The Sun.
London, England, 1868-05-01 00:00:00

THE MARKETS.

We have to report a continued dull state of trade, partly
the result of the un-spring like weather, but mainly be-
cause of the many elements calculated to engender distrust,
and thus perpetuate the hand-to-mouth policy, so long in
vogue among the trading classes—such as currency de-
rangements, the lack of a well-defined :fiscal system and
political agitation. Expectation with regard to the Spring
trade has been greatly disappointed, no considerable im-
provement in the general markets having accompanied the
advance of the season. The interior, as is tolerably well
known, is comparatively bare of goods ; but all commer-
cial calculations must continue to bo more or less at fault,
and it would, therefore, bo unsafe to predict anything like
sustained activity so long as the evils to which we have
alluded continue. A pre-requisite to commercial
stability, and altoget'ier an improved state of af-
fairs, is an early return to specie payments, and
Congress is derelict in its duty in its failure to
respond to the sentiment of the business public. The bug-
bear, that resumption would bring back all the bonds that
are held abroad, for sale and returns in coin, is too pre-
posterous for serious refutation. Of the fourteen hundred
millions of our bonds owned in Europe the bulk of them
are held for investment among the people, and net for spe-
culative purposes. It hardly stands to reason that these
people, deeming them safe under a state of suspension,
would part with them when their intrinsic value had ad-
vanced 30 per cent. by resumption. The argument is
rather the other way. It would, in our opinion, create a
further demand for our bonds, both in England and on
the Continent, and leave us a surplus of three hundred
millions of gold on the thousand millions or more of bonds
held here. By a return to the normal base, there would
bo no difficulty in funding the debt; all the schemes for
quasi repudiation would at once fall to the ground, and
we should have something like stability in commercial

affairs.
Breadstuffs.—Our flour market has been comparatively
quiet, the prospect of an early opening of lake navigation
and less favourable news from Europe have increased the
disposition to realize, and to do so a further considerable
decline has been submitted to in most grades —at the con-
cession we have had a fair local and export demand—the
latter chiefly for the West Indies and South America.
We have steadily reduced our stock, and find it less than
three hundred thousand bbls (300,000)—this is somewhat
in excess of last year, but is really very small under exist-
ing circumstances. The stocks on the coasts are light,
and the wants of Europe aro known to be Very much in
excess of their supplies—hence wo look for an active and
buoyant market during the summer months. Shipping
brands have declined 30 to 40c per bbl, and the tendency
is to still lower figures. The features of our wheat market
the past week have presented quite a contrast to those of
the preceding week—the less favourable news from Europe
and the very limited milling demand have given buyers of
spring quite an advantage, and to effect sales a decline of
$4 6c per bushel has been submitted to—the decline the
most marked in common qualities—these aro difficult of
sale. Towards the close we notice a better milling demand,
but holders of choice yielded reluctantly, and the reduc-
tion in our stock has been small. Indian Corn has been
in fair request, but at very variable and much lower prices
—the less favourable news from Europe, the continued
liberal receipts by rail, and the prospect of early supplies
from the canal, have greatly increased the anxiety to
realise, and to do so a decline of 2c to 3c per bushel has
been submitted to from the highest point. The reduction
in the stock has been moderato—at the close the market is
heavy and lower.
Cotton—Since the date of our last circular aclvices a
very large business was done in this staple, the market
has been very active and excited, and prices are decidedly
higher. On Saturday speculators bought with great free-
dom. Advices from Europe being of a very favourable
character, holders obtained 30c for middling upland, and
301 c for do. New Orleans, but on Monday the demand
abated, and part of the decline was lost. To-day (Tues-
day) the market is dull, but steady at 28 to 28+,c for mid-
dling uplands, and 281 c to 291 c for do. New Orleans. The
sales for the week are 61,891 bales; receipts, 13,047 bales,
and do. since Sept. I, 18,17, 488,805 bales.
Naval Stores—Crude turpentine remains quiet, but,
with a small stock, only 266 bbls, holders are firm. Spirits
have been only in moderate demand; prices early in the
week were heavy and lower, but since Saturday a firmer
feeling prevailed, and prices improved under a better de-
mand and reduced stock, closing steady. Rosins have been
in very good demand, partly on speculation, and with a
stock much reduced we notice au advance, particularly on
the low grades, closing firm with a fair business. Tar has
been in good request, and prices have ruled firm. Pitch
is unchanged.
Oildake and Seeds —We have had a fair inquiry for cake,
and with limited arrivals prices are gtealy. Sales of 160
tone Western at $5l 00 currency, and 100 tons City at

