145 



of many of Ibe exporters at this point ; but the rally of prices in 

 aatumn and the resumption of active movement have given satisfac- 

 tory results. Experience has shown an important fact that, in spite of 

 tlie abundance of the crops, prices fell only to a certain limit. The 

 London speculators hoped to purchase at their own prices, but wlien 

 the market t<mched 3Ss. per quarter there was a speedy reaction to 40.s-. 

 ikl The crops in the immediate vicinity of Odessa were, as last year, 

 total failures. 



Transactions in wool were about on the same scale as in 1S73. Pur- 

 chases of line wool in grease were made partly for France and partly 

 for Russia, at 8 to 9^ roubles per pond, (15^- to 18 cents per ])ound.) 

 French and Russian speculators declined to bid against agents of Aus- 

 trian factories for fine washed wools, at 24 to 27.^ roubles per^>o«f?, (46^ 

 to 53^ cents per pound.) ^ 



Other shipping points on the Black Sea have entered into competi- 

 tion with Odessa. Nicolaieff has extended its sphere of o])eratious, 

 and Sevastopol, profiting by its natural advantages for maritime enter- 

 prize, has also entered the lists. Konigsberg, in Prussia, by its railway 

 connections, has also trenched upon a portion of the field of production 

 hitherto marketed at Odessa. These, however, can but very little 

 affect the main sources of supply of the Odessa trade. It is expected 

 that the gigantic grain-producing interest of Russia will build up 

 numerous commercial centers and primary markets. But in order to 

 maintain her ancient prestige, Odessa must erect new buildings, 

 enlarge her accommodations, and reduce the cost of handling grain. 

 The railroad and navigation companies centering in the city are called 

 upon to reduce their charges of transportation to the lowest practicaide 

 limit. The controlling authorities of these lines are credited with too 

 much sagacity to kill the goose that lays their golden egg. 



Exchanges were less fluctuating than in 187o; the English jDound 

 sterling varied from 7.29 roubles to 7.15 roubles. In French exchanges 

 the rouble has varied from 3.46 francs to 3.52^ francs. This increasing 

 steadiness is hailed with especial satisfaction as foreshadowing a nor- 

 mal and permanent relation with foreign markets. The improved con- 

 dition of the imperial finances is shown by the reduced premium on 

 gold as compared with the Russian paper currency. This premium is 

 still too great. 



The following tables will give a summary of the transactions of the 

 last three vears: 



*A tchetvert is equal to 5.5205 bushels. 

 tA^ rouble varies, according to date of coinage, from 73 to 80 cents. 



;The prices are here stated bypouds; a poud is equal to 36.1050 pounds, and a tchetvert to abou< 

 9.o9 pouds. 



6 A 



