The Sun.
London, England, 1847-02-19 00:00:00

REVIEW OF THE BRITISH CORN

TRADE.
(From the Mizrh-lane Rzpress.)

. . .
In our comments on the position of the wheat trade
last week we expressed a doubt whether the depression
which then prevailed would be of long continuance; but,
though we were prepared to expect a rally, we scarcely
thought it would come so soon as it has. The animated
tone which business has again assumed has, no doubt,
been partly occasioned by the extreme severity of the
weather experienced during the last eight days; this,
however, cannot be regarded as the primary cause. The
periodical intervals of dulness and animation which
have succeeded to each other at different times during
the past four or five months have almost in every in-
stance been the result of a temporary lull and a subse-
quent revival of the Irish demand; and to the latter the
sudden rise which prices have again undergone must be
traced. As has been the case on all former occasions
this season, the first impetus to the upward movement
had its origin at Liverpool. Several Irish buyers visited
that port on Monday, and purchases of American flour
were then made privately at 40s. per barrel. On the
following day the market was numerously attended, and
large sales of the last-named article were effected at
41s. 6d. to 425. per barrel, whilst inferior sorts of wheat
were taken for the same destination at prices 4d. to 6d.
per 701 b., or 2s. 4d. to 3s. 6d. per quarter above those
current on that day se'nnight. Indian corn, which had
previously been neglected, was likewise in much re-
quest,
ekwathsepa id
excite- for
cargoesanedlosfreomat 6hEasn.d.to
the week
established on all articles ; wheat was then quoted 3d.
Latern s . pienr
ment increased, and on Friday a further advance was
to 4d. per 701 b., flour Is. 6d. rr barrel, and Indian
1
day. The continued drain on our stocks to supp y the
corn Is. per 4801 b. higher than on the preceding market
wants of the sister isle, and the unusually large con-
sumption of breadatuffs in all parts of the United King-
dom, have already caused wheat to become somewhat
scarce, and though we differ from some authorities, on
whose judgment we generally place great reliance, we
cannot come to any other conclusion than that the stocks
of wheat at present in the country are smaller than in
ordinary years at the corresponding period. With this
conviction, and with the prospect of having to ship
largely to Ireland for several months to come, whilst
no effective supplies from abroad can be looked for till
April, we can discover nothing in the position of affairs
to lead us to anticipate low, or even moderately low,
prices ; on the contrary, a further rise appears to us
far more probable. In giving this opinion, we wish our
remarks to be understood as applying only to the next
two months ; after that period new elements
will come into play, of which nothing can at pre-
sent be known. The supplies of barley, which a few
weeks ago were liberal at the markets in those counties
where this grain is most extensively grown, have all e
once fallen off materially, and we think it will not be
long before the discovery will he made that the crop of
this gr in has turned out quite a.; ih.ficient as repre-
sented at harvest .time. The mahsterm, as a body,
are certainly far from well. stocked ; and having duriug
Ithe week come forward more freely us buyers, the
supplies have proved inadequate to the demand, and
prices have advanced about 2s. per quarter all over the
kingdom. Oats, on the °dier hand, have not as yet re-
portion of the recent decline, which may
el
joe7:•!rctli:nL,,,,,lcd ft , by tl.c t-cuii..aly obsessed iu
their consumption. The comparatively low price of hay
has caused that article to be used more extensively than

usual ; other substitutes have also been largely em-
ployed. But notwithstanding all these shifts, oats are
mevaidnednetolbmt ainndowl hpernobtahbeilsievedridsee:
bmeecnoemeisngthevierryvalsucaerwceill
By our advices from Scotland we learn that the wea-
ther had not been so severe there as with us. Wheat
and barley advanced on Wednesday, both at Edinburgh
and Glasgow, leir, oats were not dearer at either place.
From Ireland the accounts are of precisely the same
character as before. Thu want and misery prevailing
are described as fearful ; and though a deficiency in the
means for conveying supplies into the interior had
caused an accumulation of stock at the. sea-port towns,
with the re-opening of the inland navigation, which., had
been partially closed by ice, the stores at Dublin, Cork,
and Limerick, would, it was expected, be speedily
emptied. The extreme severity of the frost experienced
on this side of the Channel has also closed many of our
watercourses, and prevented supplies of grain from
the interior being sent down to the ports on the coast.
