded,
particularly with America, thanks to the
rearrangement of the American tariff and the
reduction of some of the import dutieB, which
have enabled us to obtain a firmer footing in
the American markets, and at the same time
enoouraged the belief that 1895 will witness
further improvementin this respeot. It really
looks as though the period of gloom whioh
has more or less enveloped these islands,
as well, indeed, as other countries, is
about to be finally dispersed, and ;
that we are now about to experienoe an all
round development of oomnieroial aotivity.
Our manufacturers have the advantage of
cheap raw material, aDd the relations between
capital and labour are in the main amioable;
at least there is no serious dispute either m
progress or even pending. Food also is low
in value, and a oheap loaf is assured for the
winter, and at the same time some alight con
cession has been made to the farming interests
by a reoovery in the price of wheat, the
average of home-grown produce for last week
having been £1 Os. 7d. per qr. This, of
course, is still very low; but it exoeeds the
average marked in September and Ootober by
some Is. 6d. per qr., whilst it is now 3s. or 4s,
above the ruinous prices aooepted by needy
sellers shortly alter the harvest was secured.
It wilt be seen therefore that there is a con
junction of circumstances leading up to the
establishment ot a sounder state ot affaire
than hat been onjoyed for a considerable time
past; whilst if the Stook Exohange is to be
regarded as a pulse describing the true con
dition of things, there ie already a distioct
improvement, which promisee to be further
stimulated during the new year. At present,
however, this improvement is not reflected in
the money market, where business remains as
slack as ever, and no increase can be reported
in the supply of billB. The money market in
fact throughout the year has been one of the
most uaremuneratire departments, and even
now there is not muoh prospeot of it being
epeedily galvanized into aotivity, so great is
the plethora of unemployed capita), whilst it
is about to be yet further augmented by the
dividend distributions. But this, of course, is
another oirouinstanoe favourable to the de
velopment of bona-fide enterprise, and as
oapital is thereby absorbed so will this market
also be brought into a healthy oondition.
The graiu trade has been very quiet. The
former tendency has not been maintained,
and with business purely from hand-to-mouth
quotations have been rather disposed to favour
buyers. No actual movement can, however,
be reported. The quantity of wheat on
passage to the United Kingdom is estimated
at 2,748,000 qrs., against 2,022.000 qrs. last
week, and to the Oontinent 1,096,000 against
1,008,000 qrs, Acoording to some statistics
published by the Board of Agrioulture the
produolion of wheat in Great Britain
last harvest was 59,172,801 bushels
against 49,247,297 bushels in 1893, or
an average of 1,927,962 against
1,897,524 aoree, the yield per acre being
30'69 against 25'flu bushels. The total pro
duction of barley was 72,295,066 bushels
against 69,535,377 bushels, on an acreage of
2,095,771 against 2,057,097 acres, tho estimated
yield per aore being 34'50 against 28'69
bushels. Of oats the production was
135,462.921. against 112,887,879 bushels, on
an acreage of 8,253,401 agoinBt 3,171,756
acres, the yield per aore being 41'64 against
85°69 bushels.
There is nothing new as regards wool.
Business is on a limited soale, and prioes
remain about the same, but are still very low.
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