The Sun.
London, England, 1846-10-21 00:00:00

REVIEW OF THE CORN TRADE.

BRITISH.

The important rise whichhae taken place iu the value
of wheat within the last two months, in consequence of
the extensive failure of the potato male, has drawn gene-
ral attention to the corn trade, and led to some very sin-
gular remarks from writers for the daily press. Most of
these gentlemen appear to overlook the real cause alto-
gether, and attribute the advance in prices of provisions
solely to undue speculation. That well-informed com-
mercial men should have foreseen that the effect of a
loss of one-half or three-fourths of the potato crop would
be to enhance the value of grain, we are quite willing to
admit. The result of this toresight naturally led them
to make investments in an article which was likely to
yield a profitable return ; but, so far from this being an
evil, we are disposed to look upon it as a positive good.
The prices may, perhaps, have been run up somewhat
more rapidly than would have been the case had there
been no speculation ; but if the failure of potatoes be,
indeed, so extensive as it is bel eyed to be, the rise which
has been established in prices of wheat must prove bene-
ficial in a veriety of ways. In the first place, it will be
the means of causing economy in the consumption of
wheat, and lead to less valuable substitutes being em-
ployed ; whereby ultimate v. ant may, in a great mea-
sure, be prevented. This alone we view as a desirable
object under existing circumstances; but the benefit does
not cease here. About the middle of July, before the
potato murrain had manifested itself in its full force,
such exaggerated notions of the probable productiveness
of the harvest were entertained, that the price of wheat
became depreciated to an unnaturally low point ; so
low, indeed, as t) render the English markets the
cheapest in Europe. This would haze been very well,
had the abundance talked of been real instead of ima-
ginary. The evil of this state of things was the export
from this country not only of bonded wheat, but, in
sone instances, of that of our own growth, to France
and Belgium. Our false position was luckily discovered
before any great quantity of a commodity we now find
we are likely to stand so much in need of left our shores.
By whom was this important discovery first made ?
By intelligent and enterprising individuals, who, in
commercial parlance, are denominated speculators. We
do not mean to say that these parties had any but
their own advantage in view when they were induced
to buy up corn at the different foreign ports ; but in
a case like the present, private enterprise may be the
means of doing a naeional good. Whilst wheat re-
ma'ned more sa' liable in France, Holland, and Belgium,
than in Erg' and, there was no chance of any portion of
the surplus gro eth of more favoured countries being sent
to Great Britain; hence we maintain that the advance
which has been established was highly necessary, and
we must deprecate the terms employed by some of our
contemporaries wlrn they meddle with a su'iject they
evidently do not understand. Our paper is more devoted
to the interest of the agricultural than any other class ;
but we can, nevertheless, see the injustice, as well as the
folly, in any portion of the press stigmatizing parties
engaged in a legitimate commercial operation (which we
consider the purchasing of any commodity with a view
of realising a pie fit thereon to be) by such terms as
Mark-1 tine miscie nts, robbers, &c. No very marked
eh Inge has occurred in the position of the trade during
the week ; the farmers have kept the markets in the
agricultural districts tolerably well supplied with wheat,
bet the quantity brought forward has not been more
than adequate to the demand, and prices have rather
tended upwards than otherwise. Buyers from the north-
ern parts of the kingdom have appeared in many of the
southern markets: which, with a good local inquiry, has
enabled farmers to obtain very full terms. The inroad
already made in the new crop must be enormous; last
year a large proportion of the supply consisted of old
wheat up to Christmas, whilst, liberal as have been the
supplies of late, nearly the whole has consisted of new.
It is, consequently, pretty clear that stocks had been
worked up close before the new crop was harvested; and
the consumption of the latter having commenced much
earlier than in ordinary seasons, it has become the more
necessary to en-"e ivour to guard against future want.
This cannot be eccompli•he l by legislative interference,
but must be broaeht about by such means as we have
before pointed out, viz., h I(ling out the inducement of
high prices to those countries who have a surplus,
thereby drawing the supplies which might otherwise be
directed to France and the Netherlands to Great Britain.
Notwithstanding the boisterous weather experienced
during the greater part of the week, we have had large
arrivals from the east coast, and the receipts of wheat
have amounted to 11,994 quarters up to this (Satur-
day) evening. The quantity exhibited at Mark-lane
by land carriage samples from the neighbouring coun-
ties has, however, been small. On Wednesday the show
consisted of a few runs left over from previous supplies;
and the demand being somewhat more active than in
the beginning of the week, factors succeeded, in par-
tial instances, in obtaining slightly enhanced rates
for their finer qualities. On Friday the Essex, Kent,
and Suffolk stands were nearly bare ; the transactions
were consequently of a restricted character; but the con-
fidence of the sellers had evidently increased, and the
little business done was at prices fully as high as
those previously obtained. The effect of the rise which
has lately taken place in the value of wheat is now mani-
festing itself in the averages; the last general weekly
return for the kingdom (565. 10d.) shows an advance of
2s. 10d. per quarter, and the duty will fall to the mini-
mum point a week earlier than had been calculated on;
it is already down to 55., having receded 2s. per qr. on
Thursday ; and on the 22d instant all kinds of grain,
meal, and pulse will be admissible at the lowest
rates of duty under the existing law. The stocks of
wheat and flour in bond in the kingdom are, however,
so trifling, that the liberation of the whole cannot
be expected to produce any effect on prices. Indeed,
it may be questioned whether holders may not pre-
fer to leave their property under the Queen's locks, so
as to be in a position of availing themselves of any
foreign demand. In the early part of the week
there was not much doing in free foreign wheat, but
both on Wednesday and Friday the market was visited
by country buyers; and though the sales were not
particularly extensive, the parcels which changed hands
brought fully former terms. The very wet weather
which we have recently experienced is likely to cause an
increased demand for old wheat. Nothing of interest
has occurred in bonded wheat, the rise which prices have
during the last few weeks undergone here having
brought our quotations to a level with those in the
French markets, and stopped the shipments to that
country. - - _ _

