The Express.
London, England, 1852-08-17 00:00:00

REVIEW OF THE CORN TRADE.

[from the Mark Leer Erpreas.l
BRITISH.
We have had a week of considerable excitement
in the grain trade, and a farther rise has been established
in the value of wheat at all the reading provincial markets.
The original cause of advance was the discovery made two
or three weeks ago that the crop hail, in consequence of
" the excessive beat, ripened premature ly. This we coasider
is the blight so extensively prevalent. Be the cause what
it may, the effect will certainly be a much less satisfactory
yi, Id than was previously calculated on. The wet weather
experienced during the greater part of the week may per-
haps not he productive of much adolitiencl mischief, if the
remainder of the month should prove dry ; but the corn has
certainly been a good deal lodged and twisted by the rain
and a ind, and a return of wet might, therefore, prove rather
disastrous. It would be psi mature at present to pretend to
form anything like ads finite eats to of the probable result
of the harvest ; but that the wheat crop foil not pray: so fine
in quality or productive in quairrity as was expected a
few weeks ago ss certain. The probability is that a con-
siderable proportion will he curried au soft condition, and a
large quantity of old "heat for mixing is therefore likely to
be required. Opinions vary materially in regard to tlfe
quantity of last year's wheat remaining in the hands of the
growers; but that the stocks of foreign in the United King-
dom arc not by any means heavy iv certain. The proba-
bility is, therefore, that old wheat will, for some time, com-
mand relatively higher prices than new; and though fine
weather may cheek the upward movement, we question
whether good qualities will give way, even if no (scab cause
for uneasiness should hereafter arise in reference to the
harvest. Whether the rise will be long maintained will, of
course, depend in u great measure on the extent of the im-
portations from abroad. We believe that good stocks are
still heel in the Baltic, but holders on the other side will
not be slow to take advantage of our neceuitits; and in pro-
portion as it becomes evident that Great Ilritain will require
to import, so will prices rise abroad. Under the old sys•
tens this country was rarely without a considerable stock
of wheat in the bonded warehouses to meet any sudden
and unforeseen emergency like that with which we appear
to be at present threatened. The foreign merchants now
prefer to keep their property under their own care, and, as
fur as in practicable, what is imported is sold from on hoard
ship to go immediately into consumption ' • hence our large
granaries ere for the most part empty, :and it might not be
an easy matter to obtain prompt our phi's if they should be
really needed, except by paying high prices abroad.
Hitherto comparatively little speculation has taken place,
but the principal millers who had, during the tine
weather in July (under the impression that the harvest
would be abundant), worked their stocks up rattier closely,
have deemed it prudent to prepare themselves in some
measure for the altered prospects. 'flier° has, consequently,
been a good demand for wheat throughout the week ; and
the supplies brought forward by the growers having been
small, the article has risen 2s. to 3.., and in some eases 4s.
to .is., per qr. at the chief markets in the agricultural dis-
tricts. The rise has not been quite so great at the ports
where stocks of foreign arc held; but taking the kingdom
collectively, we may fairly estimate the improvement in
prices since last Monday at 2s. to 3s. per qe. Other
articles have participated in the upward movement, and
the idea of a very low range of prices appears to have been
quite abandoned.
We have endeavoured to obtain as accurate information
as possible respecting the state of the potato crop, and arc
sorry to say that the accounts become from day to day in-
creasingly unfavourable. In Ireland, es well as the
western and southern parts of England, the disease is
certainly more general than it has been for some years
past, and the disorder has, within the last eight or ten
days, shown itself Scotland. '1 he malady has no
doubt been augmented by the wet, and we fear the loss
will be very serious.
In most of the Scotch markets prices of wheat have ad-
vanced this week, though not in proportion to the rise
which has taken place in the south; and in Ireland quota-
tions of wheat, Indian corn, &c., have also risen more or
lees, notwithstanding the pressure of potatoes_ on the dif-
ferent markets, supplies of the article having been hur-
riedly brought forward, owing to the fear entertained that
the disease may extend to that portion of tho crop appa-
rently sound when dug.
We hare again to report a small supply of wheat coast-
wise into London, only 3,4d9 qrs. having come to hand
during the week. The quantity broutlit forward by land-
carriage samples, from the home counties has, meanwhile,
been trilling. On Wednesday the Essex and Kent stands
were completely bare, and there were hardly any offers
from the east coast. The morning being very wet, more
anxiety was manifested by the millers to buy, and previous
prices were exceeded by •Is. per qr. The continued rain
throughout Thursday, and the importact rise which took
place in consequence at some of the provincial markets, in-
duced sellers on Friday to insist on a further improvement,
and quotations were about 2s. per qr. higher et the close
than they were in the beginning of the week. The up-
ward movement in the value of foreign wheat has about
kept pace with the rise on English. The receipt, from
abroad have been moderate, only 6,387 qrs. having been re-
ported during the week ending this (Saturday) evening.
On Wednesday some rather extensive transactions took
place, and ls. per qr. more money was pretty readily made.
At that enhancement further sales might have been effected
on Friday, but the rates asked being at least Is. per qr.
higher than the previous market day, the millers refused to
continue their purchases. Prices must be regarded as
somewhat unsettled at present, and it is difficult to give ac-
curate quotations; for moderately good qualities of Baltic
red 434. to 4.55. per qr. has been lately asked, and corm-
spondine terms have been demanded tor other sorts. The
operations in floating cargoes of wheat have been a good
deal it teetered with by. the high pretensions of sellers.
Nearly all that have arrived off the coast have, however,
been placed at gradually advanced rates. Polish Odessa
red, which was obtainable last week at 35e. to 36e., has
since realised 375. 6d. to 38.., and on Friday 40s. per qr.,
cost, freight, and insurance, was asked. Ghirka has risen
to 411. per qr., and for other descriptioas equally high
terms have been asked. The sales of Baltic wheat free on
board have been comparatively unimportant, owing to the
high pretensions of salters.
Barley of home growth has come forward sparingly—in-
deed hardly a sample has appeared since last Monday ; in this
positieu of affairs little business has been done, and prices
have not varied. Foreign barley has been in rather im-
proved request, and the arrivals from abroad haying been
quite moderate, slightly improved rates have been realized.
The arrivals of oats from our own coast and Scotland have
been very small, and the supplies from Ireland and abroad
only moderate, of the latter the greater from
ArshangeL The principal dealers haws milws. dnrather
more disposition to add to their stocks, sad left had a fair
consumptive demand, the turn in pries ked boa=
in favour of the seller. On Wednesday a
was done at the extreme rates of the pr=g market
day, and subsequently buyers experienced considerable
diSeulty in securing fine fresh corn at former terms, but
no quotable advance could be established on Friday.
NODS have moved off in small quantities at much the
same prices as those current last Monday.
Peas haws been in rather improved request, and have
commanded quite as much money as previously.
In consequence of the pressure of potatoes on the Irish
markets Indian corn has been in bias request, and for some
days past comparatively few bargains have been cloud,
sellers having insisted on full terms, which purchasers have
been unwilling to give.