The Sun.
London, England, 1846-01-29 00:00:00

THE CORN TRADE.
BRITISH.

Though the details of Sir Robert Peel's intended
change in the corn-laws are not yet before the public,
the,re is now no longer a doubt that the measure to be
proposed by. the Ministry will be tantamount to a free
trade in grain. Without in this place dwelling on the
political bearings of the matter, it may not be amiss to
consider what immediate effect is likely to be produced
by a total repeal on the value of agricultural produce,
-We say immediate, for that the ultimate result must be
unfavourable to the British farmer there can, we think,
be no question ; we are, however, of opinion, that ex-
isting circumstances will, in the first instance, prevent
that fall in prices which would, in ordinary seasons,
have followed so hazardous an experiment as that about
to be tried. One of the principal reasons which have
induced us to come to this conclusion, is the fact that
last year's crop of wheat was deficient in all the chief
corn-growing countries of Europe, whilst at the same
time stocks of old corn are unimportant at most of the
continental ports. The course adopted by the Dutch
Belgian, and other Governments, viz., that of prohibit-
ing the export and allowing the free importation of grain,
must have considerable influence indirectly on prices
here ; for, instead of supplies reaching us from these
places, a proportion of the small surplus more favoured
countries may have to spare will be diverted from the
British to other markets. It must also be borne in mind
that the information which the Legislature have been
enabled to collect respecting the yield of our on har-
vest must have been of a very unsatisfactory, nowt to say
alarming character, to have led them even to contemplate
such an unusual expedient as that of opening the porst
by an Order in Council. Such a step Sir Robert Peel
and some of his colleagues, it appears, considered the
state of affairs warranted two months ago ; from
.thisit
may be inferred the parties in a position to obtain the
very best information deem that a large importation of
grain will be necessary to make good the deficiency of
food caused by the indifferent yield of wheat and the
extensive failure of the potato crop.
In addition to these reasons for supposing that prices
cannot, until another harvest shall have beee secured,
recede materially in this country, we may add that
the public mind has been gradually prepared by
political events to expect a great alteration in the
laws by which the importation of corn is at
present regulated, and that the effect has therefore
already, in a great measure, been anticipated. Wheat
is now at least 10s. per quarter lower than it would in
all probability have been had there been no talk of a re-
peal ; hitherto no one has taken advantage of this im-
portant reduction to increase their stocks ; on the
contrary, the utmost reluctance has prevailed for many
weeks past to buy more than just sufficient for pre-
sent purposes, all parties being alike anxious to refrain
from entering into extensive engagements, until the
corn-law question shall have been been disposed of.
tinder these circumstances, it is not unreasonable to
believe that the value of grain will be but little influ-
enced. Indeed, we should not be surprised if an im-
petus were to be given to businese by the removal of the
uncertainty which has so long hung as an incubus over
the trade, and, instead of a fall, a rally were to take

place in prices.
The advices from the provincial markets are not of
much interest this week ; there has as yet been scarcely,
time to see how the news of the proceedings in Parlia-
ment, on Thursday, has been received in the country ;
but at the few towns where the markets were held on
Friday no material effect was produced thereby on quo-
tations.
At Liverpool holders of free wheat remained firm,
and bonded was generally held at enhanced rates; buyers
appeared, however, at a loss how to act, and the business
done was on a restricted scale. It would be useless to
refer to other places, as business has been at a perfect
stand in all parts of the kingdom, in expectation of
positive information of the Ministerial intentions from
London.
At the leading markets in Scotland and Ireland affairs
have been in much the same position; and the only in-
telligence of importance from the latter country is that
respecting potatoes. The accounts on this important
subject are decidedly of a less favourable character than
they were a week or two ago ; and so much doubt was
felt whether those in the pits would keep good, that
shipments of oats and oatmeal had almost ceased, a
notion prevailing that these articles would bring high
prices as substitutes for the staple food of the poorer

