The Sun.
London, England, 1846-02-05 00:00:00

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In another part of our paper a full account will be found
of the plan proposed by Sir Robeet Peel on Tuesday evening,
and our remarks as to the probable effects of the measure on
the agricultural interests. In this place we have, therefore,
principally to confine our notice to the commercial, rather
than the political bearings of the question. That the mea-
sure, if carried, must in a comparatively short space of time
have a depreciating influence on the value of all articles the
produce of the land, there can, we think, be no question ;
but, from the peculiar circumstances in which this country
is at present placed, the effect on prices of grain Is not likely
to be fully fe;t until another harvest shall have been secured.
That the last crop of Wheat was defected, not only in Great
Britain, but all over Europe, is so universally admitted as to
put the matter beyond doubt. This, of itself, may be re-
garded as sufficient cause to prevent prices of that article
falling to a low point. Wheat, however, was not the only
crop in which there was a deficiency—the next in importance
as affording human food, viz., the potato, was affected to a
much greater degree by the cold, wet summer. The full con-
sequences of this state of things have not yet been developed ;
but that something very like scarcity is likely to be felt be-
tween this and next harvest, has been publicly declared by
ministers hi Parliament. Nothing but the uncertainty as to
the nature oe the anticipated alteration in the corn-laws
could, therefore, have prevented the value of bread-stuffs
rising during the winter months; and, now that the inten
tions of the government on this point are known, we fully
expect that the demand for the article will revive, and that a
portion at least of the late depression will be recovered.
That Sir Robert Peel will be supported by the free traders
is more than probable; and, as many of his own party, as
well as the majority of the Whig members, are likely to vote
with him, the agriculturists have little chance of obtaining
better terms than those be oflers. The law of 1842 may,
therefore, be considered as virtually at an end; but until the
new measure shall have been passed, some degree of uncer-
tainity will continue to be felt, which may perhaps for a
time prevent that rally in the trade which all parties anti-
cipate to fellow the final settlement cf the matter. Some
slight improvement has, however, already Liken place in the
demand for Wheat; and the supplies brought forward hav-
ing been small, the turn has been in favour of the seller at
several of the principal provincial markets held during the
week.

The accounts from Liverporil, of Tuesday, are decidedly of
a firmer character than previous advices, though no actual'
advance on former rates WAS established. On Friday, how-
ever, the inquiry again slackened, and factors could scarcely
succeed in obtaining the terms of Tuesday for even fine qua-
lities. Bonded Wheat wa.s.generally held at enhanced prices,
which checked business, and very few sales were made.
From the leading towns in Yorkshire the reports are firm.
At Hull and Leeds the business done was not extensive; but
holders were by no means anxious sellers at previous terms,
whilst purchasers manifested a desire to add to their stocks.
At Wakefield, on Friday, full prices were obtained for good
qualities of Wheat.
In the western and north-western markets Wheat has
slightly risen in price, though hitherto the inquiry has not
become particularly active. At Bristol, on Thursday, the
millers declined taking more Wheat than necessary for im-
mediate use, and quotations scarcely varied from those of
that day week. At Birmingham, however, an advance of
ls. per quarter was insisted on, and in partial instances ob-
tained. The farmers do not appear to have been much sur-
prised by the Ministerial declaration of Tuesday, having long
since lost all confidence in the Premier. For several weeks
past they have brought forward very small supplies, and the
same course has also been pursued this week; prices of
Wheat, and indeed of all kinds of grain, have therefore
been quite a 3 firmly supported at the chief markets in the
agricultural districts as at the large consuming towns, and
the opinion appears to be general that the value of grain
will not recede even when the stocks now in bond shall have
been liberated.

By our ietters from Scotland, it appears that less confi-
dence was felt there in quotations being maintained than in
the south. The Edinburgh market, though by no means
largely supplied, opened very heavily on 'Wednesday ; and
before progress could be made in the disposal of either Wheat,
Barley, or Oats, a reduction of fully ls. per quarter had to be
submitted te ; Bonded Wheat was, however, held Is. to 2s.
per quarter higher, and met with some attention at the ad-
vance. The accounts from Glasgow are even more dull than
those from the town first named. Old Wheat was offered at
less money without meeting with much demand, and new
was nearly unsaleable. Barley was quoted Is. to 25., Oats
6d. to l s., and Beans and Peas Is. to 2s. lower. Flour was
also pressingly offered, at a decline of ls. to 2s. per sack.
From Ireland the reports relative to the potato disease con-
tinue unfavourable; still the trade in grain does not seem to
have improved there, and at several of the leading markets
the value of Wheat and Oats had rather tended downwards.
The shipments of Corn for England had, however, in no
degree increased.

