The Express.
London, England, 1855-10-17 00:00:00

LONDON, WEDNESDAY, OCTOBER 17.

YiterizDAT the limes told the demonstrators in
Hyde-park, that " in all human probability, in a very
short time, the speculators will find that they cannot
maintain their prier, and the loaf will fall in value."
According to oar contemporary, therefore, the specu-
lators maintain the price of corn, and the dearness of
the loaftkpendson them. For the mobs who have already
shown no lively sensibility to the rights of others,
this is encouragement to hunt down the speculators
who, according to the Times, keep up the value of
the loaf. At the same time, this versatile
journal, which is all things to all men, says, "If the
pries of corn be dear, it is the result of natural causes,
and of the laws of supply and demand, and not of any
wicked statute." Which pentanes is to be believed P
Does the pries of oorn depend on natural causes, and
on the laws of supply and demand, or does it depend
on speculators P Apart from the inoossistencies of our
contemporary, the question be thus opens and *mettles
is of great public importance; and accordingly as the
vales of the loaf" at present is determined by the
laws of supply and demand or by the operations of
speculators, we may expect high prices till another 1
harvest, or low prices whenever the speculators
have burnt themselves out.

That the speculators do not maintain the valued
the loaf is correctly stated in another part of the
Names, es the fast is stated in our own sad other
journals. "In the corn market this morning (the
liliess says), omit* to percAems on French account,
there wu a rise of Is. from the rates of Mooday last."
And spin. several of thi provincial markets, we
stated, are reported higher, and the same is the ease
in France and at Amsterdam. In Paris the price of
flour has spin risen 21. during the peat week, the
top price being now 112 f., or 725. 10d. per 2801b5."
All that has nothing to do with speculation ; and
thus the hots stated by the name contradict both
the theory expressed in that journal, that specula-
tors maintain the prises, and the hope that they
will in all probability soon give way and the
people have • cheap loaf. We earnestly wish that
its fallacious statements were correct ; but duty
compels us to say that the laws of supply sad demand
—overruling speculators" designs and journalists' hopes
—indicate the continuance of the present price of the
loaf, if it do not rise still higher.
For a considerable period the high price in Francs
was ascribed to the drought, which impeded grind-
ing. Latterly ranch rain has fallen : the mills may
be at full work, end yet the pries of flour has again
rims If during the past week. There is a amidst-
able seareity in Franco. The deficiency of the har-
vest is estimated at the lowest at 7,000,000 hectolitres,
or nearly 20,000,000 bushels; sad this deficiency is
startling in • country which, even in 1884, sent
us
224,712 quarters of all kinds of grain;
is 1853, 714,242 quarters; in 1862, 745,182 ; and
is 1861, 1,691,377 parties. Instead of sending us
say this year, she is taking corn from us, and is
competing with us in third markets foe all that is
there to be sold. Whatever may ultimately be the
yield of our own harvest, so person suppose that it
will equal the harvest of 1854; and, great as that wee,
we imported, from the time it was gathered in to the
sad of August last, no less than 6,738,618 quar-
tets of all kinds of grain, of which upwards of
4,000,000 quarters were of wheat and wheat Soar. We
shall require, therefore, this year at least upwards of
4,000,000 quarters of wheat or wheat flow; and
though we shall so doubt get them, or get us such
as we west, we shall have to gather them from
various quarters. and it is therefore quite improbable,
whatever may be the effects of speculation, that the
laws of supply and demand should permit the "value
et the loaf to fall much before the next harvest.
With the produce of Russia almost shut out, with
as unfavourable harvest in Prussia, and increased
eonsureption, we have to look chiefly to the countries
oa the upper pert of the Mediterranean and the
United States for our supply. According to the
latest advice. from New York the pries el wheat for
export was 2 dollars per bushel, sag the height lila,
asking the price at Liverpool, iedepselest of ell
charges, not less than 72.. per leerier. That this
pries will be kept up we do not smell ; but both
English and French are buying at New York on
the.. terms and it is not very probable that they will
be much lower. We know that some men, well
acquainted with the corn trade, anticipate easier
terms; but we also know that there are
others, likewise well acquainted with the trade, who
have formed • very different opinion ; and, without
deciding between them, we can say, from much
•xperisnce,that to affirm that our present prices ere the
result of speculation, is to check imports, and ensure,
greatly to the public disadvantage, the continuance

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of LISA prises. It is better we should pay a little
more now, and so attract hither larger supplies, than
that we should allow our neighbour to draw to herself
the whole surplus of other countries, and find our-

selves, before the coming date next hinge., deficient
by a moth's or even a fortnight's supply of food.
To rim down bakers, millers, farmers, and eorn mer-
chants, as some vulgar journals, and the mobs they
incite, are in the habit of doing, deters them from
making doe exertions to supply the public cheaply,
sad is dangerous to the common weal. Speculators
are generally an who buy oorn when they think it
is lower in prim than the future wants of the cum•
inanity authorise ; and to decry them is to diminish
oar rosaries, and prepare the way for scarcity and
famine. Last year the Times pursued this souse,
and did, es every as familiar with the corn trade is
aware, a great deal of voidable?. Unless it be now
checked, it may repeat its error, and be the cause of
intestine suffering.

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WZMIIIALL, Oct. 11, 11166,—The Motu Hos. ski Lords
et the Committee et Fifty Owes/ 4 Trod. Ind Planta.
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