Evidences of slovenly husbandry were frequently apparent, the grain plainly showing that the soil had been badly tilled and that the seed wheats were de generating. Farmers who fail to pay at tention to such matters cannot expect their produce to compete satisfactorily in this market. New Zealand shipments have generally come forward in good condition, the chief exception to the rule being those per City of Quebec, many of which were badly damaged by sea water. The wheats themselves, of great variety of type and class, were, on the whole, well grown, bright, plump, and healthy, com bining, in certain cases, both colour and strength. Perhaps the best of all have been ° the “ Talavera ” and “Red chaff Pearl,” and next to these “Hunter’s White.” These descriptions seem to thrive admirably in the soil and climate of New Zealand. In a few instances, however, we have detected some of the unfavorable symptoms noticed in the Adelaide wheats ; not many, but still sufficient to interfere with their sale. The market opened in January with 51s. as the top price of Australian, and 455. New Zealand. At that date heavy failures were occurring in California as the result of speculations in wheat cargoes,

and it was expected that many of those cargoes would be the subject of forced realisations. From January to July there were occasional alterations in value, but not on average more than 3s. per qr. In the latter month when it became apparent from the backward condition of the English crop that a poor harvest was in evitable, speculative purchases were made on a large scale for home consumption, and prices advanced 4s. to ss. per qr. There was scarcely any further variation until the end of August, when Australian and New Zealand wheats were both quoted at the same price-50s. per qr. After that date a series of further speculative trans actions led to an excited market, and these being supported by a strong trade demand, prices touched 635. Australian, and 61s. to 625. for New Zealand Those were the closing rates of the year on a quiet market. Grain was then being held in large quantity in the United States by a “ ring ” in New York, at prices which prevented its profitable shipment to this country. 