The Express.
London, England, 1853-10-04 00:00:00

THE CORN TRADE.

ee--
`Prom the York Lame Empress.]
BRITISH.

feeler in guilty and damp in condition as to be totally
unfit for shipment The continued rise in the English
markets had d considerable enitement, more espe-
cially as the minds of holden had previou►ly been a good
deal influenced by local circumstances, such as the indif-
ferent yield of wheat and rye, the prstaistne of the potato
disease, &c.

The very important rise which has taken place in the
value of wheat within the last two months has excited con-
siderable attention, and leading articles have lately ap-
peared in the daily prints on the subject. The advance is
very generally attributed to undue speculation, and a vio-
lent reaction is confidently predicted. We have no dispo-
sition to arrogate to ourselves superior knowledge, but at
the same time we must differ with those of our contempo-
raries who can discover no other cause for the upward move-
ment in prices of grain beyond speculation. In the ab-
sence of official statistics on this important point. an esti.
mate of the result of the harvest can only be formed by
careful inquiry; by collecting the opinions of prat.
tical men in various parts of the kingdom,
and by taking into account the character of the
seasons. The work is oae involving considerable trouble,
and requiring careful research. Allowances must be
made for the bias of parties whose interests may lead
them to give a favourable or unfavourable colouring to
their reports. The difference in the yield on different
kinds of 'oil, or under different modes of cultivation, stc.,
must be considered ; and after all this, we can scarcely
hope to arrive at a very accurate result. It is hardly to be
expected thatjournslists who may have occasion to write oa
the corn trade once in twelve months can be in a position to
obtain the minute information needed to arrive at a con•
elusion more accurate than ourselves., whose principal duty
it is to investigate And analyse harvest reports and similar
documents week after week. The only interest we can
possibly have in the matter is to arrive at the truth. The
character of this journal depends in a great measure on the
truthfulness of its reports. The greatest care cannot insure
us against occasional errors ; but, on looking back to the
estimates we have given annually respecting the harvests
for many years past, there is not much we should wish to
alter or recall.

Danil4 letters of Tuesday state that 68s. per qr. had been
refused for fine heavy qualities of wheat, and that for com-
mon qualities, weighing GI lbs., equal to 635. per qr. free
on board had been paid. Freight to London was 6e. to
6s. 3d. per qr.
At Konigsberg, en the 26th instant, good 62 lbs. mixed
wheat was quoted 635. 9d., and for 60 to 61 lbs. quality,
58s. to 60e. per qr. free on board had been paid. Of fine
' old red there was none remaining.
Stettin letters of Tuesday state that the weather was,
and had for some time been, very wet and ungenial, and
that the new corn was coming to hand in very bad con-
dition. The prices asked had been so high as to check
business, aad hardly a sale had keen made since the pre-
♦ious post-thy.
At Rostock, 67.. per qr. free on board was asked on
Monday for fine wheat. Stocks were small there, and the
supplies from the growers trifling.
At Hamburg great excitement prevailed on Tuesday, and
extraordinarily high prices were paid, as well for wheat on
the spot as for spring shipment from the outports. Barley
was in much request there, and 33.. per qr. free on board
bad been paid for new Danish of 53tbs. weight.
In the Dutch markets prices of wheat appear to have
undergone a further rise, and at Rotterdam, on Monday,
an advance of 2s. to 3s. per qr. was established.
The acaounts from France are not of so lively a character
as of late, still much confidence seems to have been show.
by holders of wheat and flour, and both articles were rather
dearer at Paris on Wednesday than on that day week.
In the Mediterranean prices keep up. At Genoa, on the
24th September, Polish Odessa was quoted 585., and Ber
dianski, 60s. per qr.
At Leghorn, on the 21st ultimo, 601.2 d. to 61e. 6d. per
qr. was quoted for Marianopoli wheat.
The advices from the Black Sea ports state that the fear
of war, and the consequent decrease in the export demand
for wheat, had had considerable influence on prices, holders
having, under the circumstances, become very anxious to
realise.

