The Express.
London, England, 1851-07-15 00:00:00

REVIEW OF THE BRITISH CORN TRADE

DURING THE PAST WEEK.

(Prom Me Mad•ivar Erpress.)

The weather has not been so favourable for the
Wheat plant since the commencement of the present month

as it was the latter part of June. For POMC dap past the
temperature has been low, and on the night of the 4th inst.
the thermometer fell below freezing point. It cannot at
present be ascertained whether tiny evil will result from
so unseasonable a visitation, but the effect has certainly
been to inspire holders with somewhat more confidence,
though not to an extent to check the downward move
ment in prices, a further decline having taken place at
several of the leading provincial markets. The reports
from the agricultural districts arc still, on the whole, of
a satisfactory nature, but the crops are certainly not
forward fur the time of year; and the occurrence of
anything calculated to retard harvest is, under existing
circumstances, a sufficient cause to give rise to some de-
gree of uneasiness. The belief that the stocks of home-
grown wheat are smaller than usual is almost universal,
and that scarcely any other kind of grain is held by
farmers is nearly certain. This state of things may nut
be felt if nothing should arise to lead to alarm in regard to
the probable result of the harvest ; but unpropitious, or even
doubtful weather, would be very likely to cause holders of
foreign corn to raise their pretensions; and the future range
of prices must, therefore, in our opinion, be entirely go-
'creed by atmospherical influences. The foreign supplies
have hitherto been more than sufficient to compensate fur
the shortness of the home deliveries, and we feel satisfied
that considerable importations will yet take place during
the summer and autumn, which will prevent anything like
scarcity being felt, provided the crops progress favourably
towards maturity but a late or deficient harvest might
Cause a very different state of affairs, as the mere chance of
such a contingency would he sure to lead to a untold rise
all over the continent of Europe. At present, however,
there appears little disposition to enter into speculative in-
vestments in grain; which can ssarcely be wondered at,
when we consider the almost universally unfavourable re-
sults which have attended the previous purchases made
abroad on British account since the commencement of free
trade, foreign merchants having throughout asked prices
too high to leave any margin for profit, ies that the slightest
decline in our quotations involved those bold enough to buy
on the continent in losses. The effect of the dull reports
from Mark-lane of Monday last, has to a certain extent
been couuturacted by the wet and rather cold weather since
experienced; and the reduction in wheat has not been so
great at the leading provincial as in the metropolitan
market.

At the northern and midland markets the trade on the
whole became rather firmer towards the close than it was
in the commencement of the week, which is, however,

easily accounted for by the showery cold weather which has
prevailed for some days past.
At most of the markets in the agricultural districts very
email supplies of wheat, and scarcely any spring corn, have
been brought forward by the farmers • confirming the im-
pression generally entertained in regura to tho sinallnesa of
the stocks held by growers.
'(he advice' from Scotland sneak well of the weather and
the crops; the belief that matters were progressing auspi-
ciously, t wether with the decline in quotations in the
south, hail not been without influence on business, and
wheat was decidedly easier to buy bath at Edinburgh and
Glasgow on Wednesday. Oats, though not by any means
plentiful, also receded, but not to the same extent as in the
English markets.
rom Ireland the accounts of the grain crops are, on the
whole, favourable; but a considerable degree of doubt is
expressed as to the potato; indeed, some of the advices
state positively that symptoms of disease, of precisely the
same character as that to which this root has of late years
been liable, had manifested thems•_lves. The apprehension
on this head does not, however, appear to have become
sufficiently strong to influence the demand for other articles,
and wheat, oats, and Indian corn had rather receded in
value.

We have again to report a very small supply of wheat
coastwise into the port of London, only 2,014 qrs. having
been received during the wees ending this (Saturday)
evening. The quantity brought forward by land-carriage
samples from Essex and Kent has been quite trifling, and
from other parts of the kingdom hardly a sample has been
exhibited. The extreme insignificance of the supply has
caused factors to insist on previous prices, and though the
demand was slow on Wednesday, as well as on Friday, a
somewhat firmer feeling was manifested by sellers towards
the close than in the beginning of the week. The arrivals
of wheat from abroad have amounted to 21,868 qrs., which
may be regarded as a good supply when we consider the
position of prices here and abroad. The country inquiry
for foreign wheat has rather fallen off than improved, and
our own millers have conducted their operations with ex-
treme caution. Since our last the quantity. received has,
therefore, exceeded what has been manned, and it is
probable that a portion of the arrival will have to be
taken to granary. On Wednesday there was absolutely
nothing doing, and the transactions were by no means
numerous on Friday, importers appeared determined,
however, not to press sales, and needy buyers bad to
pay previous terms. Fine Rostock has not realised
over 445., and the eommonor eons of red may be quoted
40s. to 425. per qr., being little more than the value at
the ports of shipment. The arrivals of wheat off the
coast from the :Mediterranean and Black Sea have been
small of late, and the operations in floating cargoes have,
during the last week or two, been comparatively unim-
portant, sellers having generally asked higher prices than
buyers have been disposed to pay. The rates demanded
have been, for Polish Odrasa red, 365. white, 405.; but it
has been found difficult to exceed 31s. to 31s. flel. for the
former, or 38s. to 38s. Gd. per qr. for the latter.
The top quotations for town-made flour has undergone no
change. The demand for the article has been slow, the
bakers being generally unwilling to hold muck stock. Fresh
country marks have moved off in small quantities, at late
rates, and the finer diaeriptions of foreign have not been
sold cheaper than before. Besides 2,847 sacks from the
continent, we have this week received 3,508 barrels from
America.

