The Sun.
London, England, 1847-01-27 00:00:00

REVIEW OF THE BRITISH CORN

TR ADE.

From the manner in which the Ministerial plans have been
received by the Opposition aide of the House, it is certain
that the proposed suspension of the corn and navigation laws
will forthwith be conceded ; nor are any objections likely to
be raised to the permission to emply sugar in distilleries and
breweries. The ready acquiescence of Members of all shades
of opinion to the free importation of grain for a period of
six months affords the strongest possible proof of the neces-
sity of the measure. Nothiag but the absolute conviction
that a very large import of food will be required, and the
consequent resolve to lay aside all party feelings, and give
the Government every facility in passing such temporary
laws as promise to increase our supplies, could have led to
the unanimity of opinion which has been displayed on the
subject. The picture drawn by Mr. Labouchere of the state
of Ireland, and his estimate of the importation likely to be
required between this and next harvest, are sufficiently start-
ling. Nor do we think he has overrated the difficulties
which may be expected to be encountered (owing to the de-
ficiency of the last harvest on the Continent) in procuring
the requiste quantity of grain. Under these circumstances
a reaction in prices can scarcely be expected; indeed the
probability is, that, high as quotations now are, they will
become still higher before any efficient assistance can reach
us from abroad. The great dependence of both statesmen
and merchants is Asuerica. That the crop of wheat was
large, and that of Indian corn unusually abundant, both in
the United States and Canada, we have every reason to be-
lieve ;:but, on the other hand, the yield of grain in many of
the continental states of Europe was even more deficient than
Great', Britain. IV Nether, therefore, the surplus of the
western hemisphere will prove sufficiently ample to make
good the deficiency of the eastern may well admit of ques-
tion. It is, at all' events, certain that so unusual a demand
will speedily enhance prices on the other side of the Atlan-
tic; and we feel satisfied that to secure a supply at all com-
mensurate with our requirements we shall have to pay very
high rates. The announcement of the intention of Ministers
to take off the duty has had very little effect on the home
trade; there has perhaps been a little less activity this week
in the demand for wheat at some of the markets in the agri•
cultural districts, but this we are inclined to attribute to the
increase which has taken place in the supplies, and to the
caution induced by the high value of the article, rather than
to the influence of the Government interference with the
laws. It is quite in accordance with the usual course of
trade that, after so great a rise as that recently established
on wheat, a pause should occur; but we must confess we can
discover no symptoms indicative of a reaction in prices.
With regard to Barley the case has been different; and
though it is yet doubtful whether sugar will be extensively
used as a substitute, the alteration pr,posed to be made in
the distillation laws has certainly had the effect of rendering
sellers :of this grain 'somewhat anxious to realise; whilst
buyers have declined.entering into fresh engagements, ex-
cept at materially reduced rates. 'What has transpired in
the House of Commons has rather increased the tenacity of
holders of Oats. In touching on the subject of the deficiency
of this crop in Ireland, the President of the Board of Trade
estimated the produce of Ireland at about three-fourths of
an average: and as the consumption of meal must have
been unusually great, all hope of a supply of Oats from the
sister isle would appear to be at an end. Wheat continues to
be higher at many of the provincial markets than at Mark-
lane, which circumstance accounts for the moderate charac-
ter of the supplies of the article into London. During the
week ending this (Saturday) evening, the arrival coastwise
into London has amounted to 6,629 gore.; nor has the quan-
tity brought forward by land-carriage samples from the
home counties been by any means large. On Wednesday
the Essex, Kent, and Suffolk stands were very poorly sup-
plied; and from more distant parts of the kingdom there
was scarcely anything fresh up. Factors were firm in their
demands ; and though the inquiry was not particularly ac-
tive, previaus prices were rather exceeded. On Friday the
quantity on sale was even smaller than on former occasions,
whilst the anxiety of millers to add to their stocks was quite
as apparent ; and the business done was at terms not pre-
viously obtainable. The demand for foreign free Wheat has
been tolerably active throughout the week; the coarser
qualities have again been taken rather extensively, for the
purpose of being converted ii:ts meal to ship to Irelaml,
and the rates paid have been fully as high as at any former
period, say 68s. to The. for alessa, and proportionate terms
for other kinds. The millers have also bought the--tiner
sorts pretty freely for local use, in consequiince of an in-
creaced demand for Flour; and for superior Danteic, Ros-
tock, and other favourable kinds, very high prices have been
realisai. In anticipation of an earls- release of the bonded
at a nominal duty, holders of parcels under lock have de..
dined selling, except on terms scarcely Is. per quarter be
low those at which free wheat of similar quality might have
been bought ; notwithstanding which several lots have
changed hands.—.llark-lane Express