With this preface, we propose to inquire into the causes
of the late rise, to test, if possible, how far it has bees
warranted by circumstances. Was the breadth of land sown
with wheat last autumn short of that usually cultivated i
The best authorities have estimated the deficiency from this
cause alone at one-fourth That • much larger quantity of
rain fell during the winter, 'piing, and the early part of
the summer, this in ordixary yean, is capable of proof.
That wet seasons are unfaveurable for the growth of wheat
is tao well known to ',quire to be dwelt upon. We had,
therefore, it appears, a short breadth, an unfavourable seed-
time, a cold, wet spring, and the weather subsequently not
of a character to remedy the original disadvantages. We
are compelled, therefore, to take • lower estimate of the
yield of the wheat•crop of Great Britain than we have dons
for years past, and feel satisfied that the quantity harvested
does not amount to three-fourths of an average. We have
arrived at this conclusion after a very careful investigation;
we have no fear of having over-estimated the deficiency,
but much question whether the actual result may not here-
after prove to be worse than anticipated.
The next question of importance is the position of other
countries to afford supplies to meet the greatly increased
wants of England. On this subject reliable information is
very difficult to be obtained; but, from the steps 'taken by
many of the continental governments, it is evident that the
crops have not given a good return, and that scarcity is very
generally apprehended. We know that the superior wealth
of Great Britain will insure her adequate supplies, if a
supine of corn exists in any part of the world ; we do not
doubt, therefore, that our necessities will be provided for—
nay, more, high prices may perhaps draw • larger supply
to this country than needed; but, considering that France
requires foreign aid quite as urgently as Great Britain, that
the harvest hu not been productive in any part of Europe,
that the potato has suffered almost everywhere from disease,
and that we are threatened with • war in the East, we

can scarcely come to the conclusion that the rise in prices of
food hu not been warranted by circumstances.
Speculation to a certain extent has, no doubt, taken
place ; what would be the use of ezperience and foresight,
if merchants were to derive no benefit therefrom ? Many,
who looked upon higher prices as probable, increased their
stocks, and may still be disposed to hold ; but this is not the
sort of speculation that ends in a ' • . There hes been
nothing like what we witnessed in 1847, when a few indivi-
duals, whose means were wholly inadequate to enable them
to control the gigantic o:,erations they entered into, were
the principal holders. The consequence wu that, when a
reaction began, everything was forced on to the markets at

At Odessa, upon its having become known that the Cur
had rejected the Vienna note as modified by the Turkish
government, wheat fell 71. to Si. per quarter, war bents
looked upon as imminent.
At Galata, on the 15th September, business was very
dull, owing in a great measure to the obstruction of the
Sulina Channel, and the consequent impossibility of vessels
getting away with cargoes. The result of the harvest was
not so favourably spoken of as previously, and it wax the
prevailing opinion that the yield of wheat would not exceed
an average either in Moldavia or Wallachia.
The latest advice. from America inform us that a good
deal of business has been done in wheat and flour early in
the month, but that the demand had afterwards slackened,
and the extreme rates previously paid had not been main-
tained. The crop of wheat is generally well spoken of, not
only in the United States, but also in Canada, and there is
reason to expect that America will be enabled to furnish
Great Britain with large supplies of breadstuffs. At the
same time, we are inclined to think that the public on this
side of the Atlantic are disposed to overrate the quantity
likely to be derived from that quarter.

