The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1870-07-09 00:00:00

THE HARVEST PROSPECTS.

Subjoined is a review of the state of the corn market
and the prospects of the harvest, sent to 7he Tiara
for publication by H. Kains-Jackson, €O, Mark-lane,
Loodon, under date, July 2:-

The enrrent transaction. In the corn trade, together with
anxiety as to the condition of the growing crops of the iTuited
K inidmu and France, have, during the last three weeks,
occasioned fluctuations and invoked a speculative spirit that
have quite changed the position of tbo grain trade, under
circunistances that make the present level of prices Miceitalu
and dangerous, since a temporary effect avenues to he ro-
gaided as a permanent Pen. me. While the great sourcesof
supply forward train fully to the extent expected and re-
quired, and while no serious misgivings COSt as to the 3 kid
of the coining foreign harvests, from which our next season's
supidies nmst Came, a sodden, casual, and DA extensive do-
m.,' by heart buyers has quite subverted the usually quiet
annimer bust, c-a arkdaue, Liverpool, and the East Comt
in abets, where wet kly increasing prices have stimulate
demand until those members of the corn trade who Cola-
mealy stand alo, f from in ieculative purchase, have joined
the movement, and the value of Kiddish wheat has risen to
&I. per qr., from 40s. Pd. in March, or about ten millions
sterling advanceon the year's consumption of wheat in this
ountry.

To indicate the extent of recent transaction. a reference to
the reported sales e fleeted in floating cargoes, on passege or
for shipmeut, shows a total of 45 cargoes of wheat, 174 of
main', and 54 of harley ; :.11t1 as most of thesa cargoes cannot
be expected to arrive until August and September, and being
purchased at rapidly advanced currencies, they infer value
mull rule high for some time to come, an opinion in direct
opposition to the action of millers and the basis id trade on
which Misers and sellers egreed in March ant April. What-
ever the influence, at work, they were strong emongh to raise
English red wheat to 54s ed. per qr. for eaport to Frame ;
Russia. wheat WAS held off emit at 401, Cauaillan sod
Ysellic wheat 52s , and English white qualities realised bi,.
per qr. ; the above quotations being exceeded tin special
occasion.. Next to wheat, oats were raised in price several
shillings, while maize, barley, and beans paid a lianthome
profit to importers and holders These direct charges tu
value, occurring at a time when our prospects of slimmer
supplies adequate to our wants were admittedly good, could
Lane but ones ffect, which In already noticeable, the return
of grain snips eatirnated on towline showing an Incite, not 123
vessels in one week, and a large portion of the additional tann-
er is made up of wheat cargoee; thetotal number on passage
15 544, bringing pro,&bly 1,5,0,000 qrs. of grain. In ordinary
years the Imports of July, August, and September are nearly
double those of the three previous months, and this season,
as we received lees than mud during April, May, and June,
we are Instilled In expecting future supplies will Int:realm in
their hid ratio—a calculation that any merchant of experience
would make as a matter of course. The late advances in price
hove, therefore, become a superstructure built entirely upon
, the dry character of the season in these islands, and asp,-
dally in France. The drought Is Tow broken, and the sound
of falling rain on the 16th and 17th of June was the first note
of the reaction in value which Is now in progrese, and which,
having reduced the price of wheat 35. to 4s per qr. from its
highest point. stems likely tome, id ter viewing I he cornfield. I
lan Kent, Essex, Suffolk, Norfolk, Cambrlelee. Lincoln, end I
other wheat- growing counties, to carry back the average I
price of British wheat from 50s. Si. to 45, per qr. as nippily I
an the ad vauce was gained. nor can I suppose this week's cur-
rencies for ether corn can be maintained under fallieg mar-
kets for wheat. Al present Importer, show a bold front in
Lice of the general decline in price report. d in London and
the provieces, a position they may well maintain while the
regale nearly clearly of cargoes, but no longer,
"Choosing the fortnight wheu the wheat has come into
bloom, I have inspected between the 16th of June and the fist
of July a wide area of the growing crops in several counties,
SIM speaking with the reserve of one who has not um all