The Sun.
London, England, 1854-12-11 00:00:00

THE PRICE OF WHEAT.-THE CORN

TRADE.

The greater the evils of the war, the more the
world should condemn the author. Believing it to
be quite unavoidable—rather postponed too long
than begun too early on the part of England—we
have no personal motives whatever for extenuating
its miseries, and would throw the responsibility of
causing them, augmented rather than diminished,
on the hoed of their guilty author. But when the
Times—which has since taken a totally different
view—and other journals, taught the working
people that the war was doubling the price of the
quarter') loaf, and thus endeavoured to excite the
popular discontent, it became our duty to state the
actual changes in the price of wheat, to show that
no such rise had taken place, and that the price
was actually lower after the war had begun, and
prohibitions and blockades were in full vigour, than
before. On this account we are challenged by Mr.
George Dornbusch, who challenges Miss Martineau
too, and all the world to disprove his assertion that
" the declaration of war caused the price of corn to
rise considerably," and who, relying as he well may,
" on our sense of justice and fair play," sends us an
extract ftom his report on Wednesday, April 5,
1854, stating his opinions at that period. We
shall gratify his desire for such distinction as our
notice may give him, so far as it will enable us to
place the facts of the case fairly before the public.
On the 27th of March the declaration of war was
issued, " the imtnediate effect of which," says Mr.
Dornbusch, " was to advance considerably the
price of corn and almost all the articles imported
from Russia—at the same time Consols and other
funds have been depressed very low." The price
of corn, we admit, did immediately rise in Mark-
lane, in Liverpool, aud some- other plages, wad so
did the price of tallow, hemp, and trim. : Tiie ii i.
porters and holders oithese articles naturally en-
deavoured to make the most they could of the con-
tingency, and speculated for higher prices. It is
however notorious that the speculation was disap-
pointed. The " excitement which spread to every
market " did not continue beyond the week, and
the subsequent decline iu prices, in spite of much
terrific writing in commercial circulars, curtailed
the summer jaunts and the Christmas splendour of
the unfortunate speculators for a rise. To say no-
thing more of the other articles, the rise in the
price of wheat, which, Mr. Dornbusch affirms, took
place in the first week of April, in different markets
—from 4s. to 12s. per qr.—is shown from the Ga-
zette returns—a somewhat better authority, for the
whole kingdom, and for the general price, than a
Mark-lane report—to have been confined to a few
markets, and to have been merely speculative. In
the week ending Marsh 25 the weekly average was
78s. 4d. ; in the week ending April 1, it was 755.,
and in the week ending April 8, 735. 5d., a fall in
the two weeks immediately following the declara-
tion of war of 4s. 11d. This was a continuation
of the fall which, in face of the pending war, had
—with a slight interruption in the two first weeks
in March—continued from Jan. 28, when the
average weekly price was 83s. 3d., to April 8, when
it had fallen 9s. 10d. The price then took a slight
start, and rose somewhat till June 3, when it
reached the highest point, subsequent to the decla-
ration of war, 795. 11d.-Is. 7d. above the price
immediately wior to the declaration, and 3s. 4d.
lower than the highest price in January. In June
measures to give effect to the declaration of war
were in full activity. Blockades were established,
prohibitions were threatened or issued, but the
price of wheat from the beginning of June steadily
declined till the weekly average reached, on Aug.
12th, 625. 3d.—a fall.of no less than 16s. ld. from
the average price of March 25th, and of no less than
21s. from the highest price in January. It then
got up for a week or two, but immediately after-
wards again fell rapidly, and in the week ending
September 16th it was 525. 5d., or 9s. 10d. below
the price in August. In the face of the war,
therefore, from January 28—with a defective
harvest throughout Europe, in 1853—the price
of wheat fell in England, between January
and September, 30s. 10d. Since then the price
has risen rapidly, as we all unfortunately know,
but the very latest report leaves it at 745. 4d., or
Bs. 11d. below the price in January. These state-
ments can be verified by referring to the Gazette re-
turns, and they show that the price of wheat has
been influenced by causes very differstut from the
war. That the price of corn woulA flial if war were
to cease is probable ; but into the region of conjec-
