State Agricultural Society. 145 



England being met here by a fall in freights, which went to thirty- 

 seven shillings sixitcnce to the United Kingdom for iron ships, a rate 

 unprecedently low for this season of the year. When December came 

 and passed without rain, the market price began to be regulated by 

 the fears of the farmers regarding the next season, not by any present 

 or prospective demand from abroad; and up to the middle of Jan- 

 uary parties who wanted wheat were compelled to pay from two dol- 

 lars and thirty cents to two dollars and forty cents per one hundred 

 pounds. Then, however, a change set in. The rains which we had 

 expected in November commenced January eleventh, and continued 

 almost without interruption for five weeks. When they cleared 

 away, and it became possible to traverse the country (a large portion 

 of tiie State meantime having been completely submerged), all dan- 

 ger of a failure of the crops was removed, but the market was lost. 

 Plevna had fallen, and Turkey's means of resistance were at an end. 

 Wlicat in England had gone to fifty-two shillings per quarter, and 

 every railroad and steamer in the East was choked with grain hur- 

 ried forward to Liverpool. Wheat here, in February, sold for two 

 dollars and one dollar and ninety-five cents; in March, at one dollar 

 and ninety cents and one dollar and eighty-five cents; and no 

 improvement again took place until all the available surplus had 

 been shipped away, and the market was turned over wholly to the 

 millers. Even the prices named, however, could never have been 

 sustained, had not the freight market been reduced to an unprece- 

 dentedly low figure, and freiglits been put to a point that never had 

 been dreamed of in San Francisco before. First-class vessels con- 

 sented to accept twenty-seven shillings sixpence and thirty shillings 

 to Liverpool, and thirty-two shillings sixpence to the Channel for 

 orders; and it is a noteworthy fact that even at these extreme low 

 rates no money was made on the cargoes. 



The only other noticeable features of the wheat market during the 

 year were the shipment of a few cargoes of wheat and flour to the 

 west coast of South America, and a few to the Cape of Good Hope; 

 but these were ventures on the part of merchants there, and it is 

 questionable whether any of them left much profit. 



A great deal of dissatisfaction has arisen among our merchants 

 during the year, caused by the unusual number of arbitrations called 

 for on California cargoes arriving out, and the singular unanimity 

 with which alloAvances have been made against ship)pers. During 



East years it has not been unusual to ask reclamation against quality, 

 ut it never before reached the point it did last season, when in 

 some cases notice was given absolutely before the hatches had been 

 removed. Our exporters have been so annoyed by this system that 

 they have been forced to take steps to protect themselves, and it is to 

 be hoped that they will prove effective. 



The Oregon crop of eighteen hundred and seventy-six and eight- 

 een hundred and seventy-seven was 'oetter than an average one as 

 far as yield was concerned, but the (luality was hardly up to that of 

 previous years. Low steamer freights, brought about by opposition, 

 resulted in large shii)ments to this port; but in addition, seventy-two 

 vessels cleared from the Columbia River for European and oiner 

 ports, bearing away about one hundred and fifty thousand tons of 

 wheat. The new crop will be reaped in August, and jiromises to be 

 a good one in every respect, although of late some com[)laints have 

 been lieard of unseasonably hot weather. 

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