once, and a crisis followed.
The case is now widely different ; prudent men, seeing I
the probability of a great rise, provided to meet the same I
by increasing their stocks. Some parties, not connected
with the trade, have also bought wheat and flour to hold
over ; but credit has been cautiously given, and we believe
the trade to be in a healthy state.
Business at Mark-lane has maintained a very firm tone
throughout the weak ; there has, perhaps, not beea quite
so much activity as before, but holders have manifesetd
more disposition to raise than to lower their pretensions.
The arrivals of wheat coastwise into the port of London
have been trifling in the extreme, only 790 qrs. having
been reported during the week ending this (Saturday)
evening. The quantity brought forward by Land.earrisge
from the home counties has, meanwhile, been very small ;
indeed, beyond a few lots left over from Monday, there was
scarcely a sample exhibited on the Essex and Kentish stands
either on Wednesday or Friday, The smallness of the
quantity, and the want of choice of quality, prevented
mach business being done ; but, where sales were made.
very full terms were realised. Prices were not generally
quoted higher at the clue, than in the beginning of the
week, but the turn was certainly against the buyer.
The supply of foreign wheat has amounted to only 8,874
qn., and the greater portion of the same arrived in the
essely part of the week. The quantity on board ship at this
peek sow very moderate, eat holders of greassied pu-
ede Wear indifferent about realising at present. The
Wadi Bello asked have tended to shock basins's, and the
weds= have not been so extensive as of late. Needy
Imp= have, however, bad to pay very full terms; and
I moderately good red wheat could sot sot be enured eithdr
ma Wednesday or Friday below Ws to 73e. per qr., whilst
Mbar qualities were held at corresponding rates.
There have been very few arrivals from the Black Sea off
the Nast the last week or two, and for parcels on passage
such high rates have been asked as to deter operators;
bean, but little has been dons, end we have not heard of
a oak for several days past.
The Baltic offers have bees mostly withdrawn, ee the
lignite raised so as to render business nearly imposible.
From the Lower Baltic 70s. per qr., coot and freight, Ms
been demanded for fine heavy qualities.
The millers have had a tolerably good sale for flour 01
late, notwithstanding the greet rise which has takes plies
In prices within the last few weeks. The arrivals of Me
article from America have hitherto fallen materially sheet
of expectation; this week only 4,131 barrels have beset 14-
eeived. Priem of American flour are relatively low as eel
pared with quotations if English, sad the article has mit
with a fair share of attention since Monday, at rates fully
equal to those then current.
ffagtOlt barley has come sparingly to hand, and fine malt-
ing sons have been much sought after. The reports from
the principal barley-growing counties in regard to the crop
are hardly so favourable as expected ; and, judging from
what has hitherto boon brought forward at Mark-lane, we
cannot speak favourably of the quality. No further change
has .aken place in prices since our last: the rates realised
on Friday were fully as high as those current in the be-
ginning of the week. Foreign barley has been in lively
request, more especially the finer kinds of Baltic, and
for really fresh heavy quality high prices would have been
paid ; but at the moment there is scarcely • sample on the
market, hence quotations cannot be given with much
accuracy.

Malt ►as been held with gnat &anus, at the recently
enhanced terms.

The arrivals of oats have been exceedingly small, the
MUNI supply, including 473 qrs. from abroad, having
amounted to only 1,271 qn. The upward movement in
prim has continued ; the rates realised on Wednesday
were quite Is. per qr. above those previously current, and
the advance was well supported oa Friday. Russian oats
are now worth 245. to 2.55. per qr., and for the finer kinds
of Irish 2ds. per qr. was paid towards the close of the
week.

Beans and peas have come forward sparingly, and have
commanded the extreme rates current in the beginning of
the weak.

The high terms asked for Indian corn has checked the
sale; but good Galata and Odessa afloat could not be se-
cured below 40s. per qr., eat and freight.

FOREIGN.

The report' from the northern parts of Europe continue
to speak very unfavourably of the result of the harvest in
that quarter ; and it may be regarded as certain that there
will be less worn to spare for export than in moderately good
seasons. Stocks of old wheat are reduced into a very aar-
row compass at the Upper as well as at the Lower Sallie
ports, and the trifling supplies of new which had, up to the
demo( the latest accounts, come to hand had proved so in-

THE EXPRESS, TUESDAY EVENING, OCTOBER 4, 1853.

THE GREAT WESTERN RAILWAY OF
CANADA.

