The Sun.
London, England, 1869-05-03 00:00:00

TRADE AND FLVANCE.

Notwithsi anding the heavy importations of foreign
stock, the price of meal continues very firm, and prices, if
anything, skew an upward tendency. Yet we find, on a
comparison of the numbers of both beasts and
sheep disposed of in the Metropolitan Cattle Market,
that there is a large excess this year over ,last
season. Many circumstances, however, have con-
spired to keep up the quotations. In the first place
the removal of the cattle plague restrictions has allowed
country butchers to purchase live stock in the London
market, and to remove them to the provincial towns. It
seems hard that London consumers should be
put to inconvenience for the sake of supplying the southern
watering places with the choicest descriptions of meat, but
there can be little argument against unrestricted trade in
live stock, as in all other articles. The drought of last
summer led to many forced sales of both beasts and sheep
towards the close of last year. and the herds and flocks
were decimated. Consequently graziers have been
compelled to retain a larger number of animals
this season, in order to endeavour to supply
the deficiencies caused by last year's drought. Accord-
ingly, the arrivals from our own grazing districts have
I been unusually small, and the increase in the supplies sent
to market has consisted entirely of foreign stock. This
increase, however, is not one that would be likely
to affect prices to any material extent. The dif-
ference in quality between English and foreign beasts
is so great that the plentifulness or scarcity of the
latter scarcely influences the value of the former. The
advance which has taken place is in good English animals,
and in this improvement foreign stock has not partici-
pated to a like degree. The future does not look
encouraging, and we see no reason to expect
any change in the course of the trade throughout
the summer season. With regard to mutton, there is a
qualifying clause, which may have some little influence
upon the market. The lambing season is now over, and
has been unusually prolific, owing to the very mild winter
that has been experienced. At the same time, the pasture
lands are in excellent condition, and the rearing of the
laMbs has been attended with less difficulty than in more
severe seasons. The mortality has accordingly been greatly
below the average. There is little doubt, however, that
English beef and mutton, to which alone we must look for
the regulation of prices, will continue scarce, and buyers
must make up their minds to prices varying but little from
the present range of quotations.

If, however, animal food is likely to continue dear, the
prospects of the wheat trade are decidedly in favour of the
consumer. Probably at no time within the last twenty
years have all circumstances pointed more decidedly to a
progressive, although gradual, decline. There is still a
large amount of English wheat in the country, the quality
of which is unrivalled for its excellence ; and at the same
time the prospects of the growing crop are eminently
favourable. The plant is well above ground, and looking
strong and healthy. But a short time since we
heard complaints from various quarters of a loss of
colour in the plant. This, however, may arise from one
of two causes, and may be either a bad sign or a good one
as the case may be. It may be caused by au accumula-
tion of water under the around, which is bad, and would
lead to disastrous effects, or it may be the result
of frost, which, at certain seasons of the year, is pro-
ductive of good. That the latter was the cause in the
present season there is no doubt. At the close of February
the plant was unusually forward, and great apprehensions
were expressed for its safety. The cold winds of March
checked its growth, however, and it cannot now be said
that the plant is more forward than usual, while the
mild weather of April has restored its vivid green.
While the home crop presents such favour-
able prospects, there is a great probability that
the imports will be extensive, considering the prices now
current here. From the United States unusually heavy
shipments have been made, and it is difficult to discover
how the Continent will get rid
_of its surplus produce
except by sending it to the British market. These facts
had us to anticipate a decline of from Gs. to Bs.
in the value of foreign wheat before the reaping of next
harvest, although we fully believe that English wheat
will not fall more than 3s. to 4s. per quarter, as the last
crop, from its acknowledged superiority, will always coin-
n aid a range of quotations varying from 425. to 455. per
quarter.

There is very little of interest to notice in the money
market. Money is quiet, but there is no prospect of any
return to lower rates. It is true that there is a large
amount of gold on passage from Australia, and that the
c num, of exchange at New York is such as to lead to the
expectation of an influx of specie from that quarter, The
large amount of foreign loans now on the market, and
prospect, will pribably absorb a considerable propo;tio
of the surplus capital, and we look Imo 19 mem
rtes being 441,04ipeci, y