It is, therefore, probable that the arrivals will, for a
time at least, be short.
During the week now about to terminate, the receipts
of wheat coastwise into London have amounted to only
872 quarters, and the quantity brought forward at Mark-
lane by land carriage samples from the home counties
has been equally small. On Wednesday the show on
the Essex and Kent stands was quite trifling ; there was
scarcely anything fresh up, and the few parcels left
over from previous supplies were easily placed at rates
9. to 2s. per quarter above those current in the eons-
mencement of the week. On Friday the millers mani-
fested an increased desire to add to their stocks ; and
factors having very little to offer, demanded, and suc-
ceeded in obtaining, a further advance of Is. per quarter.
Foreign wheat, which has for some time been compara-
tively neglected, has again excited attention this week.
On Wednesday several parcels changed hands, on terms
at least Is. per quarter above those previously obtainable
and since then holders have further raised their preten-
sions; good red Baltic, as well as the inferior sorts, such
as Odessa, Danube, &e., being held about 2s. per quarter
higher at the close than the commencement of the week.
This rise has been mainly caused by a renewed demand
for meal to ship to Ireland; and, had not the scarcity of
vessels, and the high rate of freights, tended to throw
difficulties in the way of business, the transactions would
probably have been extensive.
Town-manufactured flour has been taken rather
slowly, the bakers still continuing to act on the reserve;
the millers have, however, remained firm, and the bar-
gains closed have been at full terms. Ship flour being
worth more in the northern markets than here, the
supply into London has been small, and prices have
rather tended upwards. For American the demand has
undergone a decided improvement, and rather large pur-
chases have been made at a rise of Is. to 2s. per barrel on
the lowest rates of last week.
Barley of home growth has come very sparingly to
hand, nor have the receipts from foreign countries been
of any importance. The maltsters, who have for some
weeks held off; have been compelled by their pressing
wants to purchase somewhat more freely of late; and,
though business has not been brisk, sellers have expe
rienced no difficulty in realising an enhancement of ls.
to 2s. per quarter on the best, and ls. on secondary
qualities. The panic produced in the barley trade by
the admission of sugar into breweries and distilleries
seems to have passed over; and, unless much larger sup-
plies reach us shortly, there is some chance of this grain
rising again to pretty nearly the same from which it
receded a fortnight or three weeks ago.
The operations in malt have been of a retail character;
the stocks of the article being, however, very short, and
the supplies having been small, higher rates have been
insisted on and obtained.
The total quantity of oats which has entered the port
of London during the week ending Saturday evening has
amounted to only 11,144 quarters; whereof 3,103 quar-
ters are from our own coast, 101 quarters from Scotland,
7,039 quarters from Ireland, and 904 quarters from
abroad. The usual consumption of the metropolis and
its suburbs at this period of the year, when Parliament
is sitting, and London is consequently full, is estimated
at from 20,000 to 25,000 quarters per week; whereas
the receipts from the beginning of the year, being
rather over seven weeks, have amounted to only 45,254
quarters. It follows, therefore, that all parties are at
the present moment verb bare of stocks ; and though
there can be no doubt that the high value of the article
has led to great economy in the consumption, still we
believe that prices must undergo a further enhancement.
On Wednesday business was very dull at Mark-lane, the
factors generally asking somewhat enhanced terms,
which buyers refused to pay ; since then the inquiry
has not improved, and it has been impossible to realise
over Monday's currency even for fine corn.
The recent fall in the value of beans has not led to
any increase in the inquiry, and sales have proceeded
slowly at the reduced terms current in the commence-
ment of the week.
Maple and hog peas have likewise moved off rather
tardily at preview prices, but a rise of Is. to 2s. has
taken place in quotations of white boilers since Monday.
Floating cargoes of Indian corn, particularly those
close at hand, have been eagerly bought on Irish account,
and nearly as high prices have been realised as at the
period when the greatest extent of excitement prevailed.
