The Sun.
London, England, 1847-08-10 00:00:00

REVIEW OF THE BRITISH CORN

TRADE.
The weather has within the last few days as-
sumed a somewhat unsettled appearance, and a good
deal of heavy rain appears to have fallen in different
parts of the kingdom. If the wet does not last too
long, no harm would result therefrom ; indeed the
crops would probably receive benefit from a moderate
supply of moisture. But as a considerable quantity of
corn is out in the southern counties, and a
great deal is nearly ready for the sickle, much
ram would prove exceedingly prejudicial. The
reports from the agricultural districts con-
tinue very conflicting, and it is extremely difficult
to form an opinion as to the probable result of the har-
vest; it appears, however, to be pretty generally allowed
that if the weather should be auspicious for the in-
gathering, wheat would yield an average return.
Barley and Oats are still very favourably s
poken of,
and it is the prevailing belief that both these crops
e
will be abundant in quantity and of fine quality.
ity.
As far as regards the articles named our prospects
in
may, therefore, be regarded as promising; but m
respect to Beans and Peas the reverse is the case.
And so universal are the complaints of fly, &c. that
we have come to the conclusion that the produce
must inevitably be short. The accounts of the late
planted potatoes have also, we are sorry to say, be-
come much less encouraging within the last few days ;
and parties who maintained up to a very recent period
that there was no appearance of disease, now state
that the disorder of the last two seasons has un-
questionably attacked this root. Should this really
prove to be the case, and the main crop of potatoes
be again lost, the effect on prices of grain would be
soon felt. The rapid rise in the value of all kinds of II
provisions last autumn was mainly caused by the
potato failure ; and though the consequences might
perhaps not be quite so serious this year, owing to
Spring corn having turned out better, still even a
partial failure of this important article of food would
be very seriously felt. Under these circumstances,
and taking into consideration the very reduced state
of the stocks of all corn, not only in this country, but
over the whole of Europe, the existing panic in the
grain trade appears to us scarcely warranted by the
actual position of affairs. At this period last year there
was certainly a much larger quantity of wheat of home
growth on hand than there is at present ; there was
besides, some two or three millions of quarters of
foreign here, with a certainty of large supplies from
abroad. The crop of Wheat was then as highly
spoken of as now, and the consumption was certainly
not greater; we are therefore unable to discover any
valid reason why the value of Wheat, which has
already receded 40s. to 50s. per quarter from
the highest point, should continue to retrograde.
The fall was natural enough in the first instance,
but the price has now been reduced sufficiently
to check importations ; and when the alarm
shall have somewhat subsided, and the matter
be more calmly investigated, a rally may be expected.
We have again to report a short arrival of Wheat
of home growth into the port of London, the total
quantity received coastwise up to this (Saturday) even-
ing having amounted to only 3,396 qrs. The show at
Mark-lane by land-carriage samples has also been
trifling; indeed, beyond what was left over from
previous receipts, hardly anything has been offered.
The few runs exhibited on the Essex and Kent
stands on Wednesday consisted of parcels which had
remained unsold on Monday; and factors being
anxious to effect a clearance, a further reduction of
2s. to 3s. per quarter was submitted to, at which
abatement the greater part was placed. The un-
settled appearance of the weather on Friday, and
the extreme insignificance of the supply imparted
a somewhat firmer tone to business on that
occasion, and the millers experienced some difficulty
in purchasing at former rates. At length a falling
off has taken place in the arrivals of wheat from
abroad, and against 60,000 quarters received last
week only 26,494 quarters have come to hand during
the past eight days. Having, however, a large quan-
tity at this port on board-ship, which the importers
are very desirous to dispose of without incurring
landing expenses, a decrease in the foreign supply is
not likely to have any immediate effect in lessening
the pressure on the market, if unaccompanied by cir-
cumstances calculated to lead to an improved de-
mand. Wet, or even broken weather, would most
probably give rise to the latter ; and the little rain
which has fallen within the last few days has not been
wholly without influence. On Wednesday hardly a
transaction took place, though white wheat of very
good quality was offered at 605., and other sorts at
proportionate rates; since then there has been rather
more disposition to buy, but the bids have been very
low, and the bargains actually closed on Friday were
not of much importance. American flour having
been offered at prices relatively below those de-
manded for flour of home manufacture, the sale of the
latter has been exceedingly difficult. The arrivals
from the United States and Canada have amounted
to 43,390 barrels ; and many importers have shown
themselves very anxious sellers. Fine brands of
Western Canal have been sold in retail at 28s. per
barrel ; and to induce purchasers to take larger quan-
tities ls. to 2s. per barrel less has in some cases been
taken. These sales will of course entail great losses
on the importers, and the advices which left here for
America by the steamer which sailed from Liverpool
on Thursday may tend to check shipments from the
other side.—Afark-lane Express.