The Sun.
London, England, 1847-04-01 00:00:00

THE SUN, LONDON, THURSDAY EVENING, APRIL 1, 1847.7

REVIEW OF THE BRITISH CORN;
TRADE.

(From the Marh-lane Express.)

Several circumstances have combined to impart great
dullness to the grain trade. Firstly, we have had uninter-
ruptedly fine weather for a space of nearly a fortnight;
and, though it may be questioned whether the sudden
changes which have taken place from great warmth
during the day-time to sharp frost at night can
be considered altogether favourable to vegetation,
so long as we have bright sunshine and an un-
clouded sky at this period of the year, everything
is supposed to be going on well. Another cause of
depression has been the sudden ces3sation of the
Irish demand, and a material falling off in the in-
quiry for wheat and flour for shipment to Fiance ;
and last, though not lea-t, large arrivals at Liver-
pool from the United States, and abundant supplies
of Indian corn at Cork from various quarters. These
are some of the circumstances which have operated to
cause a reduction in prices ; and we may add that
the appointment of Wednesday for a national fast
has in some degree interfered with the regular course of
business, several of the country markets havin in con-
sequence been held off the regular day. We are, how-
ever, disposed to attribute the downward movement
more to the effect produced on the minds of both sellers
and buyers by the fine weather than to anything else ;
and as the variations in the atmosphere will from
this time up to harvest have a greater influence
on the tone of the trade than shortness of stocks
or the extent of supplies, it has become im-
possible to foresee the probable future range of
prices. The sowing of spring corn has been pro-
ceeded with, and a very large proportion of the work
has been finished in a highly satisfactory manner.
Notwithstanding the occupations in the field, far-
mers have managed to keep the markets in the
agricultural districts tolerable well supplied, the
de:ire to profit by the existing high rates being
very general. The quantity of wheat brought forward
has fully proved equal to the demand; and since the
falling off in the purchases on French account, prices of
the article have needed 2s. per quarter at several of the
leading shipping ports on the east coast. The dull ac-
counts from London of Monday have, no doubt, assisted
to bring about this result, and, from present appear-
ance, a further depression seems more likely to occur
than any immediate rally. At Liverpool the giving
way has probably been greater than at any other
market in the kingdom. On Tuesday considerable
difficulty was experienced in eff sting sales of wheat
at a decline of 3d. to 4d. per 701 h., and United
States' flour was then freely offered at 38s. to 38s. 6d. per
barrel; the most important fall was, however, in Indian
corn, sales of which were pressed at rates fully 103. per
quarter below those current ten days or a fortnight be-
fore. Later in the week a further fall of 24. to 3s. per
barrel on flour, and 2d. to 31 per 70lb. on wheat took
place; and Indian corn was, on Friday, offered at 50s. to
525. per quarter.

AE the leading towns in Yorkshire very little business
has been done, sellers having been unwilling to accede
to the terms offered by buyers. The resorts from Hull
and Leeds, of Tuesday, are without the slightest in-
terest, at both plates prices were quoted 2s. per quarter
lower. At Wakefield, on Friday, business was not so
dull, and the sales made were at rates within is. per
quarter of those current on that day se'nnight. The
stock of wheat at that port was estimated at only 61,000
quarters. _

From the western and north-western parts of the
kingdom the advices are to the full as dull as from the
places already referred to. At Birmingham, on Thurs-
day, with a smaller quantity of farmers' wheat on sale
than on that day week, it was necessary to submit to a
reduction of 2s. to 3s. per quarter to induce purchasers
to come forward; and at Bristol, Gloucester, and neigh-
bouring places, the decline has been to about the same
extent.

By our Scotch advices it appears that the dull ac-
counts from the south had had considerable effect; and
wheat, barley, and oats had all been offered at reduced
rates, as well at Edinburgh as at Glasgow.
The reports from Ireland are of a more cheering
character; the receipts of Indian corn, mtal, Sze., had
afforded seasonable relief, and an important decline
having taken place in prices, the extreme want previously
prevailing had in some measure abated. In the northern
and eastern parts of the island, farmers had made fair
progress in the sowing of spring corn, but it is to be
apprehended that in the south and west a good deal of
land will remain uncultivated, owing to the destitute
state of the peasantry, and their inability to raise the
money for the purchase of seed.
The arrivals of wheat coastwise into London have
been quite moderate, only 3,940 quarters having come
to hand up to this (Saturday) evening; neither has the
quantity brought forward at Mark-lane by land-carriage
samples been by any means large, but the inquiry
having been exceedingly slow the supply has proved
fully equal to the demand. Wednesday was a close
holyday, and on Friday very little business was done.
On the latter occasion there was a tolerably good show
of samples from Essex and Kent, by far the greater
proportion of Monday's arrival having (as we then inti
mated) remained undisposed of. The millers acted on
the same cautions plan as earlier in the week, refusing
to buy more than was absolutely necessary for their
immediate use ; factors refrained, however, from press-
ing sales, and in the absence of important
transactions, prices remained nominally as before ;
to have sold, it would have been necessary to submit to
a decline of 2s. per quarter. Holders of foreign wheat
displayed no particular anxiety to realise, and, as pur-
chasers were unable to pay previous rates, the bargains
closed were on quite a retail scale. The arrivals of
wheat from abroad have amounted to 8,890 quarters
within the last eight days; and the only sale for export
which we have heard of was that of 1,000 or 1,500 quar-
ters of red Lincolnshire wheat,taken for shipment to
France, at prices not more than 2s. per quarter below
the highest rates.
_ _