$3B 00 to 810 00 gold. Timothy seed has been in fair
demand for home use, has fluctuated, and closes heavy at

$2 36 to $2 50 per bush. Clover seed, under larger arrivals
and a moderate home inquiry, has rapidly delivered, and
closes at 10}c to 11c for good to prime Ohio. Calcutta
linseed is selling here and in Boston at $2 35 to 2 421 per
bus., gold.
Oils.—American linseed has declined, but a fair business
was done, and the market closes steady at $1 18c to $1
20c for casks and bbls. English linseed remains dull,and,
in the absence of sales, prices aro nominal. In crude fish
oils there has been no particular change in prices, and the
demand has been only moderate. Manufactured oils aro
inactive and nominal. Lard oil has ruled quite firm, and
a fair business was done. Red oil is steady.
Petroleum.—We 'nave had an active demand for crude,
both in bulk and in bbls., but prices have gradually de-
clined, but the market closes firm. Refined in bond has
been comparatively quiet, but prices have undergone no
essential change, closing firm but quiet. Free oil ruled
dull, and prices are nominal.

Provisions—The market for pork has been quite active,
and at times much excited. Prices Nava advanced ma-
terially cud aro st,ady at the close. Prime mess has been in
fair demand cud again improved, with much firmness ; the
stock of this is moderate, especially of city. At the close
the market is strong for all descriptions and fairly active.
Beef has been in good demand and has improved; the
stock is almost exhausted, and prices still tend upward.
Cut meats have been in good request, have rapidly
proved, and are firm ; the stock is moderate. Bacon has
been in active demand, and under the more favourable
news from Europe, light arrivals, and diminished stock,
prices have improved, and close buoyr.nt with a brisk de-
mand. Lard has been quite active, especially since FridaY
last, and under an active export inquiry prices have ad-
vanced 11e. per lb., with a briskispeculative demand, eves
at the higher prices current, and with sales of 1,000 bbls.
and tcs. prime, for May delivery at Inc to 18c., indicating
strong confidence in higher prices.
Butter.—Trade is slow, and prices have gradually de-
clined. The home trade aro the only buyers, and are pur-
chasing such lots as will supply immediate wants. The
arrivals have been more liberal, mostly new make, and the
stock is accumulating.
Cheese.—A fair amount of business was done the past
week, but prices have ruled rather in favour of the buyer,
owing to the unfavourable news from Europe. Shippers
are fearful of the effect of so many on the way out, and it
now looks as though a mush smaller number would go
abroad the coming week. While we do not quote a posi-
tive decline, the feeling is decidedly weak, and quite
is
contrast with what it was a fortnight ago. So many cheese
coming in at the opening of river navigation suggests
the idea that quite as many are still in the country and city
as will be wanted, same of the factories having already be-
gun to maks now cheese, though thirty days will be re-
tuired in which to thoroughly cure them.
Tallow—The market has ruled quite firm, and the de"
mend has been active, chiefly for export, closing steady
Sales of 750,000 lbs, at 124 c to 12e for Western and Conn-

