The Sun.
London, England, 1846-01-22 00:00:00

J ANUARY 22, 1846.

THE CORN TRADE.:
BRITISH.

Though the, natural effect of the uncertainty respect-
ing the corn-laws must have been to create great uneasi-
ness among all classes of agriculturists, it is a singular
fact that supplies from the growers have for some weeks
past been on a very moderate scale. We Can scarcely
suppose that this has been caused through confidence
in the present amount of protection being maintained,
as each thy has strengthened the belief that Sir
Robert Peel and his colleagues contemplate a material
relaxation in the duties on grain ; the most reason-
able conclusion, therefore, is that farmers are
aware that the yield of the last crop is really
deficient, and that they are consequently unwilling to
sacrifice their property at its present depreciated value.
Should this really be the case (and we see no reason to
question the accuracy Of the opinion expressed at the
time of harvest, viz., that the produce of wheat of the
United Kingdom wa; in 1845 materially short of that of
average seasons) there is certainly nothing to war-
rant the recent great decline. We consider, there-
fore that farmers are acting prudently in not pres-
sing wheat to market; for, even if the whole of ts hat
is now in bond should be liberated, it would not
have any permanent effect on quotations, in ease our
supposition that the - home produce is short be correct.
We are compelled to put the matter in this indefinite
manner, in the absence of statistics on so important a
subject as the produce of the country ; though, from
careful investigation of the reports from all quarters re-
ceived previous to the commencement of harvest, as well
as carefully compiled estimates from practical agricul-
turists after the crop had been secured, we have no
doubt in our own minds that the deficiency, though not
so great as represented by those who raised the famine
cry, is actually of sufficient importance to render it very
questionable whether the value of wheat can be kept low
during the ensuing summer, let the measures of the
Government be what they may.
In considering the future range of prices, the fact that
millers and merchints have for many weeks past refrained
from adding to their stock, must not be lost sight of. The
purchases recently made have been to supply immediate
wants, all parties having manifested a determination to be
in a position to take advantage of whatever effect the ex-
pected •Iteration in the corn-laws might have upon the
trade. It is, therefore, not unreasonable to suppose that,
when once the cause of uncertainty shall have been re-
moved, the demand which has for so protarnd
aet,edinastLerdioodf
bean languid, will immediately revive ;
a further fall, we should not be surprised to witness a
steady and gradual improvement. This cannot, how-
' ever, be expected till it has become definitely known by
what laws the importation of corn is for the future to be
regulated ; oand, so long as the matter is under discus-
sion in Parliament, no great revival in business will, we
fear, take place. _ .

At all tlie principal provincial markets held during
the week, the utmost difficulty has been experienced in
efft.cting sales of wheat; and though, as before observed,
the supplies brought forward have not been by any
means large, the tendency of prices has been decidedly
.downwards.

The reports from Liverpool, on Tuesday, state that,
at an abatement of about 2d. per 701bs. on the rates of
that day se'nnight, some small purchases were made for
immediate use, but that millers were unwilling to take
more than their pressing necessities obliged them to buy.
Later in the week, the depression rather increased than
diminished.

The accounts from the leading towns in Yorkshire are
equally dull. The Hull advices of Tuesday inform us
that with a disposition on the part of sellers to facilitate
business by submitting to a decline of quite 2s. per qr.,
little progress was made in the disposal of wheat ;
whilst at Leeds on the same day, and at Wakefield on
Friday, the reduction was at least 2s. per qr.
The depression has been nearly as great at the leading
markets at the west and north-west ; nor have affairs
worn a more promising appearance in the agricultural
districts, the cessation of orders from the chief consum-
ing towns having obliged farmers, if anxious to sell, to
submit to reduced prices.
By our Scotch advices we learn that the continued dull
reports from the sonth bad had their usual influence on
the trade, and wheat was quoted ls. to 2s. per quarter
lower on Wednesday at Edinburgh and Glasgow. Prices
of most other sorts of grain, as well as those of flour
and meal, had also receded more or less ; all parties
having acted on the reserve.
The Irish markets have likewise felt the influence of
the fist accounts from this side of the Channel; still
quotations of both wheat and oats are too high to admit
of consignments to London with a fair chance of profit.
The arrivals of wheat coastwise into London have
been small, only 5,117qr5. having been reported
up to this (Saturday) evening. The quantity
exhibited at Mark-lane by land-carriage samples
has been trifling, but the millers having ad-
hered firmly to their determination not to increase
their stocks in the present unsettled state of affairs, the
scanty nature of the supply has failed to impart a firmer
tone to business. On Wednesday only a few samples,
left over from the previous market-day, were offered for
sale; to place these some difficulty was experienced, but
factors refused to submit to any further reduction. On
Friday there was some slight addition to the quantity of
wheat on the Essex stands, and the inquiry being quite
as languid as earlier in the week, the turn was rather in
favour of buyers.

