The Sun.
London, England, 1847-03-25 00:00:00

S
~ _ N 9

REVIEW OF THE CORN TRADE

DURING THE PAST WEEK.
(From the Mark Lane Express.)
A week of very fine weather, and rather large arrivals
of flour and Indian corn at several of the western ports,

from America, have suffied to check the upward move-
ment in prices of grain, and at some of the leading pro 7
vincial markets the trade has I.).conie eery dull. Th,
article of Indian corn, which has for a long period been
relatively' higher than whcat, has been tiff cted tc
a greater extent than any other by the rt-cent recclFts
from the other side of th± Atlantic ; is thi.; efr

;.r sing, when we consider the etiorin,,u,.ly high prie:—
at' which it has till lately been selling, nv:re particularly
as its consumption has been almost wholly confined ti
Ireland. The value of wheat has bee n comparatively
but little influenced by the auspicious charge in the
weather, and so long as the deu,and for shipment to
France continues we can scarcely calculate on any
material reduction. The position of the grain tract? i‘
it present so peculiar as to render it exceedingly difficult
.0 speak with any de4ree of certainty respecting the
future. The principal cause which has operated to pro-
duce the advance has unquestionably been the purchases
made in the English markets for shipment to Ireland
and the continent ; should this unusual demand sud-
denly cease, and the prospects for the next harvest
become auspicious as the spring advances, even the ac-
knowledged smallness of our stocks might perhaps fail to
keep up present prices. That the wants of Ireland have
been temporarily provided for by the arrival at Cork of a
fleet of vessels laden with Indian corn is pretty certain, but
there is no appearance of a decrease in the French de-
mand. Another matter of great importance in con-
s exion with the probable future range of prices is, the
generally cautious manner in which the millers have for
months past conducted their operations. So averse have
they shown themselves to purchase more than abso-
lutely necessary for their pressing wants, that they have
permitted the French buyers to take off a large propor-
tion of the supply week after week; and we are there-
fore inclined to think that the millers have less wheat
on hand than usual. That the quantity in granary has
been reduced to a very low ebb is quite certain; and
though some parties may yet be found who assert that the
farmers, as a body, hold largely, this can
scarcely be reconciled with the fact that the de-
liveries from the growers have, ever since har-
vest, been on a liberal scale. The case appears,
consequently, to stand thus—that there is at pre-
sent a smaller amount of food in the kingdom than
usual ; that some of the continental kingdoms are in a
worse position in this respect than Great Britain ; and
that places which in ordinary years send us supplies may
find it necessary to continue the purchases which they
have for some time past been making in this country.
The trade has, nevertheless (as already intimated), be-
come dull, more particularly at Liverpool, where the
American arrivals have naturally had more influence
than in the interior, or at the ports on the east coast.
Wheat was on Tuesday quoted 2d. to 3d. per 70Ib. lower
there than on that day se'nnight, and flour recedvd 2s.
to 2s. 6d. per barrel ; whilst in regard to Indian corn
the depression amounted almost to a panic, similar
qualities to those sold only eight days before at 70s. to
725., having suddenly fallen to 58s. to 60s. per quarter.
On Friday holders of flour and wheat were not so
anxious to sell, and purchasers could scarcely buy so well
as before.
The advices from Scotland are not of much interest ;
the change from very cold to unusually warm weather
had had its usual effect on the corn markets, and the
tendency of prices has been mostly downwards.
In Ireland a gocd deal of impression had been made
by the simultaneous arrival of large supplies of "Indian
corn from the United States and from the Black and
Mediterranean Seas ; still the value of the article does
not seem to have fallen there to the same extent as on
this side of the Channel.

.
No great increase has taken place in the supply of
wheat, only 6,451 quarters having arrived from our own
coast, and 3,639 quarters from abroad, into the port of
London during the week ending this (Saturday) even-
ing. The quantity brought forward at Mark-lane by
land carriage samples from Essex, Kent, and Suffolk,
has been on the same moderate scale; and, notwith-
standing the dull reports from Liverpool and other pro-
vincial markets, the trade has maintained a firm tone.
Oa Wednesliay several purchases were again made on
French account, and, with a comparatively languid de-
mand for local consumption, factors experienced no
difficulty in clearing off the supply at the full terms of
Monday last. Subsequently the foreign inquiry rather
increased; and, though the millers acted with even
greater caution „sm Friday than earlier in the week, this
did not prever4 former terms being obtained. llelders
of foreign wheat have manifested no anxiety to press
business, which may be easily accounted for when we.
consider the extremely reduced state of the stocks at
this port. The shipments lattl) made to_ the Continent
have so greatly reduced the quantity in granary that we
much question whether, after that bought within the
last fortnight shall have been despatched, more than
50.000 quarters will remain on hand. Under these cir-
cumstances no surprise can be felt that merchants should
have become indifferent about making further sales, and,
.t the close of the week, prices were quite as high as in
the cc m mencement.