try, and 121 to 121 c for City.
Freights—Early in the week the market ruled firm,
and some advance in rates was obtained ; but since
Saturday part of the improvement was lost, and the Irte•r-
ket closes dull. The offerings to trans-Atlantic ports have
been only moderate, except cotton,wbich is going forward
quite freely, and 51 to 1c has been paid by steamer,
though the latter rate is an extreme, the inside rate being
an extreme at the close. A fair chartering business Wall
done in petroleum at full rates, but very limited in grain'
CINCINATTI, OHIO, April 7.—Cotton—The market, se
we anticipated, after the excitement of last week, has elr-
perienced a corresponding reaction downwards, and price
have receded from closing rates of Saturday fully 10
closing quiet but steady this evening at 27d, for middling
uplands equal, C. F. I. and C., via Portland, 101-d in Liver-
pool. It is well understood here that there is no cotton
of any consequence in the interior, all being now at shlr
ping ports on the principal rivers, and on the seaboard.
Lard—After a quiet but steady market for the Paste
week or two, the market, on receipt of advices from yo,ll'
side, advanced from 16c to 17c, with light offerings. 1" °
estimate the present stocks of lard 75,000 tierces short of
same period last year, and if present consumption and
manufacturing demand continues, we are of opinion that
we shall have higher prices. On present values we esti-

mate C. F. I. and C., in Liverpool, 635.
Lard Oil.—The market has been steady, but quiet, wit
.111
fair local demand. We quote best brand extra winter of
at 655, C. F. I. and C. in Liverpool.
Mess Pork.—The market for the past week has been
quite active, with a steady advance, closing very firm to
active, at $26 50c to $26 75e, equal to C. F. I. and 0. t°
28s 6d per bbl.
CALIFORNIA.-'rhis State takes much and deserved
credit for its standing and progress, and we think de-
servedly. The Commercial Herald last to hand has o'l
following as to the state of matters :—" The flnaucie
condition of this State is very flattering, being thed
immediate result of the splendid returns realiseFre
by our farmers during the past two years. ula
all quarters comes the pleasing intelligence of thrift sad
abundance. This glorious land furnishes the best 1:;11,
cheapest bread in the world, and the gold to buy it
Twenty-five millions of dollars in treasure, and fiftoe
,
millions of dollars' worth of bread, has California cona
tributed to the human race during the past year, 81,
this, too, after only two and a half years of real agfieu
turt:l development. But even these wonderful results sref
threatened with comparative insignificance by the sidt'c°l.
what is expected in two years more. A much grcat
breadth of land has been seeded in grains, and the
sous have been remarkably propitious to the '4'1.'60
cultural interests. The commotions of Europe
to people our fertile valleys with a thrifty incl,,sir
trious class of producers ; while thousands of t_,es
own countrymen stand ready to avail themsel,,bo
of the Pacific Ilailroad—and each steamer froul tio
East brings accessions to our population. As the
Pacific States are evidently destined to become
great granaries of the world, we would respectfully
tiroate the propriety of adopting some universally
is
cognised system of weights and measures for grain. 10
England, which has been our principal customer, gr:
is sold by the quarter ; but the quarter of Glasgow' ere
very different affair from the quarter of Liverpool,
being a difference of 501 b. between the two. The 81,57,00
dity and impolicy of maintaining such an incongrtl"
condition of things is apparent at a glance.

Foreign Mail Packet List.

MAILS DUE.
, . 23.
outran& and New Zealand, via Sonthamptoa.....3o4
Ditto, via Marseilles 3llll 15.
Ditto, via Panama 31a1 2).
•irazit, Buenos Ayres, and Monte Video gal 4;
Ditto, by French packet AI 17 l'
Cape Verde. by Brazil paoaet ........ ...... BO 4'
~ 13'
;ape of Good Hope, Ascension. and St. Helena ..a).
China, Penang, and Singapore, via Southampton MAY -::
Ditto, via Marseilles .... • • • ...... • • • .. • • Mai 1
eoikland Islands . -....
klibraltar, via Southampton • • May
./
M
India, via Southampton . ...•.....
Ditto, via arseihes
Malta, Egypt, ,ta. .. ........ ......... ......... .. . . PL/513
g$ Y '
1 21:.
....
Ditto, Marseilles
Mauritius, Cape of Good Hope, and Natal, via
Southampton
Slay fig.
DM ), Marseilles .
Newfoundland ...... .... .......
........... . ..1101 6,
'
Portugal ... May' '

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