The Sun.
London, England, 1846-02-26 00:00:00

REVIEW OF THE BRITISH CORN

TRADE DURING THE PAST WEEK.

The present position of the Wheat trade is perfectly
anomalous ; we have the positive assertion of the Prime
Minister, and other Members of the Cabinet, whose
means of gaining information must be regarded as un-
deniable, that so great a searcity of food exists in a por-
tion of the kingdom as to thyeaten absolute want before
two months can pass over ; still prices of Wheat con-
tinue from week to week to retrograde. If the expectA
alteratioa in the corn-laws had been a recent proposal,
there would be less reason to feel surprised ; but the
repeal of the enactment of 1642 has been looked upon
as certain for more than three months, and the value of
Wheat has already been reduced—in anticipation of the
change—about 10s. per qr. It is true that there are up-
wards of a million quarters of wheat in bond in the
kingdom; but, on the other hand, the tone of the advises
from most of those countries from whence Great Britain
usually draws her supplies of Foreign Wheat are of a
character which render it extremely doubtful whether a
similar quantity to that now under lock here could be
secured without paying very high prices, the greatest
scarcity prevailing over a large portion of the continental
Europe. Notwithstanding, however, the Ministerial de-
claration, that before the month of May the extent of
our wants will have made themselves felt, and, in fact,
that the greater part of Burope is already suffering in
consequence of the deficiency of the last harvest, not
the slightest disposition has hitherto been manifested
by capitalists to make investments in Wheat.
We think we are fully warranted in saying that this
is an anomalous position of affairs ; the explanation is,
however, not very difficult. The tightness of money,
and the impossibility of obtaining the usual accommoda-
tion, have rendered all mercantile men cautious of
entering into speculations ; and the same reasons have
caused parties who purchase for actual consumption to
conduct their operations on a more restricted scale than
in ordinary times. The demand has, therefore, for
weeks past been confined to the supply of the immediate
wants of the millers. Neither merchants nor manu-
facturers of Flour kold any stocks of importance of
English Wheat ; indeed, beyond those interested in the
million quarters in bond, the farmers are the only
holders. What proportion of the last crop they have
still on hand—whether it is less or more than at the
corresponding period in ordinary years—we have no
means of ascertaining. On this the future range of
prices, in a great measure, hinges : for should the sup-
plies from the growers at any period fall short of the
quantity required for consumption, a rise must follow,
there being no stocks in the hands of other parties to
fall back upon. Up to the present time, however, there
are no symptoms of the expected advance ; and so far
from any improvement having taken place, the trade has
been even more languid than before, at the principal pro •
Tindal markets.

The few parcels of fine free Foreign Wheat on the
market have been at full prices. The high pretensions
of holders have been unwillingly complied witk by
buyers, but the absolute want of good old for mixing
his enabled sellers to realise quite former terms for
the best Dantzic, Rostock, and other favourite sorts.
Inferior descriptions of Foreign, of which the bulk in
granary (free) consists, have been totally neglected.
The operations in Bonded Wheat have been on a
restricted scale. Small purchases of the finer sorts
have been made by the millers (to be released by cer-
tificate) for immediate use at high terms ; but no dis-
position having been manifested to speculate, few
cargoes have changed hands. There has, however,
been less pressure on the market ; and good Dantzic
and fine red Baltic could scarcely have been bought on
as easy terms this as the preceding week.—Mark-lane
Express..