The manager of one of the leading local flour mills who has just returned from a tour of the wheat-growing centres has reported that indications are that the wheat crop in China will be 20 per cent. under that of last year on account of the excessive amount of rain recently experienced. According to his statement last year's crop was only 80 per cent. of the normal, so that the prospects for the present season can be put down at only 60 per cent. if the present estimate is correct. In addition, the continuance of rain is likely to have an adverse effect on quality.
While the principal mills Shanghai last year exported about 100,000 tons of flour to Europe and Egypt, a different state of affairs is to be noted this season, as only small orders have so far_been received from London. Prices in China, it is reported, are about one-tenth higher chan those in Europe, and accordingly business has been S; extremely difficult. to fix.
It was thought that this week, owing to the amount of inquiry current, some business might have been put thfough, but the rise in exchange seems to have negatived these hopes.
Text read from the printed page and cleaned; old type leaves the occasional error.