The Express.
London, England, 1851-07-29 00:00:00

REVIEW OF THE BRITISH CORN TRADE

DURING THE PAST WEEK.

(From the Mark-lane As presa)
Though we have Experienced very changeable
weather of late, the grain trade has been free of everything
approaching excitement. The early part of the week was
favourable, but ruin set in on Tuesday night, and continued,
with scarcely any intirmission, for nearly eight-and-forty
hours. The fall was heavier in the home counties than in
the districts further removed from the metropolis, and in
Essex and Kent the crops were much beaten down ; but
whether any ultimate injury will result from this circum-
stance will depend on the kind of weather which may fol-
low. From the midland and northern counties the reports
respecting the appearance of the crops are, on the whole, of
a satisfactory nature, and there can be no doubt that any
mischief which may have been done to the crops in the
early districts will be partly balanced by the good likely to
accrue in the more backward localities. Where the showers
have nut been so heavy as in the neighbourhood of London,
Wheat would probably be benefited rather than injured;
and that all kinds of springcorn, pulse, and green crops
must have profited by the rain, cannot be questioned.
The lateness of the season is in itself a sufficient reason to
give rise to doubts as to the fortunate termination of the
harvest. With the exception of a few patches in early
districts hardly any corn has yet been cut, and under the
most auspicious circumstances reaping can hardly be ex-
pected to be general until the second or third week in
August. With so late a commencement the completion
of the harvest must be attended with some extra risk, and
it would be unsafe therefore to venture on anything Ake a
definite opinion as to the probable result. With regard to
the future range of prices the same uncertainty exists ; but
our impression is, that the point will not depend altogether
on the yield of the crops in Great Britain. A deficiency
here, if not very great, would not have any important in-
fluence on quotations, if the crops should prove moderately
productive over the rest of Europe, America, &c. ; and our
farmers would in that case again find themselves in the
same position as last year, viz., with low prices and short
crops—a state of things we should greatly lament. Free
importations of foreign grain must always prove injurious
to the home grower, but in bail seasons the hardships of the
producer must be materially increased.
THE FOREIGN COHN TRADE.

The moat recent advice. from abroad inform to
that the weather, which had previously been rather unset-
tled, had become flue ; and though the accounts respecting
the crops are not of a decidedly favourable character, we are
inclined to think that the harvest on the contineut will turn
out tolerably well.
In Poland the wheat is said to have exhibited symptoms
of disease ; but the accounts from moat of the countries
bordering the Baltic describe the prospects for the harvest
as promising.
Letters front Danzig, dated 19th inst., state that the dis-
position to purchase wheat had rather abated ; about
6,000 qrs. had, nevertheless, changed hands during the
week at prices similar to those previously current, 43e. to
445. per qr. having been paid for fine high mixed, and cot,
responding rates tor other description+. In Upper Poland
wheat was said to have become very scarce, and prices were
higher at Warsaw than at Danzig. Shipments to Great
Britain continued to be made, and during the week eleven
vessels, capable of carrying about 10,009 qrs., had been
chartered. The freight paid for London had been 3s. Id.
to 3s. 24., for Liverpool 43. to 4s. 2d., and for the East coast
and Scotland 2s. &I. up to 3s. per qr. for wheat.
The most recent reports from Stettin speak favourably of
the crops in that neighbourhood, and though sellers of
wheat had shown a disposition to facilitate business by ac-
cepting rather lower terms than before, few bargains had
for several days been closed. The demand for spring corn
had likewise fallen off, and barley and oats had receded Is.
to Is. 6d. per qr. in value.
At Rostock holders of wheat appear at length to have
become somewhat more tractable; still fine qualifies had
not been sold below 40s. to 41s. per qr. free on board.
At Hamburg, on Tuesday, business in wheat was very
dull, and the small advance established the week before
was entirely lost. The weather was then, and had for some
time been, very favourable for the growing crops, which
were fast approaching maturity. The inquiry for barley
had slackened, and the sales of parcels to be shipped from
Danish ports had since the previous post-day been unim-
portant, undried, weighing 63 to 341bs, had been offend
at 225. 6d., and kiln-dried of the same weight at 235. per
qr. free on board. Oats had not been sold lower than be-
fore, 17s. to 181. per gr. free on board, having been asked
for 40 to 411bs. Danish, and 17s. 6d. per qr. cost and
freight to Great Britain having been insisted on for St.
Petersburg on passage.
Groningen letters of the 23rd July inform us that some
refreshing rains had fallen, by which the spring sown crops
had been much benefited, but the harvest was not expected
to be particularly productive, the spring and summer hav-
ing proved unfavourable to vegetation. Feed oats were
then quoted 16s. 3d. to 16s. 6d., weight 35 to 361b5., and
Poland of 40 to 42Ibs. weight were held at 17s. 9d. to 19s.
per qr. free on board.
The reports from France in regard to the harvest are still
of a very conflicting character, but the result is regarded as
likely to prove far better than was at one time expected.
The dull advises from hence had not been altogether with-
out influence, and prices of wheat and flour had receded
more or less at all the principal markets.
From America we learn that a bountiful harvest was cal-
culated on, and samples of new southern wheat of fine qua-
lity had already appeared in the 'New York market on the
Bth inst. Some further rise had taken place in prices of
flour, in consequence of the receipt of English orders, but
it was the prevailing opinion that, if unsupported by ex-
tensive export orders, quotatinns wou:d list be sup-
ported, the stocks being heavy at most of the ports of *e
sea-board.

