Wheat is cheaper than for some time past, although it is to be remarked that the quality of British grain is much above that averaged during the "harvest year," 1881-2. To this may be traced the higher value of barley now than in either December, 1881, or June last. Unhappily the potato crop has not proved so large or so free from disease as that of last year, and the result is seen in the higher market value of potatoes at the present time. The fruit crops this year were sadly deficient. The colonial and produce markets now claim attention. Falling prices have undoubtedly been the rule in Mincing Lane, and a desponding tone has latterly prevailed. Sugar-the most important of these trades-is not so depressed as it was in that memorable month of June, 1879, has nevertheless fallen a good deal during 1882. The stock of imported eugar in first hands in this country just now is enormous, amounting to no less than 4,275,000 cwts., or to some three months' consumption, while supplies in prospect are large. Altogether, holders of sugar have suffered a good deal. Turning to tea, it may safely be said that Chinese teas have never been so low in price. Common Congou has been sold as low as 4d. a pound, and even the finer growths are depressed. Stocks are exceptionally large, amounting in bond to 110,750,000 lbs., or to 12,000,000 lbs. more than this time last year, and to 29,000,000 lbs. more than in November, 1880; and the great bulk of this increase represents China teas. Indian tea is also cheaper than it was during the first half of the year, but the consumption is large, and Ceylon growths are now beginning to attract attention. The important increase in the stock of coffee also explains the reason for the fall in prices recorded below. Indeed, it may be affirmed that coffee has never in modern times been so cheap as during the past six months. Costa Rica (good) Brazil (good first) : £ s. d. £ s. d. £ s. d. 5 2 6 4 1 0 4 15 0 £ s. d. £ s. 3 0 d. £ s. d. 320 4 10 0 3 2 0 3 11 0 2 15 0 5 5 0 5 1 0 540 6 5 0 5 7 0 5 7 6 In the less important branches of the produce markets the variations are as usual very irregular. It will be seen below that pepper and ginger are higher in price; tapioca, valencia raisins, and olive oil again lower. As regards rice, imports have been restricted, but prices are not higher, though the better qualities have met with a fair inquiry of late. cwt. lb. 1 7 6 1 7 6 0 16 0 0 15 6 0 14 9 Sago (pearl) .. cwt. 0 17 6 0 0 4 0 0 3 0 0 43 0 0 5 0 0 5200 54 0 0800 500 600 700 800 95 0 190 170 130 13 .. lb. 0 3 0 Ginger (Bengal) cwt. 2 1 0 017 0 16 9 1 2 6 1 3 3 1 5 9 189 Raisins (Valencia) cwt. 250 1 11 0 1 19 0 28 0 2 7 6 Finally, the markets for foreign products used in manufacture claim attention. For a long time cotton ruled dear, owing to the greatly diminished crop in America in 1881, and the cotton trade suffered in consequence. Indeed, the Lancashire industry has probably been one of the least profitable throughout the year. On the other hand, Australian merino wool has met with a good demand both from home and foreign buyers, to the exclusion of home-grown wools. The wool industries have varied much in the different branches, but as a whole have fared moderately well. The turn-over has been large, though competition has often cut down profits to a low point. Flax is again cheap,-cheaper indeed as regards some qualities than we can ever remember it. It is apparent from these remarks that the prices of commodities are at the present time exceptionally low, even though trade, measured by the quantities passing, is exceptionally brisk. THE FINANCES OF FRANCE. It cannot be denied that the French finances are at present in 1883, which is now under discussion, the expenditure is estimated at £121,000,000. Thus, since 1869 the ordinary outlay of the Government has almost doubled. But heavy although the demands of the State have been, the country has been well able to meet them. Not only has the ordinary revenue sufficed to cover all the regular expenses of the Administration, it has in addition to this left year by year large surpluses available for the reduction of the war taxation. Since 1877, for instance, taxes calculated to yield in the gross close upon £11,000,000 have been remitted or repealed, and it is obvious, therefore, that if the necessity arose France could provide for an expenditure considerably in excess even of the enormous total she is now called upon to defrav. There can be thus no possible question as to the essential soundness of her financial position, and if she is in difficulties at present, it is not because she is lacking in financial stability, but because her rulers have been presuming too much upon her undoubted solvency and fiscal elasticity. This over-confidence has led them to engage in vast schemes of public works, which are straining the credit of the State to a serious, although not as yet to a really dangerous degree. It will be recollected that after the war with Germany the French Government was authorised to spend several millions each year in the re-equipment of the army and the construction of new defensive works. The money for this purpose was to be obtained, not by taxation, but by borrowing, and it might have been thought that the knowledge that debt was being piled up in this way would have made Ministers very cautious as to how they further added to the State indebtedness. This, however, has not been its effect. Undeterred by the prospect of the large uncovered expenditure to which they were already committed, the Government embarked upon the great Freycenet scheme for the construction of a variety of public works. The total cost of this scheme was at first estimated at £280,000,000, but the estimates have since grown so rapidly that the ultimate cost is now set down at £360,000,000. The actual amount already expended, or to be expended before the close of the current year, is about £55,000,000, and during the ensuing year an additional sum of £19,300,000 is to be spent, while from 1884 onwards an annual outlay of about £20,000,000 is at present calculated upon. Now an expenditure of £20,000,000 a year upon railways, canals, harbours and roads is not of itself a very extravagant outlay. Last year, for instance, our railway companies alone |