The opinion expressed in leading P commercial circles in Britain. ree cently that the bottom of the trade depression had not yet been reached cerns to be borne out by the further drop in American shares which shown in today's news. Nor i this, seemingly, the end, for ad-ices received here yesterday. sug.
ted that news of lower values Will be received to-day. In this connection attention may be drawn to a telegram appearing yesterday which it was suggested that in spite of the drought the American wheat crop would be larger than Jast year, and this. requires some explanation, "The wheat district in the United States is largely west of the ippiy and so may not be essentially affected by the drought, but there is a large cultural" area, given grazing and so forth, which undoubtedly is, chasing power of this belt 4 ously reduced. This has already had a strongly depressing effect on certain classes of shares. Curious-enough these were just about reaching their peak a year ago,
Text read from the printed page and cleaned; old type leaves the occasional error.