Two o'Ciocx.
The share market opened firmly to-day, and prices
are in many cues quoted at a fractional improve-
ment, though the highest prices of the day have not
generally been obtainable since the backward
movement in Consols. The increased firmness of the
market is mainly attributable to the arrangements
which have now commenced for the settlement of the
fortnight's account. Midlands, South-Eastern, and
Caledonians have sensibly improved.
The traffic receipts on the South Eastern Railway
for the week ending the 26th instant amount to
20,0141., against, in 1850, 15,0101., showing an in-
crease of 0,0041., and an average return of 76.681.
per info per week, against 64.141. in the corres-
ponding week of -last year. The London
and Brighton return being 13,86619 against
12,5031. last year, the increase is shown
to be 1,3631. The average return per mile per
week is 80.03/. in 1851, and 73.011. in 1850. The
continued satisfactory nature of these returns is suf-
ficetlypasoved
by the figures. Those of other lines
will bo goo.

BRANDS AND ROOM UNOVARANTBID.

Two o'CLoex.
A general feeling of confidence in the stability of
the market continues to be evinced amongst the
dealers in the Stock Exchange, but to-day a few
parcels of money stock have been thrown forward
for sale, causing some degree of flatness, which the
usual purchase of the government broker has not
sufficed to counteract, and a decline of
has been the consequence. These sales ap-
pear to be sufficiently explained by the
occurrence of the settlement in the railway and
foreign stock markets, as on such occasions, when the
operations have been either extensive or one-sided,
some temporary pressure for accommodation is
naturally experienced in the "house." The sales
which continue to offer of the unfunded securities are
probably prompted by the same consideration.
Consols have receded from their opening price of
961 to to their present quotation of 961 to 1 both
for cash and time. The prices of business aro thus
reported in the official list: Three per Cent. Consols,
96f, 1, ; ditto for account, 961, a. Three per
Cent. Reduced, 97a, 1; New Three and-a-Quarter
per Cents., 99, 981. Bank Stock, 2161, 2151.
Sales of Exchequer Bills have again predominated
to-day, and the price stands at 475. to 50s. prem.,
being Is. lower than the quotation which ruled yes-
terday morning. India Bonds, under 1,0001., mark
60s. and 575. prem.
The bargains in the foreign stock market have
been very few, the attention of the dealers being
directed to the settlement of the account, prior to en-
tering on new operations. Prices show: scarcely
the least change, being in ail cases well supported. Sar-
dinian Scrip has again touched par. 'fo-day's bu-
siness list comprises :—Brazilian Old Five per Cents.,
at 911 and 91; Dutch Four per Cent. Certificates,
931 ; Mexican Bonds, 301 ex div. ; Portuguese Five
per Cents. (Brazil guarantee), 87 ; ditto Four per
Cents., 341 ; Russian Four-and-a-Half per Cents.,
1011 ; Sardinian Scrip, dis., par; Spanish Active
Five per Cents., 211; ditto I'assive, ; ditto Three
per Cents., 38:!,
The imports of specie continue on an extensive
scale. In addition to the receipt of full a million of
dollars by the Africa from New York, the arrival of
which was advised yesterday, H.M.S. Meander has
brought into Portsmouth 860,000 dollars from the
Pacific and Rio. These two arrivals represent the
sum of 380,000/.
The particular attention of the holders of Mexican
I)eferred Bonds is called to the following further
correspondence. he holders of those bonds who
were wrongly shut out from the Schneider conver-
sion of 1846 cannot do better than forthwith to me-
morialise Lord Palmerston to use his best offices with
Mr. Payno, who expresses himself as so anxious to
maintain the good faith of Mexico :
121, Fcnchurch-street, London, July 14, 1851.
My Lord,-1 do myself the honour to acknowledge the
communication from the Foreign Office of the 3rd inst., and
to convey the thanks of numerous individuals for the kind
interference of your lordship, with the government of
Mexico, on behalf of holders of the "Deferred " Bonds,
which at length has resulted in that government, after so
much improper delay, referring our claims to its present ac-
credited agent, at the court of St. James; for in tho Times,
of the Bth instant, appears as follows Mr. Falcoanet "had
had an interview with the president on the subject of
the genuine Deferred Bonds wrongly shut out from the
conversion of 1846, in consequence of which Senor Payne
has been instructed to report on the matter, and, after re-
ceiving his report, the government intend to provide what
the case may appear to require."
Most fully do I appreciate the polite attention of your
lordship, in suggesting that I should put myself in commu-
nication with the committee of Mexican bondholders, but I
feel it a duty to represent, and now do not add more, that
the committee long since publicly, and some of it to me
privately, repudiated any liability to act fur the " Deferred"
bondholders, and I therefore trust your lordship will allow
me to renew my solicitation, that yourself will kindly finish
the work you so successfully have begun, bycalling the early
attention of Mr. l'ayno, the chargé d'atfaires of Mexico in
London, to the claims of the holders of "genuine Deferred"
Bonds—and it is such, as a trustee, I represent—or other-
wise, they will in all probability, by further needless
and unjustifiable delays on the part of the Mexican govern-
ment and of its agents here, still be kept out of their property,
for I cannot but recollect that the ambassador, when applied
to, wrote, "It did not belong to the legation." That the
financial agent, to applications, " lie would write to his
government." That the government of Mexico when ap-
plied to there, found " It had a law-suit pending with
Messrs. Lizardi and Co., of London ;" now that Mr. Payne
is but "to report on the matter" (there are other facts
which I shall feel it, a future duty, to bring before your
lordship), and that four years the bonds to carry
out the due conversion of these " deferred " have beta
lying in the Bunk of England, and that the money fur one
or more of the past dividends due thereon is said to have
been retained by the committee, or by Colonel Facie, until
the holders can present the coupons of such " converts.ll
bonds of 1846."