Only 2.5 qrs. of English barley have come to hand during
the week, and the market has, for some time past, been
quite bare : having, however, received good supplies of this
grain from abroad, and the demand !seine, at this period of
the year, confined almost wholly to grinding qualities, the
cessation of the home receipts has had little influence on
prices. On Wednesday a few small lots ehaimed hands, at
about former terms; but on Friday it was difficult to make
progress in sales without giving way a trifle, and the tura
was rather in favour of the buyer.
The inquiry for malt has been of a strictly retail cha-
racter, and quotations have undergone no change requiring
notice.

The arrivals of oats coastwise and from Ireland have not
increased materially, but the supply from abroad has ex-
ceeded expectations, and the trade has, throughout the
week, been very depressed. On Wednesday a good many
parcels changed hands, at a reduction of 6d. per qr. on
Monday's currency, and there was some appearance of ac-
tivity. Subsequent arrivals caused a further decline of
6d. per qr. on Friday; and, notwithstanding the concession,
there was less inclination on the part of the dealers to par.
chase on the latter than the former otraSion. The fall on
Riga, and similar sorts of oats from the top, may be esti-

mated at fully 3e. per qr., fair qualities having this week
been sold at 18.. to 195., ad fine at 204. per qr.
The reaction in the prices of oats has bad more or less in-
fluence on the value of beans, and has checked all disposi-
Urns to enter into speculative investments; the business done
in English as well as in Egyptian has, therefore, been of
little consequence since our last.
The demand fur peas has, since the commencement of the
showery weather, been very slow, and the tendency of
prices has been downwards.
We bare heard of no sales of Indian corn afloat ; for
Galata 28s. has been asked, and 275. per qr. would probably
have been paid.
THE FOREIGN CORN TRADE.
• Though prices do not appear to have given way
materially at any of the leading shipping ports in the
Baltic, the advice, from thence are decidedly less animated
this week; and letters from Danzig state that holders
would probably have to give way ultimately, if the reports
from hence did not become more encouraging. Scarcely •
sale had taken place for some days previously, buyers
having refused to pay the rates asked. The total ship-
ments from the commencement of the year to the end
of May had amounted to 61,488 qrs. while in the month
of June no less than 58,873 qrs. had been despatched
to British ports. At Stettin, on the 7th inst„ business
in wheat was exceedingly depressed, the weather being
fine, the crops promising is appearance, and the English
accounts discouraging. Most kinds of spring corn had
felt the influence of this state of affairs, and prices
of rye, barley, and oats had given way Is. per qr.
The most remedy nmeived repsrta from Rostock state that
holders of wheat had been very unwilling to give way in
their pretensions, and that the operations had, therefore,
been unimportant. The nominal price for fine quality, was
then 425. per qr. free on board. At the other ports in the
Baltic good red wheat might have been bought at 40s. per
qr. free on board. Hamburg letters of Tuesday elwak of
rather heavy rain in that neighbourhood; and though no
harm was believed to have been done by the same, the
wheat trade had, nevertheless, been to a certain extent in-
fluenced by the weather. Holders of wheat had shown
more firmness than the week before, and but very little
decline had been submitted to. Wahren wheat of 60 to
61 lbs. weight was quoted at 40.. to 423. per qr. free on
I board, Seale of the mine weight 395. to 395. 6d., and 61 to
62 firs. Mecklenburg and Marks 395. 3d. up to 41s. per
qr. free on board. The transactions from outports had
not been extensive; a cargo from Lubeck had, however,
been sold the day before at 403. or 40s. 61. per qr. free on
board. Barley had met with some attention, and several
lots to be shipped from Denmark had been placed by giving
way about 6d. per qr. fhe demand for oats had slackened,
and good 381 be. to .111bs" Danish had been offered at 189.3 d.
to 19s. 3d. free on board. Letters from Holland represent
the grain crop as much improved, which circumstance, and
' the discouraging reports from hence, had had considerable
influence on the trade in corn. At Groningen, on Tuesday,
Poland oats, weighing 38I1s. to 401b5., were offered at
17s. 3d. to 18s. 3d. ; and fine 12165. samples at 19s. 3d.;
white feed, of 311bs. to 36115., at 16, 3d. to 175.; and
black, varying in weight from 341bs. to 38115., at lbs. 9d. to
17s. per qr. free on board. The &deices from Emden, of the
7th inst., are also dull; but it being the prevailing belief that
the harvest would not, under any circumstances, prove pro-
ductive in that neighbourhood, the reduction in prices in the
English markets had had less influence than might other-
wise have been the case. Letters, of recent date, from
France give a more favourable account of the crops in that
country then the received deices; and at Nantes, on Tues-
day, more wheat was brought forward than on any former
occasion for some time previous. Prices of both wheat and
flour continue higher, however, in that country than with
us, and there is little probability of shipments being made
from thence while matters remain in their present position
in our markets. Letters from Marseilles, dated Bth July,
state that the growing crops were progressing favourably to
maturity, and that the inclination to speculate in wheat had
subsided. Polish Odessa had been offered for delivery to-
wards the end of the year at 31s. 9d per quarter, free on
board without leading to business. Advices from Leghorn,
of the Ith inst., state that the demand for wheat and In-
dian corn had become slow, and that prices had rather
tended downwarde.