The arrivals of Wheat coastwise into London have been
rather more liberal this than the preceding week, 6,128 qrs.
having been reported up to Saturday evening. The greater
part of the supply is from the east coast, and has gone direct
to millers. From the neighbouring counties very little has
been received, nor has much been offered by land-carriage
samples.
On Wednesday, the Essex, Kent, and Suffolk stands were
completely bare ; consequently few sales occurred, and quo-
tations remained nominally unaltered. On Friday, a few
runs were exhibited ; and being in somewhat better condition
than the wheat brought forward earlier in the week, no diffi-
culty was experienced in placing the same at fully the cur-
rency of Monday.
At present there is very little free Foreign Wheat of good
quality in the market, and as only the finer sorts are suitable
for mixing with the damp conditioned parcels of English, the
transactions have since our last been unimportant. That the
millers are much in want of serviceable qualities of old is
proved by the fact that they have from time to time liberated
small quantities by bonded certificates, at a cost of 10s. to
lls. per qr., notwithstanding the prospect of being able, by
waiting till the proposed law comes into operation, to release
their Wheat at a 4s. duty.
Bonded Wheat has met with some attention during the
week, but no material enhancement has taken place in the
value of the article. A cargo or two of very good Danzic
have changed hands at 555, to 56d., and Red Lower Baltic at
51s. to 535. ; whilst for Polish Odessa it has been impossible
to obtain above 495. per qr.
The stock under lock in the kingdom consisted, on the
sth January, of 947,992 qrs., of which there were in the
port of London 391,202 qrs. ; the receipts since then have not
been important, and there are probably not above 1,000,000
qrs. in the United Kingdom at present.
The metropolitan bakers have at length resumed buying
Flour; the demand, however, has not been active, and no
advance has taken place in prices of either town or country
manufactured.

The supply of Barley has proved amply sufficient for the
demand; the inquiry has been almost wholly confined to the
finer sorts, as it is presumed that the value of the inferior
kinds will be depreciated by the free admission of Indian
corn. So trifling has been the business actually transacted
since our last, that it has become difficult to state whether
the prices have really varied ; but, on the whole, the ten-
dency has certainly been downwards.
Choice Malt has maintained its previous value; in ordinary
kinds little or nothing has been done.
The market has been rather better supplied with Oats
than the preceding week, 5,647 quarters having come to
hand from our own coast, 966 quarters from Scotland, 1,128
quarters from Ireland, and 7,748 quarters from abroad. The
retail purchases made on Wednesday were at fully former
terms; but on Friday rather more anxiety was manifested to
realise, which gave the dealers a slight advantage, without,
however, enabling them to buy cheaper than in the beginning
of the week.

Beans and Peas have been neglected ; and to have disposed
of any quantity of either article lower prices must have been
accepted.

REVIEW OF THE FOREIGN CORN TRADE.
Though the weather has not been quite so mild on the con-
tinent as in this country, still the frost has not been nearly
so severe in the northern countries of Europe as in ordinary
years ; and, from present appearances, it seems likely that the
shipping season in the Baltic will commence early in spring.
At present the advices from thence are ef very little interest;
business having, in consequence of the uncertainty as to
what alterations the English corn-laws might undergo, been
nearly suspended at the leading markets.
The latest accounts from Dan zic state that scarcely a bargain
had been closed during the preceding fortnight, all inclination
to speculate having ceased ; holders of fine wheat appear,
nevertheless, to have remained very firm, and fine qualities,
whether new or old, had varied but little in value. A good
deal of damage was said to have been done to the wheat-
fields in the surrounding districts by the overflow of the
river Vistula, which, with the reports of scarcity from Poland,
had tended to counteract the influence which might other-
wise have been produced by the discouraging English
accounts.

From Stettin we learn that increased supplies of wheat had
been brought forward by the farmers, and the inquiry having
at the same time fallen off, it had been necessary to accept
lower terms to make sales. Good 611bs. Uckermark had
been freely offered at 475., and fine 621bs. Pomeranian at 48s.
per quarter free on board, without exciting attention. In
Spring Corn nothing whatever had been done.
At Rostock, on the 26th of January, there was decidedly
more disposition to sell than to buy Wheat, and there was no
want of offers to ship good qualities in Spring at 465. to 475.
per quarter free on board. The future range of prices would,
it was expected, depend principally on the advices from
hence. Supplies from the growers had increased, and the
warehouses were gradually beginning to fill.
Letters from Rotterdam of the 7th January, informs us
that news had been received there to the effect that the
Prussian Government had issued a decree allowing the free
importation of wheat ; and it was thought that the Rhenish
provinces would draw supplies from Holland. This had given
a firm tone to business at Rotterdam, though no advance had
been occasioned thereby in prices.
At Antwerp a good deal of excitement was caused by the
intelligence from London, as it was concluded that the pro-
posed alterations in the English corn-laws would prevent
further shipments of wheat from hence to Belgium. The
immediate effect on prices has been a rise of 2s. 6d. per
qr., and Polish Odessa was then held at equal to 575. 6d.
per qr.
From Hamburg we have prices of Tuesday; business was
then unusually dull, and prices of most kinds of grain bad
receded since the previous post day. Good qualities of Marks
wheat on the spot were then only worth 50s. per qr., and
other sorts were offered at equally moderate terms.
From the Mediterranean we have nothing fresh to commu-
nicate, and from the Black Sea the reports are not of much
interest; quotations of wheat being relatively higher than in
the British markets.—lllark-lane Express.

OLYMPIC THEATRE.—WO perceive, by the bills, that
Miss L. Melville, the most accomplished artiste of the day,
takes her benefit at the Olympic to. night, on which occa-
sion she will sustain her original character of Florence Halli-
day, in Leman Rede's interesting drama, entitled Our Vil-
lage. The Olympic audience has always been rapturous in
its applause of Miss L. Melville, and they will, we doubt
not, embrace this opportunity of showing the appreciation
in which they hold her talents, by something
more solid
than " empty praise."
The Hon. Gerard J. Noel, second son of the Earl of
Gainsborough, is to be the candidate for Rutlandshire, in the
room of the Hon. Mr. llawnay, It is not expected that there
will be any opposition. Mr. Noel is at present at Rome ; but
he has been sent for,
and those of his family who have sanc-
tioned his being ntt. forward have promised that he will " ad •
vocate protection, ' and " oppose any further inroads upon
the Protestant constitution."