By the packet-ship Queen of the West we have New
York advices of the 23d of January, and accounts from
other parts of the United States of corresponding dates.
The weather had been, and was then still severe, and the
inland navigation was still closed by ice. The exports
of flour had not been so large in January as the preceding
month, owing partly to the high rate of freight to
Europe; still upwards of 86,000 barrels of flour, 103,000
bushels of wheat, 242,000 bushels of Indian corn, 24,000
bushels of rye, 39,000 bushels of barley, and 16,000
bushels of oats, had been shipped from New York
between the Ist and 19th of January. Freight to
London was then 17d. to 18d. per bushel for wheat, and
4s. 6d. to ss. per barrel for flour. The price of flour had
rather tended upwards during the preceding week, and
good brands of Geenessee were then held at 5 dolls. 62ic.
to 5 dolls. 69c. per barrel. The arrival of the Hibernia
was anxiously looked for, and in the absence of news
from Europe neither sellers nor buyers had manifested
much disposition to enter into extensive operations.
The return of severe weather threatens again to in-
terrupt
business6D
cdoptcontinentalohnooalrn6ytnesi.:ston.changed
daht theaehd therea
psbnprde
.ddioecus
nernt
a,
sissptn t ; h bdgtu,
Ahht tnghdwoe
subsequentlyoeadedkvdi
e; c
ae sl a
bof
orf ou
the regular communication with the northern
5 ln t a
has
sgat
ss r
beeeha ac hdn
prices
other ; for
sorts
the fine
thr
aha
ddi ge
brought
rh
oma
udi
bhe
etc 1 c
pro-
portionate os
somewhat dull, owing to the less encouraging tone of
the English letters. The weather was then wet, and
the damp state of the atmosphere had caused most of
the wheat to come to hand in indifferent condition. A
vessel had been chartered to load wheat to Liverpool at
4s. 6d. per quarter.
At the Lower Baltic ports a little reaction appears to
have taken place, in consequence of the fall which oc-
curred in the British markets towards the close of last
month.
From Rostock we learn, under date of February the
4th, that the demand for wheat had suddenly fallen off
materially, but that holders had nevertheless remained
firm, declining to sell below 655. per quarter free on
board. The inquiry for barley had likewise become
slow there, and 355. per quarter was then an extreme

price.
At Stettin stocks are stated to be very small, and little
effect had consequently been produced by the somewhat
dull tone of the English advices ; in the absence, how-
ever, of foreign orders the operations in both wheat and
spring corn had been on a restricted scale.
At Hamburg, on the 9th inst., wheat was decidedly
dull of sale, and there were offers from outports at prices
Is. to Is. 6d. per quarter below the rates previously de-
manded ; for parcels on the spot very nearly former
terms had been insisted on.
The accounts from the Mediterranean arc interesting.
A letter from Marseilles of the 6th inst. informs us that
wheat, after having fallen some 6s. per quarter the pre-
ceding week, had again rallied, and that prices were then
within about If. per hectolitre of the highest point. This
reaction had been caused by a rumoured country demand.
Marianopoli had brought equal to 695. per quarter, which
wac as high a price as that description of wheat had
brought at any former period.
From Genoa we learn, under date of February 2, that
the Government had issued a decree levying four livres
per cantar, or 3s. 6d. per cwt. duty, on the export of rice
the growth of Piedmont.

DARING ROBBERY IN EDIN-
BURGH.

It is with regret that we have to record another of
those daring outrages which have of late been the dis-
grace of our city. On Thursday night, about twelve
o'clock, a gentleman who resides in Broughton-place was
knocked down on his way home, in the lane which
branches off from the east side of Elder-street, and
robbed of his watch and five pounds. He was felled to
ot the eetghreoru ni
uds
tartu omnecuet
,bayn
da
ry
ei oml eani
at e bdl oewu wt ihteh
sat
rbeleudt gf
or eon,
a
considerable time in a state of insensibility, while the
ruffians searched his person and carried off his watch and
money.fallen his
I I e
assailantsrece l received
being determinedseveralseve tomake sure reblows after hereof
hadf
him. Ile is still confined to bed with dreadful contu-
sions on the head and face, and has no recollection of
anything that took
ero occurred,e
x tre
place after receiving the blow.
