The Express.
London, England, 1847-06-16 00:00:00

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Tv. DAT-Mord m I Ida pea 4 $ Yana. ft ads. 4.
-11.4.&•& 44 Ws Mn 4. ill. pre I.

LONDON, WEDNESDAY, JUNE 16.

THE movements in the London corn market cor-
roborate the views we expressed when last address-
ing ourselves to the question of food supply, as far as
movements from week to week in any market are
entitled to attention. In the course of the week,
May 24 to 31, the price of home-grown grain fell off
on the average about 12s. per quarter. Prices had
previously. experienced a decline of 4s. from the
highest point From the 31st of May to the 7th of
June, there was a rally in prices to the extent of Bs.
per quarter; and from the 7th to the 14th of June
there was again a reduction to about the same amount.
This was exactly the course which it might have
been predicted affairs would take when prices having
been wound up to the highest pitch between panic
and the representations of speculators on a rise, the
natural and necessary re-action came to bring them
down to their true level. First comes a precipitate
descent ; then something occurs to break the fall, of
which advantage is taken to came a alight oscillation
upwards; and then the natural downward tendency
is resumed. The cause of the transient re-action in
the first week of June is obvious. The millers and
bakers, who had allowed their stocks to run to the
lowest ebb, were obliged to pmehaes, and, of course,
at the prices of holders, who had not acquiesced in
the rotation prices of the preceding week. The real
decline in values had not been so rapid as the nominal
decline ; but there was a real as well as a nomi-
nal decline, and it is plain, from the result of last
week's transactions, that both are continuous.
We have intimated some scepticism as to the trust-
worthiness of market returns, when taken for guides
in trying to estimate the chances of a short or fall
supply of grain for the future: and not without
cause. The merchant must carefully note them. His
business is to invest in a commodity as moon after its
price begins to rise as it is evident that the ascent is
likely to continue, and to sell oat, if possible, as near
to the maximum price as possible. He requires to
trace the minute fluctuations of individual markets
from day to day and hoar to hour. He must run,
rat-hie, from the falling hones, though it is sure
to be built up next week. But the pub-
licist, whose problem is whether there be
enoughbr of food in the land, is in danger
of misled if he peers too narrowly into the de-
tails the unceasing oscillations at seerkets. The
average prices of commodities for long periods are
sure indices of the realism of supply 1111 i dmmasid
but the actual prices for short wade for meld to
an ineredibis extist hp honey and the sate et awes
digestion Any_ one nemencrieled with die Oa*
EzzlealevesM figilli:to-lis old heiiiskilvasi bay
been emolercheal NAM the sultia&sens
rumours that Babe rite end fall: bat as the
oontray, like mei menregenhen &mainstay ad re-
ports cisitlico,de net limmosives believe, are theme&
seeseptible of alarm fan ksigkeare launched by oaten.
It would seem as if the sympathy of nodality alone
could teach men bow to aosire t as if sm,
by living in a region of false alma, while iota..
power to believe, lost also the power to disbelieve.
And this lively, morbid andelity, common to all
great marts of trade, is nowhere more startlingly de-
than in the markets at that commodity, the
or scarcity of which is most dependent open
skiey inflames.
It is to the actual state of asps and stocks through-
out the world, not to the opinions of grain-dealers la
the time being, that we must look for information as
to the prospects of hod supply. With all due deference