classes.
We have again to report a very moderate arrival of
English wheat into London, the quantity reported
coastwise up to this (Saturday) evening, amounting to
only 2,241 quarters. The show at Mark-lane by land
carriage samples from the neighbouring counties has
likewise been small ; indeed, beyond what was left over
from Monday, scarcely anything has been exhibited on
the Essex, Kent, and Suffolk stands. In the absence,
however, of demand (the millers having adhered to their
determination not to purchase until the mystery re-
specting the Corn-law alteration shall have been solved),
the insignificance ef the supply has not been felt ; and
so far from any improvement having taken place, the
reverse has been the case, great difficulty having
been experienced in placing the few parcels on sale at
the reduced currency of Monday. Holders of foreign
free wheat have generally refused to accede to a decline
corresponding to the reduction which the prices of Eng-
lish have lately undergone, the transactions in the article
have been very unimportant. Since Monday so little
has been done in the article, that quotations can only be
regarded as nominal at present. The inquiry for bonded
wheat on Belgium account has continued; but the limits
of the orders received from thence having been ls. to 2s.
per quarter below the rates demanded, the actual trans-
actions have not been of consequence. In the early
part of the week a cargo of Odessa wheat on passage was
we believe sold at 475. per quarter, including freight and
insurances; but for parcels on the spot 50s. per quarter
has been general asked. On Friday wheat under lock
was certainly held with more firmness than in the com-
mencement of the week, under the impression that the
laws will undergo such an alteration as materially to
reduce the duty. This opinion failed, however, to give
rise to any inclination to enter into speculative invest-
ments, and few bargains were closed.
Though the stock of flour in the hands of the metro-
politan bakers are greatly reduced, the sale for the article
has continued as dull as ever, purchasers being appa-
rently not yet satisfied that prices have reached the
lowest point. We are inclined to think that the slightest
indication of a rise in wheat would be immediately fol-
lowed by a very active demand for flour, and, on the
whole, there is not much prospect of the latter article
being cheaper than at present; good Norfolk households
having been sold in the river at 40s. to 425. per sack
during the last week or two.
-The arrivals of barley have been fair; having, in addi-
tion to 6,876 qrs. from our own coast and Scotland,
'received 720 quarters from abroad. This grain has
been very difficult ef disposal, and the currency of 110-
day last has bearly been supported; 38s. per qr. has be-
come an extreme quotation for even the best malting
qualities, and secondary and inferior sorts have been re-
latively cheaper.
Malt has likewise held heavily on hand. Only choice
qualities have met attention, at former rates ; and,
though the common descriptions have not been quoted
lower, the turn has recently been in favour of the buyer.
We are still without arrivals of oats from Ireland, and
the receipts from our own coast and Scotland having
rather fallen off than increased, whilst the supplies from
abroad have been most amply landed in bond, the market
has become very bare of good fresh corn. The dealers
seem contented, however, to draw on their stocks to
supply their customers, and have shown no anxiety to
purchase; the trade has consequently remained in the
same lifeless state as before, and, with the exception of
a slight advance realised in partial instances from needy
buyers, no change has occurred in prices. The con-
sumption of oats in London is at present very extensive,
and unless increased supplies shortly reach us, an ad-
vance seems inevitable,
The recent reduction in the value of beans has not
hitherto caused any improvement in the demand ; in-
deed, it was rather difficult to make sales, at the close
of the week, at Monday's currency.
Peas of all sorts have also continued to be neglected,
and the tendency of prices was still downwards on
Friday.
The duty rose a step on Thursday on the following
articles::—wheat, oats, beans, and peas.
FOREIGN.
_

Nearly as much interest is felt respecting the settle-
ment of our corn-law question abroad as at home, and
most of the continental letters received this week make
some allusion to the subject. The belief that a great
change was about to be made in the import duties by our
Government had, we are informed, caused an almost
total suspension of business; merchants having mani-
fested an unwillingness to enter into fresh engagements
till news of the definite settlement of the question should
be received.
The latest accounts from Dantzic state that the trans-
!Actions in wheat had for some weeks been on an ex-
tremely restricted scale, the foreign demand having en-
tirely ceased; holders had, nevertheless, felt satisfied
that Great Britain, as well as'llolland and Belgium, would
sooner Or later require supplies, and bad consequently
remained eceed'
could not the ingly firm. Fine old high-mixed- wheat
qr. free
on
board in have
been bought below 565. to 575. per
were held at e 'ntospring, and the better sorts of new
At Konigebe i4Bs. to 609. per qr.
and purchases der we"
higher than at Dantzic,
lower__ qualities of wheat had from
time to time been made at the latter town for the supply
of the former.
The advices from the Lower Baltic rts. are very un-
interesting ; indeed, they are a mere repetition
previ-
ously-received statements. Atßostock, Wismar, Stettin,
&c., quotations of wheat had become quite nom • o
, °ve.
little business had been done ; and contracts foirnalgo' sd
qualities, weighing 61 to 621bs. per bushel
been closed at 475. to 48s. per quarter free on board!' -
Spring corn seems to become more scarce than wheat
at the principal continental markets, and rye—the staple
article of food with the poorer classes—has everywhere
risen to an almost unprecedented high price.
The latest accounts from Antwerp state that rye had
for some time been, and then continued, in lively re-
quest at equal to 41s. to 41s. 6d. per quarter. For wheat
a good demand has also ben experienced, and Polish
Odessa had sold at 525. per quarter. Up to the present
time the fact of a rather large stock of bonded wheat
being held in England ready to be shipped immediately,
it there should occur a prospect of a profit, has kept
pricesof wheat more moderate in the Dutch and Belgian
e
they would otherwise have been ; and now
that atherethan is a certainty of an alteration being made here
in the laws, which will
prevent us sending any portion
of our bondeclvrhe wheat abroad,
broad, we shall not wonder to see
prices get up
materially Rotterdam, Antwerp, &c.
From Harabursh we
have letters of Tuesday's date ;
there was then no export demand
demand for either wheat or
spring corn, but all were fully as high as the
previous week, say good wheat gos. to 535.,
Seale barley
245. 6d. and osfor s e •
18s, 6d., to 20s. per qr. f bnt oar ap
ring from outports)
The advices from the Mediterranean are of even less