The demand for flour has not been by any means
active, and the top quotation for toyvn-made has re-
mained stationary. Ship flour has come to hand rather
sparingly ; note ithstanding which, its iiispesal has bet n
attended with considerable ditlieuliy, and former terms
hale barely been supported. American barrels have
likewise moved oft slowly ; and when it became known
that prices had receded 2s. 6d per barrel at Liverpool,
a reduction of Is. to 2s. per bar: el took place at Mark
lane. This happened on Wednesday, but since then
confidence has partially returned, in consequence of
high quotations frdne France, and the expectation that
that country will draw supplies of the article hence.
The arrivals of barley, of home growth, have been
scanty ; having, however, received 38,040 quarters from
abroad, the supply has been more than equal to the
demand. The latter has no doubt been diminished by
the rise in the temperature, some of the maltsters having
discontinued working ; and, as others may be expected
shortly to follow, fine qualities have become almost as
unsaleable as the secondary sorts. In the absence of
extensive operations, quotations have not undergone
much change ; but to have succeeded in making sales,
eiiher on Wednesday or Friday, it would have been
necessary to have accepted less money.
Malt has been affected by the dull state of the barley
trade ; and with wily moderate exchanges coastwise, the
tendency of prices has been downwards.
Of the 23,193 quarters of oats received during the
week 7,626 quarters are from Ireland. An arrival to
ever. that extent from that quarter was not looked for;
and as it is calculated. that further supplies may follow,
business in this grain has again relapsed into a state of
inactivity. The advance of Monday has, however, been
firmly insisted on by factors, and needy purchasers have
had no alternative but to comply; under these circum-
stances buyers have been unwilling to take more than
has been absolutely necessary for pressing wants, and
the operations have been on a strictly retail scale. As
quotations of oats in I eland are relatively much higher
than in this country, w* cannot understand what profit
can attach to shipment from thence; and we must, there-
fore, come to the conclusion that the late arrival must i
have been n fulfilment of contracts entered into when
quotations were at least ss. per quarter higher here than
they are at present.
The decline submitted to on beans has failed to bring
forward buyers, and sales have proceeded slowly since
Monday at the reduced rates of that day.
Peas have excited rather less attention, but have not
been parted with at lower rates.
Increased offers of Indian corn to arrive, and the im-
portant fall which has within the week taken place at
Liverpool and in Ireland, have not been without influ-
ence on the quotations here, and the best qualities of
Gulatz might, on Friday, have been contracted for at 60s.
per quarter.
By the steam-ship Cambria we have advices from
New York of the 97th of February, and accounts of
corresponding dates from other parts of America. The
very large shipments of flour which had been made
during the winter had greatly reduced the stocks of the
principal Atlantic ports. At New York only about
50,000 barrels were left in stores, and though it was ex-
pected that the Hudson would be navigable about the
middle of March, as only 30,000 barrels were held at
Albany, no very large receipts thence were calculated
on. The export. of flour from New York from the Ist
of September to the 26th of February had amounted to
595,065 barrels. The price of Western Canal, after
having been as high as 7 dolls. 50c. to 7 dolls. 75c., had
settled down to 7 dolls., which, at the then rate of ex-
change, would render the price in English money 31s.
10d. per barrel free on board.
Freight to Europe was still excessively high, Bs. 6d.
to 95. per barrel having been paid for London and
Liverpool, and corresponding rates for continental ports.
'vs the future arrivals of bread-stuffs from America will
have a material influence on the range of prices in our
markets, we beg to direct attention to what has been
shipped from the United States during a period of six
months, viz., from the Ist of September, 1846, to the
26th of February, 1847 ; flour, 1,650,000 barrels, of
which 1,025,000 barrels bad been for Great Britain ;
wheat. 200,000 quarters, and Indian corn, 575,000 quar-
ters ; of the former 150,000 quarters, and of the latter
531,250 quarters had been dispatched to British ports,
These exports are certainly very large ; hut do these
come up to general expectation ? We think not.
By the accounts from the south-eastern parts of
Europe it appears that stocks of wheat were everywhet e
moderate, but that the somewhat flatter reports from
this country and France had tended to check any further
advance in quotations. At Marseilles, on the 13th
inst., wheat was comparatively neglected, in consequence
of the demand from Lyons, which had previously been
very extensive, having in a great measure ceased.
At Trieste, on the 10th of March, business was like-
wise rather quiet. A day or two previous a parcel of
Odessa had been bought for France at 615., whilst for
Danube from 565. to 58s. 6d. per quarter had been paid.
Vessels were exceedingly scarce, and freight to England
14s. per quarter, with primage.
In the Baltic, quotations of wheat have recently risen
considerably, owing to an increased demand from France
aad the Netherlands. At Dantzic, on the 13th of Aarch,
there were no sellers of fine mixed wheat below 725. per
quarter; of really fine high mixed none remained. The
commoner kinds had been disposed of at from 665. to
. GO, per (outer. The weether was then, ilia had for