Within these four or
five weeks no less than five rob-
beries, attended with
personalmei violence, more or less
while not more than two of
the guilty persons have been
apprehended, and these only
suspicion.donangus ,
have v e
It t is
y doubtful if o
will follow. There cannot be
a more l
amenueconviction t
a h le
proof
of the insecurity of our streets
of the police, from whatever cause,anc/ of the inadequacy
the inhabitants. It was only about aor the protection of
month
gen-
tleman in Broughton-place was robbed while opening
since a
his own door, about half-past ten o'clock, and nearly
throat, from which, we understand, ho
isby ffians on his
choked by the violent gripe of
theru
recovered, having been for some days hardly means
speak. Another robbery of the same kind ywa:ble to
com-
mitted in Elm-row. A young man was, isearly ab•ut
the same time, knocked down and robbed in the. Lo-
thian-road, between eleven and twelve o'clock, while
the robbery in St. John-street occurred about ten o'clock,
the Cauongate being at the time crowded with people.
It thus appears that it is not safe to venture into the
streets at night. These robberies and outrages were
perpetrated, not at any untimely hour, but mostly before
twelve o'clock, when it never was before thought unsafe
to walk the streets. But a great change has taken
place ; ruffianism is on the increase, end thieves ap-
pear to be constlntly prowling ab eft watching the
streets on the oatlook for pleader. The pi 4we, it is
clear. afford no security, while from the undetected
robb,;l les the guilty cleave security and encouragement
to commit fresh crimes. The frequency of these out-
rages calls for iacreased vigilance, and a more efficient
body of night watchmen ; and they ought to be obtained
at whatever exir2nse ; for protection. like everything
1 else, must be paid for. It is uei.die3s to 61' kik, aio
price, for we cannot have the article without paying for
rt.—Edinburgh Courant.

COMPANY.
Yesterday the usual half-yearly general meeting of the
proprietors of the Great Western Railway, was held at
the station in Paddington, Charles Russell, Esq., M.P.,
in the chair. After the usual formalities had been gone
through,
The CFIAIRMAN rose and said, that it was impossible
for the directors to give the proprietors so much infor-
mation at a February meeting, as they could at
one in August, for now they were entering
upon their Parliamentary campaign, while in
August they had usually arrived at its close. He
was in hopes that their Parliamentary course in the
present session might have been rendered somewhat
easy by an amicable arrangement with the London and
North Western Company. At their last meeting, in
the month of December, he st zted fully the nature of the
negotiation which had been going on with that company,
but, subsequently, certain statements and observations
imposed upon the directors the necessity of issuing a
full and detailed report upon the subject. To that report
the only reply that was made was a short note,
from Mr. Creed addressed to the editor of the Times. In
that note, Mr. Creed declared that he was instructed to
state, that the London and North Western Company
were still as desirous as ever that some arrangement
should be come to with the Great Western Company. He
(Mr. Russell) was at Brighton on the 26th December, the
day upon which that letter appeared in the Times, but
so anxious was he to construe it into an invitation to
renew the negotiation, that he wrote a note to Mr.
Glyn, proposing that Mr. Saunders and Mr.
Swift should take up the matter where it
began, with a view of establishing peace between the
two companies. The result of that note was an agree-
ment between Mr. Glyn and himself, to the effect that
Mr. Saunders, and Mr. Swift should have full power to
conclude such arrangements between the two companies,
as should be considered beneficial to the interests of the
company they respectively represented. He was sorry
to say, however, that the arrangement never reached to
the extent of a meeting between Mr. Swift
and Mr. Saunders ; for Mr. Swift, in the first
instance, insisted upon preliminary concessions which
the directors of the Great Western Company could not
consistently make, It was not his intention to go fully
into the correspondence which had taken place on the
subject, but the real substantial and insuperable obstacle
to the arrangement was the possession by the London
and North-Western Company of the Birmingham and
Oxford, and Birmingham and Wolverhampton lines.
