The Sun.
London, England, 1846-01-10 00:00:00

THE CORN-TRADE.
BRITISH.

The present position of affairs is certainly not calcu-
lated to inspire confidence. The uncertainty as to how
long the existing laws regulating the duties on corn may
remain in force, or, if altered, the nature of the change
likely to be proposed, has naturally interfered greatly
with business. So completely are all parties in the
dark relative to the future, that few are disposed to
enter into investments. Not only, therefore, has spe-
culation wholly ceased, but buyers for actual con-
sumption have deemed it the more prudent plan to con-
fine their purchases to as narrow limits as have been
consistent with their immediate wants. Notwithstand-
ing these manifest disadvantages, there has been a
buoyancy about the trade in grain, indicative of a rise
in prices ; and, from present appearances, we cer-
tainly incline to the opinion that, in whichever way
the corn-law question may be settled, the settlement
will be immediately followed by an active demand for
bread-stuffs. The late fall in the prices of wheat was
(as we have on former occasions remarked) caused
wholly by political events, and not by any alteration
in public opinion respecting the result of the harvest.
The crop, though certainly not so bad as represented
by those connected with the League for party purposes,
must nevertheless be considered as decidedly below
that of average years. That there really is a deficiency
in the yield, is admitted on all hands; but so variously
is it estimated, as to render it almost impossible to
determine with any degree of accuracy to what ex-
tent. Coupled, however, with the falling off in the
quantity of food, in consequence of the disease by
which the produce of potatoes has so greatly de-
creased, quite sufficient grounds are afforded to
conclude that wheat cannot long remain at present
rates. We do not mean to affirm that there is any
cause to fear scarcity and very high prices ; but we
think it highly propable that the value of the article
may again advance to about the same point from which
it has fallen since the commencement of the Ministerial
changes early in December. Nothing can more strongly
indicate the healthy state of the trade than the fact that
prices have recently rallied in all parts of the country,
hi spite of the many causes in operation of a character
likely to produce the opposite effect, viz., the dread of
the corn-laws being meddled with on the meeting of
Parliament, the absence of all speculation, and the un-
illingness of millers and others to increase their stocks.
At most of the provincial markets held since our last
sellers have displayed much firmness ; and though, as
before remarked, the demand has been the reverse of
lively, enhanced terms have been pretty generally asked
and obtained. At Liverpool, on Tuesday, the transac-
tions were on a limited scale, none but needy buyers
being willing to pay the rates demanded ; the few sales
effected were, however, at fully the prices of the pre-
ceeding Friday, being an advance of Id. to 2d. per 701bs.
on the currency of that day se'nnight. Later in the
week affairs remained in much the same state; indeed,
so little business was dune on Friday that the operations
did not warrant any alteration in quotations.
The tone of the advices from the leading towns in
Yorkshire is, generally, firm. The Hull market was, on
Tuesday, pretty well supplied with farmers wheat - the
best qualities sold at prices Is. per quarter above ;hose
previously obtainable ; and secondary descriptions were
fully as dear as the week before. At Leeds slightly
enhanced rates were also insisted on, which checked the
inquiry, and no quotable advance was established. The
reports from Wakefield, of Friday, inform us that only
a trifling amount of business was done there in wheat at
about former rates.
At several of the western and north-western markets
the upward movement has been more decided than at
the places above referred to. At Bristol and Birming-
ham the rise, on Thursday, was Is. to 2s. per quarter ;
and at several other towns of minor importance in that
quarter a similar rally has occurred.
From the shipping ports on the east coast we have
also advices of rising prices ; so that the country mar-
kets may be said to have taken the lead, which must, we
conceive, produce some effect on quotations in Mark-lane.
By our Scotch letters, it appears that the more ani-
mated accounts from the south had failed to hare much
influence on the trade, business in wheat being far from
lively at Edinburgh and Glasgow on Wednesday. Oats
were, however, more saleable at both these places ; and
at the former a rise of 6d. per quarter took place in the
price of this grain.
From Ireland, the reports relative to potatoes are less
favourable this than the preceding week. It is stated
that, in many cases, on opening the pits, the disease had
been found to have made great havoc ; and so general
was the impression that this article of food would ulti-
mately become very scarce and dear, that a firm tone
had been given to the wheat and oat trade in anticipation
of an increased consumption of flour and meal.
The very boisterous weather experienced during the
greater part of the week has caused the arrivals of all
kinds of grain into London to be very small. Of wheat
only 1,083 quarters have been received coastwise up to
this (Saturday) evening, the constant gales from the
west having prevented arrivals from the eastward.
The quantity exhibited at Mark-lane by land car-
riage samples from the neighbouring counties has
also been trifling since Monday. On Wednesday the
show consisted of a few parcels, of inferior quality, left
over from previous supplies. Anything fine would pro-
bably have sold without difficulty at the recent advance ;
but the want of suitable qualities caused the millers to
refrain from buying, and so little business was done as to
render quotations nearly nominal. On Friday, the Essex,
Kent, and Suffolk stands were nearly bare ' • and needy
purchasers had to pay full terms, factors displaying more
disposition to raise than to lower their pretensions. The
full effect of the great fall which took place in the value
of wheat in the early part of December is only now be-
ginning to tell on the aggregate average for the king-
dom—the last weekly return is 565. 4d., and the duty,
after remaining stationary for several weeks, 14s. per
quarter, rose a step on Thursday. Nor is the advance
likely to cease here—the present position of the
averages rendering a further rise of ls. to 2s.
per quarter almost certain. So confident are im-
porters, however, that a material modification
of the duties will be proposed by the Government
on the meeting of Parliament, that little or no wheat
has recently been entered for home consumption, the
bulk of what has been received from abroad having been
landed under lock. The transactions in foreign wheat
have, since our last, been on a very restricted scale
owing partly to holders having asked enhanced terms,
and partly to the fact that several of the large millers
have still old wheat on hand, which they seem deter-
mined to work, up before making purchases at the en-
hanced rates demanded. The inquiry for wheat under
lock has certainly fallen off since last week. There are,
we believe, orders in town from Belgium, but at limits
much too low to admit of their execution, importers
having shown no inclination to facilitate business by sub-
tnittiug to lower terms.

