BALTIC, THE. A famous London Exchange ; a market for the purchase and sale of cereals. Its full name is The Baltic Mer cantile and Shipping Exchange. Shipowners and others interested in cargoes, as well as brokers, find it necessary to become mem bers of this institution.
Originally, when merchants trading with Baltic ports f ore gathered for business, they met at a London coffee house; the exact date as to when it was first used cannot be traced, but in a newspaper published in 1744 an advertisement was published stating that the Baltic Coffee House would be removed to Thread needle street. To-day the name "Baltic" is something of a mis nomer, for, although it is quite true that some of the business transacted on the Exchange is connected with produce from the countries surrounding the Baltic Sea, its members deal in com modities from every other part of the world. In the old days, the members of the Baltic Coffee House were limited to Soo; to-day the membership of The Baltic exceeds 2,500.
Large transactions in wheat, maize, barley and other products take place every day. Every transaction is by word of mouth; no written contracts or notes pass between the buyers or sellers, or brokers and sh;powners. Nevertheless, it is very seldom that any difficulties arise that cannot be adjusted, the contracts being completed on the return of the members to their offices.