Notwithstanding the triumph of the Great Western
Company last Session, the London and North
Western company appeared determined to at-
tempt to exclude the Great Western and the
broad gauge from Birmin:ham. They wished
to hold the Oxford line jointly with its proprietors, or,
failing in that, to purchase it altogether. It was im-
possible for the Great Western Company to accede to
joint possession, because that would be in direct viola-
tion of their pledges to the public and their promises to
Parliament. He then alluded to the singular offer the
London and North Western had made for the Oxford
line. At the meeting of the Oxford proprietary,
which took place in Birmingham on the 30th of
October, the directors of that line were au-
thorised to negotiate with the Great Western
for the sale of their line ; the consequence was, meetings
between deputations of the two companies, and after
the preliminaries had been agreed upon, the bargain
was made and the line agreed to be conceded, as was
c t
well known to the Great Western Company. The
terms were considered just, yet at a meeting of the
cos therm confirmed
by , ih mouthpieceo acts
of
ts the
of
Bir-
mingham and Oxford proprietors on the 4th of De •
comber, Mr.
saMidtehaMd ozhleeyen nfi
, a
London and North Western Company, and what
he then
the London and North Western Company, said he
saw no reason why the London and North
Western Company should, in the face of all the facts,
make an offer for that which they had already pur-
chased.—(Cheers.) Under influences, about which he
would not stop to inquire, a new set of proprietors were
invited to combine to set aside that which had been
done by a previous proprietary, who were fully com-
petent to do what they had done. A new set of
directors were to be forced on the management, in order
to repudiatea solemn agreement, and, in the event of
failing in that purpose, to embarrass and prevent its
accomplishment.—(Cheers.) Those attempts would
recoil on the authors.—(A cry of "So they ought 1")
The agreement required no further act of the
proprietors, no further sanction of Parliament.—
(Cheers.) The agreement with the Birmingham, Dud-
ley, and Wolverhampton, was also completed, with the
single exception that it required the sanction of Parlia-
ment.—(Hear, hear, and applause.) He regretted that
their efforts to effect an amicable arrangement with the
London and North Western Railway Company had thus
failed. What that company had to give them, except
peaceable possession of their purchase, he was at a loss
to understand. What they had to give the London and
North Western Railway Company was an assurance that
they would not extend the broad guage beyond certain
limits to be defined between the two companies.
It was for the London and North Western Company to
determine the value of this concession. It was for them
to consider the wisdom of seeking to recover the loss
they had practically sustained in the last session of
Parliament, or whether they would be content with
speculating upon the future.—(hear, hear.) They had
chosen the former alternative as the more wise and ad-
vantageous for themselves ; but he was far from being
sure that they had not chosen the alternative most
advantageous to the Great Western Company.—(Cheers.)
The Great Western Company were prepared to make
sacrifices for the sake of peace, but he knew an opinion
was entertained by many of their proprietors, men
possessing largo stakes in the company, that it would be
much better for them to remain as they were, and
extend the broad gunge into every available direction.—
(Cheers.) He readily turned from that subject to take
a glance at their internal position. It was highly gra-
tifying for him to perceive that their receipts were
increasing, while their expenditure was diminishing.—
(Cheers.) The number of miles run by their engines in
1845 was 240,000, while in 1846 the number was
346,000. (Hear, hear.) Yet with this increase of
mileage there had been no increase of expendittulraet.
—(Cheers.) He was glad to say too,
.1
they had reduced the number of their assistantbengtmbees,
and thus had they not only attained economy,utmy.
had attained additional security. It would be reere mea
bered that at their last meeting two auditors
were
were
pointed to investigate the accounts. Those auditors
r
almont,
b '
Mr. W. Croswaithe, of Liverp
sa
001, and Mr.
tj
of London, two gentlemen of the highest respectability
those
and experience, and he was glad to Y
ts were
gentlemen had reported that the accounts
highly satisfactory, and therefore upon a very improved,
clear, and simple principle—(Cheers)—that was a suffi-
cient answer to all the newspaper calumnies, not to men-
tion the imputations of fraud which had been wantonly
thrown out. In conclusion, he thanked the proprietors,
and awarded that meed of praise to the officers of the
company for the diligence and care they 1154 bestowed
upon the affairs of the company.