The sale of English flour has been greatly interfered
with by the pressing manner in which American has
been pushed on the market. The nominal top price of
town-made has undergone no change, but ship samples
have been offered Is. per sack lower. Good brands of
United States were in some cases sold, on Friday, at Is.
to 2s. per barrel below the currency of Monday.
The arrivals of barley have been quite moderate, viz.,
2,631 quarters coastwise and 9,521 quarters from abroad.
Choice qualities for sowing have met with some atten-
tion, and for the best descriptions late rates have been
maintained ; secondary and inferior sorts have, on the
other hand, been very difficult of disposal, though offered
at rather reduced rates.

In malt the operations hare been on quite a restricted
scale, and the turn has been decidedly in favour of the
buyer.
The market has been very scantily supplied with
English and Scotch oats, and from Ireland there
have been no further arrivals; the receipt of
26,929 quarters from abroad has, however, pre-
vented anything like scarcity being felt. The greater
part of the foreign oats lately received have been of
very inferior quality; and these have, consequently, been
extremely difficult to quit even at:an abatement of Is. per
quarter. Fine corn has been in fair request for seed, and
several parcels of Scotch have been taken for Ireland from
365. to 425. per quarter.
Beans have become almost unsaleable, and on Friday
it was imp•ssible to place even handsome parcels except
at reduced prices.
Peas have also moved off very slowly, with the turn
against the seller.
Floating cargoes of Indiaa corn have been freely
offered at prices 2s. to 3s. per quarter below those of
Monday without tempting purchasers, and but very few
barg•tius have been closed. _ _

By the packet ship Montezuma we have advices from
the United States nearly a week later than those per
Cambria. The value of flour appears to have tended
downwards at the leading markets in anticipation of
large supplies from the interior. At New York, on
the sth of March, very good brands of Genessee were
obtainable at 7 dolls. per barrel, and other sorts at
proportionate rates. A good many vessels had arrived
from Europe, which had caused a small decline in
freights ; still Bs. to Bs. 3d. per barrel for flour had been
asked for Liverpool, and 2s. 3d. to 2s. 4d. per bushel for
grain in sacks. Indian corn had been sold at lower
rates, say 95c. to 99c. for the best, and 90c. to 92e. per
bushel for inferior. At Albany, Buffalo, &e., the flour
trade appears to have become quiet ; from the former
place the accounts state that nothing had been done for
a day or two, and at Buffalo the price was, on the sth
' instant, quoted 4 dolls. 75c. to 5 dolls. per barrel.
The advices from the continent of Europe are of a
more subdued character than has been the case of late;
and the tendency of prices was, about the middle of the
month, downwards at the loading ports in the north of
Europe. The weather seems to have been fine all over
the Continent; and the benefit likely to accrue from a
fine spring to winter sown wheat has, no doubt, been
the principal cause which has operated to produce the
reaction in the grain trade.
From Dantzic we learn, under date of 20th March,
that holders of wheat had rather given way; still prices
were very high there, 68s. to 70s. per quarter having been
paid fur high mixed in granary, and 665. to 68s. for
parcels deliverable in four or five weeks after date of
sale. The weather had for some time been mild, and it
was calculated that the ice in the Vistula would break
up by about the end of tho month. Charters had been
closed at the following rates:—For Liverpool. 4s. I Id.
to ss. per quarter; for Antwerp 30 fl,rins per last; and
for Havre, 38f. per last; with 15 per cent.
At Stettin, on the 22d inst., business was very quiet.
It was expected that the navigation would in a few days
be open; notwithstanding which but few bargains had
been closed in wheat and prices had remained nominally
unaltered. Red Pomeranian and Silesian, of 591bs. weight
had been steadily held at 673., and white Silesian, of the
same weight, at 683. per quarter free on board.
From llamburgh our letters are of Tuesday last.
Since the previous post day the value of wheat had un-
dergone rather an important decline, and good heavy !
parcels of red, such as had a week before been worth
785., had been freely offered at 755. per quarter free on
board. The reaction had been caused by the fine weather
and the falling off in the French demand.
From the southern ports the accounts of the wheat
trade still continue of rather a lively character.

. -
Letters from Leghorn, of the 18th instant, state that
purchases of wheat had been made there for the Roman
states, which, with A poi demand for local consump-
tion, had caused former prices to be well supported.
Large arrivals of wheat from Egypt wore expected, hut
it was nut thought that supplies thence would affect
prices.
At Trieste, on the 18th of Mareh wheat was also in
good request, and rather dearer. The stocks were very
much reduced, which would, it was calculated, prevent
any reduction in quotations. In those parts of France
which usually draw a portion of their supplies from
Sp An, pFic,s br,7- considnraWy, in c,;n.,quence of
nr.hibitiun lit Ute, ..xport !at!cr C,,Oritry
but at Paris and the surrounding towns both wheat gad •
flour bad receded materially.