62 



ton, it contributes its part to deprive the farmer of a 

 large sum annually on the several million tons of cereals 

 he produces for exportation . 



With the return of freights to customary figures the 

 difference will again be perceptible: the cheaper the 

 freight, the greater the loss. Let us glance at the statis- 

 tics of the freights ruling normally. 



FREIGHTS. 

 From Russia to England 2 



Spain to England . 

 Antwerp to England 

 Argentina to England ... 20 

 California to England ... 65 



- per quarter. 



- per quarter,. 



- per quarter, 

 per ton. 



- per ton. 



Our freights rise whenever our cereals begin to rnov. 

 The advance affects all branches of trade, and does not 

 have the compensation of bringing down the cost of freight 

 on goods loaded on the outward journey. Many vessels 

 come out in ballast, and many are despatched from ports 

 which have no trade with this country. The advance 

 is curiously reflected equally on the outward as on the 

 homeward journey, and extends more remarkably still 

 over all shipping alike, even that independent of gram 

 cargoes and not actively engaged along our trade routes. 

 Our disorganised manner of doing our business affects 

 half the globe, and upsets the freight market all over 

 the world. 



SPECULATION FACILITATED. 



From time immemorial, records of trade in grain show 

 that the trade in cereals is liable to be affected more 

 than any other by circumstances over which it has little 

 control, (chiefly adverse weather conditions) and that 

 it has always lent itself to speculation. Most of th 

 measures conceived with the object of restraining specula- 

 tion have failed in this object, though this has not prt- 

 vented the recognition that certain measures are admir- 

 ably adapted to minimise speculation. Among them 

 storage has, for ages, been a panacea against unrestricted 

 speculation which all nations have sought to suppress. 



Our cereal business, based on unstable conditions &> 

 begin with, makes calculations more than ever difficulty 

 and the hundred and one opportunities for gambling- 

 market prices, freights, etc. -directly invite speculation, 

 from which, needless to say, the farmer rarely benefits, 

 any more than the carpenter who makes a roulette table 

 benefits from the game. 