read the t- It stated that
Mr. SAUNDERS then
whichre had
the financial accounts and tabular statement,
made
been published and circulated, would have already
working
of
would known to the proprietors, the result of the
enable
their line during the last half year, which
dividend of
them to declare at this meeting the usual
eraffle,
four per cent for that time. With respect to th t
iod of
it might be observed, that in the corresponding penered end
1845, precisely the same length of line was opened
that the
worked over by this company as in 1846,asnd the ton-
comparison in the number of passengers,
of the
nage of goods, was a perfectly fair criterion of
and
in-
crease conveyed over identically the same railway.;
indcated
this review of the business of the company
most satisfactorily the features of progressiee trade,ut
of 1845,
when it was remembered that the excitmoeliog
1 cen-
with the numberless schemes and the try
the almost Se-
quent thereon, was thus contrasted with
tire cessation of such speculative Movements during the
_ had_
d been at
latter part of 1846. The increase in 1846
iz. 92,528 for the
the rate of 503 passengers per
diem,
3v976 tons of goods.
half-year, with au additional trade o 2
218,
855/. 19s. 7d., the
The
dire now disposable for recommended that ba
did
dend of four per cent.
31st of Decem-
be declared for the half-year ending thetof
March, to the
bar, 1846, payable on or after the ls ,
a books when they
proprietors registered on the comp
_y
awnhich dividend would
were closed en the Bth instant,
_ leave a
balance of
amount to 211,002/. 4s. 9d., d
credit of the next
7,8531. 14s. 10d. to be carried to the
eneral meetings
half-year's account. Since the special g
of this company were held on the 6th November and
4th December last, the directors had, in pursuance of the
resolutions common seal
resolutions of the proprietors, affixed th
executed separate
of the company, and otherwiseared to carry out the
deeds, which had beenPgaPilway,
and the purchase of
lease of the South Walesdoeford Railway, as well as that of
the Birmingham and
Wolverhampton, and Dudley Railway.
the Birmingham,
ofthe
Act for incorporating the Bir-
mingham provisions
Oxford
Railway, which conferred 'powers
mingliam and
with the sanction of a general meet-
ing,on that company,
line to the Great Western Railway
to sell their
that the rates and tolls of this
company required
.
ed to scale s
should be re , a not exceeding
company
that of the Binningrn
ba and Ox or ai d`li 'lwa
yAct, before
the purchase
could finall • etake
consequently,
and in order to carry into effect the pur-
chase of that line, bad entered into convenant by such
the Birmingham and Oxford Railway deed, with
pany, revision made b
pany, to have such
y Parliament, for
which purpose an Act was now before the Legis-
lature,the same low scaleof
and as maximum
submitted
rates which was to by the London
and North-Western Railway Company last year,
in order to obtain the amalgamation of the Grand
Junction with the London
by .
the Great W and Birmingham Railway
Company was now offered
made applicable
Rail-
way Company, and was tobe applicable to all traffic
over the Great Western line, whether from existing or
new railways, there could be no doubt that the Act
would pass into a law, on account of the public benefits
to,be derived from that reduction of rates, upon which
the purchase of tho Birmingham and Oxford Railway
by this Company, would have its entire and unqualified
effect under the provisions of the existing Act.
The directors, in conjunction with the Bristol and
Exeter and the South Devon Railway Companies, had
entered into a conditional arrangement for affording
some aid to the establishment of docks at Plymouth, a
measure which they considered would be very service
able to the traffic of the line. The sum agreed to he
subscribed by thi- company was 7,500/. A Bill for the
consolidati,), and improvement of the WeymouthHaeheur Trust wile before Parliament, in which
power was given to the Greet Western, and the
Wilts, Somerset and Weymouth Companies, to
assi,t the Commissioners in raising funds by
their guarantee, to an amount not exceeding 40,0001.
The Creetneater, in moving its adoption, announced
the intention of the company for the future to discon-
tinue the depreciation fund. 'rue huuourable proprietor
thought a statement of their liabilities ought to be sent
forth to the world ; for he believed the public
enter-