The Sun.
London, England, 1825-01-15 00:00:00

FOR THE SUN.

FOREIGN CORN.
[We are persuaded we bhall be obliging our
Readers by making room fur the foliating Let-
ter, tv ritten by a Gentleman of great commercial
experience, and whose candid mode of reasoning
imparts additional value to the arguments he
uses]

ON THE ADMISSION OF THE ,WHEAT UNDER
LOCK TO ENTRY FOR HOME'CONSUMPT lON.

Ma. Enrro it—A letter appears in the Farnu•rs' Jou, nal of
the 3d inst., under the signature G. M. the Writer of which en-
deavours to alarm the growers of Wheat, by the apprehension of
a decline in the price of from 30 to 40 shillings per quarter, in
consequcnceof 'die admission of the Wheat under Lock to Entry,
in the event of the quarterly average being 70s. per quarter in
the nekt month ; and he calls upon the Farmers to bring for-
, Ward all their inferior Wheat, and to glut the Markets also
with their best Grain, that the danger- maY be averted.—
His remedies are as dishopoi►rable in intention as they
are impracticable in etectition ; and I shall endeavour to
chew that his fears are groundless in every respect, although
it is perhaps hardly necessary to take the trouble of doing so,
as I cannot suppose any Farmer to be so stupid as to incur a
certain present loss for the .sake of an uncertain future gain.
G. M. states the quantity of Wheat under lock, entitled to entry
at the' average of 70s. per quarter, on payment of a duty of 17s.
per quarter, to be 461,591 quarters. I believe it is not now so
large, but let the statement by taken as correct, and let the
quantity be divided into two kinds, viz. into Wheat of such
quality as can be manufactured into fine Flour, and into that
of inferior quality ; the latter is probably the larger quantity,
consisting of Wheat imported from East Friesland, Denmark,
Russia, &c. and therefore originally inferior, together with many
cargoes that have received great injury from being kept from 5
to 6 years in granary. I propose, however, to estimate the best
Wheat at 250,000 quarters—leaving of interior quality 211,591
quarters Now, sales have been lately made in London, of the
termer kind, at 45, 49, and even at 56 shillings per quarter;
and I assert, without tear of contradiction, that no considerable
quantity of it could be purchased at 455. per quarter, a price
which is equal to 625. per .quarter for home consumption, the
duty, thereupon being I7s. per quarter. The said price of 625.
being within afew shillings (4 to 6) of its present value; what
ground is there to apprehend that the holders of such Wheat
would press it upon the markets, if it were free this moment
The; are in general monied men, the original importers having;
for the greater part, sold out long ago with great loss, and in
many instances, with ruin to themselves. The case appears, if
possible,still clearer, witl► reference to the inferior Wheat, which
is held at 30 to 40 shillings per quarter, and of which, un-
doubtedly, no considerable quantity, of average quality, could
be purchased at 30s. per quarter, equal to 475. in the Home
Market: and yet we are threatened with a decline of 30 to 40
shillings per quarter, which would sweep away the entire value
of the interior Wheat ! !

But, Sir, another material point is the quantity of this bond-
ed Wheat, with reference to the annual consumption, which
will be found to be far from aflinding any just ground for
alarm to the home growers. Some persons estimate the an-
nual consumption of Wheat in the United Kingdom at 20
millions of quarters, or at one quarter for each individual ; but
as all are not consumers of Wheat, I shall take the low esti-
mate of 13 millions of quarters per ann., which gives million
per week, or 250,000 quarters--and therefore the good Wheat
under Lock is equal to the consumption of seven days, and
the whole of the bugbear of 41;1,391 quarters would he con-
sumed in less than a fortnight, a period which is thought
of little consequence when the harvest happens to be delayed
by unfavourable weather.

G. 31. would be better employed if he were to direct the at-
tention of the Farmers to the risk of the average, rising to 801.
per quarter before another harvest, an event, which is so far
from improbable, that if the holders of the bonded Wheat were
now free to enter it, at the duty of 17s. per quarter, it would
induce them to defer the entry until the end of the quarter at
least, in the hope of avoiding the duty altogether. Upon this
subjezt I may probably address you soon again. In the meantime,
I assure you, that I am not interested directly or indirectly, in
any Grain under his Majesty's Lock.
Newcastle-upon-Tyne, Jan. 12,1825. S. B.