A lengthy special report of the directors has been
received from Canada by the last mail. Alter emphati-
cally stenying certain rumours im urine divisions to them,
the board priec. d to give an elabotate history of their rail-
way. which they contend had always been treated es form-
ing a part of that series of main trunk lines which had been
projected to pass through the whole length of Canada. They
then go on to say :—" Upon the faith of this the directors
were enabled to induce English capitalists to embark
money in the undertaking, which even then presented
great prospects of a remunerative result, although
not so great as the existing circernstances now
hold out ; and which seemed, by the acts of the
Canadian parliament, to be protected against the ado's.
lien of a wild and reckless system of competition.
The project of en imperial guarantee having failed, it was
left to private companies, with the assistance of the provin-
cial guarantee, to carry out the various sections of the trunk
line. Accordingly, the Great Western Railway Company
and its friends applied in 18.52 to parliament for authority i
to make a railway from Hamilton, their then eastern ter-
minus, to Toronto, which was granted; the act of parlia-
ment containing the following words in the 2nd clause, vie.:
' The said railway shall be held to form part of the main
trunk line of railway, and the said company shall accord-
ingly, upon complying with all the provisions of the law in
that behalf, be entitled to the benefit of the guarantee of
the province, to the extent and in the manner by law pro-
vided.' The present prime minister of this country had pro.
needed to England, after tho passing of the act of 1851, as to
a guarantee from the imperial government, and finding
that such a scheme could not be carried out, he made some
arrangements with a firm cf eminent railway contractors,
to construct upon ,certain terms, the portion of the main
trunk line from Montreal, through Kingston, to Toronto.
In the meantime, however, the governor in council bad,
by proclamation, called into existence private companies
fur the construction of that part of the line, and the
necessary steps to organise the companies had beer
taken. It appears that the stock was taken up mainly by
Messrs. A. T. Galt, L. H. Holton, and D. L. M'Pherson,
who were all three interested in the construction of the line.
These gentlemen (Messrs. Holton end Galt especially)
strenuously opposed the granting of the present Grand
Trunk Act, and not without reason set up their vested
rights, called into existence es they had been by the act of
the government, under the authority of an act of parlia-
ment, and expecting as they did to benefit by the construc-
tion of the line. The proceedings before the railway com-
mittee are on record, and it appears that despite the °pp°.
@Rion of Messrs. Holton and Galt the Grand Trunk bill
passed the committee, and was ordered to be reported to
the house. The opposition to it was still continued, but at
length was suddenly and without the decency of any alleged
cause put en end to, to the utter amazement of the country
at large, end the names which appear in the Grand Trunk
Act include those of Messrs. Galt, Holton, and McPherson,
its bitter opponents when before the special committee.
In the same session a bill was introduced, the pream-
ble of which is as follows :—' Au Act to amend the Act
incorporating the Toronto and Guelph Railway Com-
pany.' The Toronto :and Guelph Act had been passed in
18.51, and the new bill was framed for the purpose of
amending the provisions of the first act, and removing
doubts as to certain bonds which the company had issued.
The contractors for constructing the Toronto and
Guelph line include Messrs. Galt, Holton, and M•Phenon.
Nothing that we could say could express so forcibly as the
foregoing facts how the government and the Grand Trunk
have outraged the great principle so strongly advocated by
Mr. Stephenson, of not sanctioning competing likes,
even if they did not make equally plain that the faith of so-
lemn engagements had been by them altogether disregarded.
The history of these extraordinary parliamentary proceed-
ings is closed by the passing of en act in the first part of the
last session, and subsequently emended in the same session,
authorising the amalgamation with the grand trunk of any
lines which intersect it—thus permitting of amalgama-
tion with the Toronto end Semi& line, which is
virtually to deprive the Great Western of chartered
right*, secured by specific act of the tame legislature.
So matters rested until April last, the Great Western board
feeling assured that the Grand Trunk parties would faith-
fully and honourably adhere to their promise of not having
anything to do with the Guelph and Sarnia line, and feel-
ing secure in their being a part of the Main Trunk, es no
repeatedly end distinctly declared both by parliament end
the government. In the month of April, however, the
Grand Trunk prospectus was brought forward in England,
and the surprise and deep regret of the directors of the
Great Western Company may be imagined when they found
it to contain the Toronto and Sarnia line, not as a feeder,
but as the western section of the Grand Trunk line; and
the existence of the Great Western line, the pioneer
of railway undertakings in Canada, the legal western
part of the main trunk, and the line whose success and
prospects had turned the eyes of English capitalists to this
country, almost ignored. Nor is the answer of many, that
no legislative or other effort can render the Great Western
stock other then the beet security and investment io the
province, any excuse for such a gross outrage upon this
company. The regret of the Great Western board wee
much enhanced by finding the direction of the Grand Trunk
mainly composed of the members of the very government
whew acts from time to time have been here pointed''
oat, as securing to the Great Western as a greet
public improvement the privilege conferred upon it
by parliament, and in whose faith as well es
friendship they had reposed unlimited confidence.
It is only due to themselves to state, that the directors of
the Greet Western Company took every necessary step to
carry out the spirit of the arrangement, concluded by the
' English shareholders, upon the appearance in England of
the Grand Trunk prospectus, and that they regret having
to report, that when, after some trouble, they obtained en
interview with the Grand Trunk board upon the subject,
they were informed that the arrangement in question had
never been under the consideration of the Grand Trunk
direction •, and the tone adopted by the latter practically
amounts to an entire repudiation of the whole arrangement.
Not only do the Grand Trunk board seek pretexts to
break up the London arrangements, made on their behalf
by their directors, Messrs. Glyn and Baring, with the assist-
ance of the president of the company, the Hon. John Ross,
attorney-general of the province, who was in England in
April (by which arrangement the friends of the Greet
Western hoped at least to stop at its then point, the
thsestoned injury to this company, as well as the credit
d OP province), but they are attempting by every
Mans, including a threat to carry traffic from
Merle mesas,
Uinta gratis, to force this company into an
1111141•MildiS. To so great an extent his this been
tarried, that public meetings have been held at Hamilton
end London to protest against any such proceedings.
The great efforts which have been made to accomplish
the absorption of the Greet Western Railway into the
Grand Trunk scheme—efforts which an visible in every