The trans-actions in free foreign wheat have been on a
strictly retail scale ; no variation has, however, taken
place in the value of the article since Monday ; holders
having, on the whole, displayed more firmness than
might, under all circumstances, have been expected. On
Wednesday bonded wheat was totally neglected, nor
were the actual operations of importance on Friday ; but
there was certainly more inquiry for the article at the
close than in the commencement of the week, princi-
pally, we believe, for shipment to Belgium. Had sellers
been disposed to give way a trifle in price, business to
some extent might probably have been done.
The demand for flour has, throughout the week, been
excessively sldwi hitherto, however,• the top quotation
for town-manufactured has remained at 565. per sack.
Ship flour has not supported its previous value, some
pressed sales having been made on Friday at about ls.
per sack below former terms.
The arrivals of barley, though not particularly large,
have proved amply sufficient to satisfy the immediate
wants of the masters and distillers, and no one has shown
any inclination to take more than necessary for present
purposes; we are unable, therefore, to report the slight-
est improvement either in the demand for or the value
of this grain.

Nlalt—has also been difficult of sale; but the real
scarcity of superior qualties has caused the finer sorts to
command relatively high rates.
The market has been moderately supplied with oats,
of home growth; from our own coast only 4,060 qrs.;
from Scotland, 170 qrs. ; and from Ireland, none have
come to hand. The smallness of this arrival has, how-
ever, in some measure been compensated by the receipt
of 11,727 qrs. from abroad. The principal dealers have
shown far more anxiety to induce them to increase their
stocks; the sales of the week have consequently been
on a restricted scale. Factors have, on the other hand,
displayed considerable firmness; and the business done
has been at terms quite equal to those current on Abu-
day last. Many of the cargoes of foreign oats have
been offered, duty paid, from on board ship; and as
these were mostly purchased at high rates on the other
sides, the result must be far from favourable.
Beans have met with a moderate share of attention,
and handsome parcels of old have brought quite as lunch
money as last week. The duty rose to 3s. 6d. per qr.,
on Thursday, and is likely to continuo to tend upwards.
The mildness of the season has greatly interfered
with the sail of boiling peas; and though the quantity
brought to market has not been large, no difficulty has
been experienced in buying at last Monday's decline.
Grey and hog peas have also hung heavily on hand.
The duty advanced a step on the minimum point (at
which it has stood for some weeks) on Thursday.
FOREIGN.

The reports from the different foreign markets are at
present of very little interest, the uncertainty as to what
alteration may be made in the corn-laws of Great
Britain having tended to check business at most of the
continental ports.
The latest advices from Dantzic are of the 12th inst.
Since the commencement of the new year very little
business has been done in wheat; a parcel of very fine
high-mixed, the growth of 1842, bad, however, been
bought for spring shipment at equal to .565. to 575. per
qr. free on board, with a large proportion of the pur-
chase money paid in advance. There had also been
some inquiry for the lower qualities, principally on
Konigsberg account; and for a lot of new, by no means
fine, weighing only 601bs. per bushel, equal to 495. per
qr. had been obtained. Statements of the quality of
wheat exported during 1845, and the stock remaining on
hand at the close thereof, had been published; from
which it appears, that of the total 34,106 lasts shipped,
23,343 lasts had been dispatched to Great Britain. The
exports had, it seems, materially exceeded the :i3s arrivals
from the interior, the stock having been reduced from
40,881 lasts
tehtenbldewr.lesthaJvaenulaortty:rslBo4f the 10th, but their
5
, t
arec mi
of little interest. The nominal
price of
e theo
n 3
From
mstts Dset
Stettin
to fine red wheat, for spring delivery, was then
495. to 50s .
mb above qr. freev n beard; but the rates asked
having been
ethelimitls of the few orders
received, scarcely a sale had taken
From Rostock the latest
accountsp are. also very dull.
At Hamburgh, on Tuesday, there was scarcely any-
thing passing in the grain trade; no foreign orders hav-
ing been received there, and buyers for consumption
Having confined their operations to as narrow as per-
mitted by actual wants. Contracts for fine Waren
61 to 61}lbs. per bushel, to be shipped in spring, might
nave been closed at 52s 9d. per qr. free on board, but no
buyers had come forward. Moderately good red Marks
wheat, weighing 601b5., was then obtained on the spot at
equal to 495. per qr. In spring corn the operations had
been unimportant; oats had, however, owing to their
scarcity, maintained their former value.
From the Mediterranean we have nothing fresh to
communicate, business in grain having become exceed-
ingly dull at all the southern and eastern markets. At
Odessa, however, the value of wheat appears to have
been pretty well supported, the latest quotation from
thence being 355. per quarter free on board, for the
best qualities.
' By the Acadia steam-boat we have reports of recent
dates from the principal markets in the United States.
Shipments of flour to Great Britain were then
being rapidly proceeded with, and a good de-
mand for the article had been experienced all through
the month of December, but prices were not
quite so high at the close as they had at one period
been. The exports from New York from Ist to 31st
December had amounted to no less than 92,791 barrels of
flour, and 58,991 bushels of wheat ; besides which large
quantities of Indian corn, rye, and barley had bet n
shipped.—Mark Lane Express.

Sir James Graham. returned to town on Tuedsy from
WiiICIQA.C44II4I . _