ture we shall not enter, contenting ourselves with
having shown that subsequent, and very closely
subsequent, to the declaration of war, the price of
wheat fell very considerably.
Similar facts to contdict Mr. Dornbusch are
apparent as to the funds. Just before the declara-
tion of war Consols were at 91t ; subsequent to
the declaration, when money dealers were still
speculating on the probabilities of a loan, Con-
sols fell, and in May reached • 871, or 32 per
cont. below the price in March, but since then
they have continued very generally to rise,
and have now reached 934, being higher than
before the declaration. Without any reference
toj those who seek to discredit the generous and
patriotic feelings of the people, these facts are
worthy of being brought distinctly under the public
notice.
As we gave currency on Friday to Mr. Sturges
statements, we must add a word to explain or cor-
rect them. He says that 5,300,000 qrs. of wheat
were shipped from Russia and 70,000 qrs. from the
Danube, in 1853, and adds, " with a suspension of
such enormous exports from countries that would
in all probability have furnished as great a surplus
in 1854 aid 1855 as they did in 1853, for the con-
sumption of other nations, it is surprising that any
' respectable writers should assert that our present
prices of wheat are not affected by the war." We
know no respectable writers who have made any
such assertion ; but the facts concerning the Rus-
sian corn trade aro of great importance, whatever
Mr. Sturge or any other writer rev say. The
supplies from the Danube were impeded and
stopped by the Russians entering the Principali-
ties, and they desired to have the power to stop
them at all times. The importance of these sup-
plies is, however, overrated by Mr. Sturge. In
1853 we imported from Moldavia and Wallachia
227,143 quarters of wheat, which was upwards
of 50,000 qrs. more than we ever, before im-
ported. According to the returns obtained
by our own consuls, and published in the of-
ficial "Tables of Population, Uommerce,
dr,c.," the greatest quantity of wheat ever exported
from these two provinces up to 1851 was 571,678
qrs. Mr. Sturge's estimate of 700,000 qrs. ex-
ported in 1853 is probably, therefore, an exaggera-
tion. The highest total exports, too, of wheat
from Russia in any year between 1842 and 1851,
of which we have official returns, was in 1847,
when it amounted to 5,744,197 qrs., of which only
850,586 qrs. came to England. At that period the
exorbitant price inEngland-102s.—the suspension
of our laws to procure a supply, and the extreme
want of France and Italy, caused every granary in
Russia to be clean swept. In no subsequent year,
of which we have official returns, was an equal
quantity of wheat exported from Russia. In fact,
every year since the exports have decreased, and
were in 1851 only 2,484,150. qrs. ; in 1850,
2,606,451 qrs. The greatest quantity of wheat ever
imported from Russia into England was last year,
1,071,173, when, from an expectation of war, we
made exertions to get it. From these facts we
infer that Mr. Sturge's estimate of 5,300,000 qrs.
of wheat shipped from Russia in 1853 is an exag-
geration ; if not, it is at least misleading to refer
to that whole quantity as affecting our markets to
its full extent, when only 1,071,173 qrs. came
hither, and it is totally erroneous to imply or
represent that the exportation was suspended in
1854.
We have an official account of our own imports
from Russia, in the nine months of 1853 and 1854,
which were as follow

1853. 1854.
qr, qrs.
69,101 23,938

From the Northern Ports ........
" Ports in the Black Sea, Sea
of Azoff, &c... ............ 704,406 491.710
All this was imported in the early part of the
year, and if the imports then ceased that was the
consequence of our low prices. At 525., with an
apprehension of the price falling lower, no corn was
imported, the growth either of Russia or any oth
from
er
country. The price did not pay to bring it
Egypt or the United States, and would not pay to
bring it from distant places. When wo obtained
these supplies from Russia considerable quantities
of corn were imported from the Black Sea snot
France and Italy, though how much we
sd o
otherexactly know ; but, supposing Mr. Sturie'
statements to be correct, the suspension 1)
of can only have affected for 1854 abotutiehaslpfeatlkies
supplies from the Black Sea for all Western Europe.
The apprehensions of war caused in 1853 as large
exportations from Russia as could be spared, and
we learn accordingly from the circular of Mr.
Carr, of Rostock, dated November 10, 1854, who
probably knows something of the Russia corntrade,
that, " with the exception of St. Petersburg stocks
of old corn are very light, most having been got off