net of the latter, ite directors, contraaten, oast arm ia,havit
compelled the present appeal to the shareholders of the
Great Western line. All that has been attempted in this
country by the Grand Trunk party has failed ; the strong
assertions and loud threats of the Grand Trunk have failed
in shaking the confidence of the Great Western board in
the position which they have assumed—the att
cajolery of the Canadian shareholders, who know the
and the localities, has had no effect, and the voice of the
country is universally condemning the proceedings which
are beteg resorted to to destroy the independence of this
company. Still the efforts continue, and finding that all
else has failed, we are now assured on natives**
able aatialwity that the Grand Trunk agents have mat
to Emend to offer an amalgamation of the two siMin
at a emaiderable premium cm the Great Waters AIM
This Nip *lbw Grand Trunk has made the MOM* ap-
peal te Wee dierebeiders Impossible to be avoided. sad is
tisejudgment glebe diseeters it is rendered the mere air
money en amnia gl the expectations understood to be en-
tertained by the Grand Trunk party that they will be able
to Wham* (if not something worse) some of the leading '
railway** ia England now connected with the Great
Weetersot report which is evidently calculated to damage'
our awe as essentially, however much we ourselves ma
repose that esafidence in our friends in England which
their conalatsael and devotion to our cause in times of
greater ty ought unquestionably to justify."
Appended te the report are a number of
maps illustrating the case of the board. They add:
"On the whole, the directors must express their strong and
decided opinion, founded on extensive local knowledge
and many years familiar acquaintance with the
tricts and traffic which are an soon to be served
by the Great Western, that nothing but amalgamation
with the Or ank Trunk line can do us any vital injury.
The Great Western line will, it is confidently expected, be
in operation from Niagara Falls to Hamilton on the let of
November ; it will be extended to London by the beginning
of the following month, and by the Ist of January, 1854,
will be opened for its entire length. Its prospects are then
about to be realised, and the directors cannot believe that
the shareholders will be so blind to their own interests as
to listen to any suggestion for merging those prospects
into a gigantic scheme, for which a spade has
hardly been put into the ground west of Montreal.
A reference to Map No. 2 will show a system of lateral
lines, running from the north and south into the Great
Western line. They consist of a short branch to connect
Malden (opposite the Southern Michigan line) with the
main line—a line diverging at London South to Port
Stanley on Lake Erie, and another northwards, through
some of the richest townships in Upper Canada, to
the point where the Sable empties itself into Lake
Huron—a line running south from Woodstock, and pain-
ing through a fine lumbering country to Port Burwell—
Another southern lateral line, leaving the Great Western
at its junction with the Galt branch, placing Brantford in
direct connexion with Hamilton, and continuing to Simcoe
and Port Dover, thus giving to the fine agricultural districts
through which it passes communication both to the east and
west, and also to the north ; another cross line is from
Niagara to Chippewa. the importance of which the board
cannot too strongly urge upon the consideration of the pro-
prietors. All the foregoing lines the directors feel it is the
interest and duty of the company to aid the localities in
constructing by every means in their power, provided
parliament and the government will adopt and
carry out the principle upon which they are
baud. The adoption of this system would of necessity
involve the abandonment of lines of railway which have
been agitated merely for the purpose of creating in this
country competition, and would necessitate the abandon-
ment of the connexion between the Grand Trunk and the
Toronto and Sarnia lines, which it has been shown is in
defiance of the pledges of parliament, the government, and
the pArties themselves. This would enable that com-
pany to turn their line northwards, through the splendid
tract of country stretching to the Georgian Bay—it would
provide, wtthout the evils of competition, railway com-
munication with all the prominent points on the western
frontier of Canada, viz., the Singes; Qoderich, Sarnia,