Honie-manufactured flour has moved off rather tardily,
and the millers have not been enabled to establish any
further advance. Free American flour has been in fair
request at the full currency of Monday last ; and for
bonded parcels there has been a speculative inquiry,
which has led to a rise of Is. per brl., 355. having actu-
ally been paid for a parcel of fine United States flour in
bond.

The arrivals of barley coastwise have been quite mo-
derate, and the best malting qualities have been held at
enhanced terms. An opinion is fast gaining ground that
this grain is to be much dearer, and in some parts of the
country higher rates have been paid than have as yet
been current in the metropolitan market ; the top price
at Mark-lane has not, as yet. exceeded 465. per qr.,
whilst 475. to 48s. has been paid in some parts of the
country. Grinding barley has been in fair request, and
has realized 325. to 355. per qr., according to weight,
condition, &c.

The upward movement in the value of barley has had
more or less effect on that of malt, and towards the close
of the week holders refused to sell at last Monday's cur-
rency.
_ _

Tile market has been sparingly supplied with oats,
only 16,832 quarters having arrived during the week,
inclusive of 440 quarters from abroad. The principal
dealers have conducted their operations with even
greater caution than before, and have determined to
work up their old stocks before they consent to pay the
rates now demanded. Tolerably good Irish oats have
been held at 30s. to 315., anl the finer kinds of foreign
at 233. to 305., whilst English and Scotch, of which the
quantity in the market is wry small, have been held still
higher.
The enormous rise which has lately taken placo in
the price of Indian corn at Liverpool, has had mote or
less influence on the value of th' article here ; hut, for
the want of stocks, comparatively little business has
been transacted.

Beans of home growth have been taken in small quan-
tities, at fully previous terms. In Egyptians there has
not been much doing, either on the spot or in floating
carpes. This article is at present relatively cheaper for
feeding than any other.
The high terms demanded for peas has had the effect
of causing economy in their use ; and, for some weeks
past, the demand has been very restricted.