The-recent rise in the price of wheat has not been
followed by a corresponding advance in quotations of
flour ; indeed the sale of the latter article has, through-
out the week, been slow, former rates having been paid
with some reluctance by the bakers and dealers.

In bonded flour we have heard of no operations of
importance ; good brands of United States have been
held at 30s. per barrel.
The trifling nature of the supply of English barley
has caused this grain to be held with increased firmness ;
really choice malting qualities have been extremely
scarce, and have commanded quite as much money as at
any period of last week. Secondary descriptions, though
in comparatively slow request, have also supported their
previous value with considerable firmness. The duty on
this grain is at present ss. per quarter; but may be ex-
pected to rise a step in the course cf a week or two.
Quotations of Malt have undergone very little varia-
tion; it has, however, been difficult to buy the finer sorts
at last Monday's currency.
The arrivals of oats have been scanty from all
quarters ; of English, only 971 quarters, of Scotch 272
quarters, of Irish 1,242 quarters, and of foreign 5,836
quarters, having come to hand during the week. There
is no doubt that the large London dealers still hold quite
average stocks ; but as, from the prevalence of westerly
winds, it is generally believed that comparatively
few oats are now on passage from Ireland, factors
have exhibited very little anxiety to press sales
of those still on shipboard ; the trade has conse-
quently, assumed a decidedly firm tone, and neither on
Wednesday nor Friday could good fresh corn be bought
on as easy terms as on Monday. The total quantity of
oats entered during the past year at this port has not
exceeded 50,000 qrs.; what remains in bond is trifling.
English beans hare come forward rather sparingly,
and fine samples of old have become scarce. No actual
advance has hitherto taken place in prices; but the turn
has been against the buyer.
The continued mild weather has interfered with the
sale of boiling peas ; and though the consumption is
tpually great at this season, the demand has not been by
any means brisk since our last, and quotations have re-
tnained as before.
~,B,atlats the alteration in the duty of wheat above no-
(I, a rise of Is. per quarter took place in the rates
chargeable on rye and beans on Thursday.
FOREIGN.
The storm
y weather lately experienced has caused a
good deal of irregularity in the arrival of the foreign
snails, which, with the Christmas holidays—generally
ob•erved with strictness on the Continent—renders our
foreign intelligence rather scanty this week.
The tenor of the reportsn,r from the Baltic bears so close
a resemblance to the received by the previous mail
from thence as to afford little scopetaken for remark. The
ilactations which have recentlyplace in the price
;13sa:re had less
of heat in the British markets see
influence on quotations abroad than musutaol
of' the article has fallen material's-
p.,int, at several of the principal shipping highest
from ttiilllethe value
ports.
The latest advices front Rostock state that merchants_
were then willing to enter into contracts to ship wheat,
eipital quality-, in spring, at 445. to 463. per qr., free
least 61. per qr. below the highest
;T l,rli,e)ea,r4 f.l, being;th a
seaston. This giving way on the part of
impart activity to busi-
seVers ha failed, however,
ileAs, and very few bargains had been closed.
At Stettin a sale or two appears to have been made I
Jest ?revious to the holidays, at rather below furmer
terms ; on the 27th of December, the best 621bs. red '
wheat was held at 515., and secondary descriptions at
from 491. to 50s. per quarter. Comparatively small
supplies had been brou.,ht forward by the farmers, who
had manifested a decided unwillingness to submit to
lower terms.
Bremen letters, of the
27th ult., state that little or no
export demand bad been
and that quotations hadraetgerrienced during the week,
of downwards.
At Dantsic, on the 27th
scarcely anything doing ; and the holidaysee mber, there was
inter-
rupted the regular course of business, havingfewtransa-time had occurred since that day s'e,na
of wheat had, nevertheless, remained tolerablynl. Holders
no material variation had occurred in prices.
firm, and
At llamburgh, on Tuesday, wheat was in rather im-
proved request, in consequence of the more encouraging
accounts from this side. Besides the sale of about 1,500
quarters on the spot, at prices varying from 495. ad, to