Mr. Payno may not be aware that any notico in the
London prints, calling on the outstanding bondholders, or
their assigns, &c., has yet to be given out by the Mexican
authorities, and such is customary.
I have the honour to be, my lord, your lordship's most
obedient, humble servant, J. W. D.
To the Right lion. Viscount Palmerston, G.C.D., her
Majesty's Principal Secretary of State for Foreign Affairs,
&c., &c., &c., Dowking-street.

The subjoined calculations show the rate per cent.
per annum yielded by the various securities cited at
the average of the prices which ruled yesterday.
Where the asterisk (.1 is prefixed it is to be under-
stood that the share rate of interest is less the in-
come tax. It will be seen that in every case we take
the rate of interest last declared as the basis of our
calculation :
Three per Cent. Consols Woe 9c4 rieldper Bent. E 3 1 11
Tante par Cent. Reduced
New threnanda.Quarter per Cents._ 99 3 5 7/
..
Rank Meek (dlr. 71 per cent. pa ass.) 216 .. 3 9 51
India Reek (dl.. 104 per cent per ea.) 262/ 4 0 0
Ladnquer Rata (Int. lid. per day) soe. pm. „ 9 4 8
Great Winters* ZlOO eh. (dlr. at to
rated 4 per cent. pee inn.) .
f eneachlre and Yorkshire 2109
awe (dl.. at the rate of 2 per
cent. per ann.)
London and &meth WedtAtli. Stork

(Mr. at the rate of 4 par ct. par ann.) b 1
Landon and North Weedera•Mock (dlr.
at the rate of 51 per cent per ann.).
Midland* Stock (die. at the rate 01 24
per cent. pet ann.)
loath &Arm* stook (half-yearly divi-
dend the. per M. dare, equal to
111.16. ed. per cent. per ann.l
The following statement, prepared and condensed
from various official returns, will be found to present
an intelligible view of the note circulation of the
United Kingdom, and of the coin and bullion held by
the banks indicated, both positively at the dates af
the accounts last made up, and comparatively with
returns for corresponding periods :
The subjoined table gives the aggregate weekly
average of the note circulation of the United King-
dom, as it stood for the four weeks ending the 21st
and 28th of June, and the sth, and 12th, of July,
being the latest date to which the returns have been
collectively completed for all the banks of issue; and
also the results as compared with the returns for the
previous four weeks ending the 14th of June:

19 4 1 74
. 4 14 11
I, 4 9 01
PO 6 0 2i

June 14, July 12,
Incresee. I Demise.
1651. 1631.
. 19,076,520 19,476,710 399,190
3,313,760 3,437,765 73,979
2,503,264 2,731,021, 74,264
--
95,397,561. 25,645,31 247,954 I
3,474,191 3,245,449 258,241
4,268,916, 4,038,174 212,644
33,149,663 31,917,2111. 213.431

Bank of &inland ....
Private banks
Joint stink tanks

liotal il2 England
SOlil■Bil

Intend

United Klirdom.