The Sun.
London, England, 1845-12-26 00:00:00

THE CORN TRADE.
(From the Mark-lane Express.)
Leaving politics out of the question, we can dis-
cover no valid reason for the important decline which
has recently taken place in prices. The deficiency in
the yield of wheat, and the mischief done by the
potato disease, • may have been exaggerated to serve
party purposes.; but that a deficiency, and an im-
portant one, really exists as regards these two main
crops, we feel ffilly convinced. However great, there-
fore may be the present langour, we are still dis-
posed to think that all the wheat now in the country,
and that which,foreign states may be enabled to send
us, will be required before another harvest can be
secured. Latterly, however, the feeling has been all
the other way; and those who but a few weeks ago
talked of starvation in Ireland, and a dearth in Eng-
land, have manifested far more anxiety to reduce their
stocks than buy at the present depreciated prices.
The downward =tendency has consequently continued,
and it may even be doubted whether we have yet
reached the lowest point, though wheat has, within a
month, fallen Gs. or 7s. per quarter at most of the
principal markets, and the value of other articles has
been depressed in the same proportion. _As yet there
are certainly no symptoms of a return of confidence,
the reports from all parts of the kingdom being
equally dull.
At Liverpool, on Tuesday, wheat was nearly un-
saleable, and at least 2d. to 3d. per 701 b. lower than
on that day se'nnight. Flour was freely offered at
2s. per sack and barrel below former terms, and quo-
tations of spring corn, pulse, &c., were reduced in the
same ratio. Later in the week the anxiety to realise
increased, and a further small abatement was acceded
to on Friday.
The reports fiom the leading towns in Yorkshire
are not more encouraging, the greatest consternation
having been caused by the prevailing opinion that the
laws were again to undergo alteration. At Hull busi-
ness was quite at a stand on Tuesday, and the trifling
sales effected were at a reduction of fully 2s. per
quarter on wheat. The article fell quite as much
at Leeds on that day ; and at 'Wakefield, on Friday,
the abatement amounted to 18. to 2s. per quarter.
From the western and north-western districts the
advices are of a similar character; but the decline
in the value of wheat was not quite so important at
Bristol and Birmingham on Tuesday as at some of
the places above referred to.
The sudden fall which the value of wheat has un-
dergone at the leading consuming towns has caused
an almost total suspension of business at those ports
on the east coast whence London and other large
markets have recently been drawing a considerable
portion of their supplies.
At Spalding, Lynn, Boston, and Wisbeach, the
orders to ship round coastwise have; fallen off so ma-
terially within the last week or two as seriously to
affect prices, and good 601 b. to 611 b, red wheat may
now be purchased at those places at from 50s. to 535.
per quarter.
In Scotland the same effect appears to have been
produced on the trade by the news of the resignation
of the Peel Cabinet as that which has characterised
business in the English markets, viz., an universal
unwillingness to 'go into stock. The trade had con-
sequently become very dull at Edinburgh, Glasgow,
&c., and the prices of all articles had suffered an im-
portant reduction.
• The Irish markets have not escaped the general
panic. The potato disorder appears no longer re-
garded there; and at all the principal ports, not only
wheat, but oats! barley, &c., have receded much
faster than they had previously advanced.
The arrivals of wheat coastwise into London have
been rather liberal of late. The greater proportion
of the supply is again from the east coast, and the
bulk of the shipthents from thence has gone direct to
millers, who, some time ago, when the trade wore a
very different aspect, bought free on board cargoes
freely, in expectation of higher prices.
The show at Mark -lane by land-carriage samples
from the home counties has not been large. Some of
the wheat sold on Monday was, however, refused on
Wednesday, owing to the inferiority of the condition,
a circumstance which imparted additional languor to
business. On the whole, this has been a remarkably
dull week, and we can scarcely call to mind a
period when the determination to refrain from en-
tering into fresh engagements has been so universally
manifested ; indeed, the actual transactions have been
so extremely circumscribed since Monday last that it
would be useless to enter into details. All that can
be said under such circumstances is, that the down-
ward movement in prices has continued, and it was
certainly impossible to effect sales towards the close
of the week at similar rates to those at which busi-
ness was done in the commencement. These remarks
are equally applicable to foreign as to English wheat,
for though the very soft condition of the latter ren-
ders a large mixttire with the former necessary, the
millers have generally sufficient old on hand for that
purpose, and seem determined to use up their stocks
before they consent to pay the terms asked by holders
of fine Dantzic and other favourite sorts of foreign.
The idea that the time has arrived when a material
modification in the corn laws is likely to be made
has certainly increased of late, and on the strength
of this belief parties having wheat under lock have
felt no inclination to press sales. On the other hand,
speculators have kept in the back ground, the uncer-
tainty as to the future being deemed too great to en-
courage purchasers at present prices.
Up to Wednesday nothing whatever was done in
bonded wheat. On Friday there was rather more
inquiry for the article; but the pretensions of holders
did net meet the views of purchasers, and few, if any,
bargains were closed.
The recent fall of 4s. per sack in the price of flour
has failed to induce the bakers to purchase ; many
bought rather largely before the decline, and the sale
of the article has lately been very restricted. Ship
flour has been pressingly offered throughout the week,
at rates relatively below those demanded for town-
reade—say 41s. to 425. per sack for good Norfolk
households.
Foreign flour has also receded in value ; 30s. in
bond per barrel having become an extreme quotation
for the United States.

The supply of •barley consisted of 9,203 quarters
English, 2,721 quarters Scotch, and 2,870 foreign.
Judging from the quality of that hitherto received,
the growth of this year must be considered coarse and
inferior; indeed, as yet, scarcely any really fine malt-
ing parcels have appeared; picked samples, therefore,
bear a relatively high value, and the best descriptions
have sold quite as well this as the preceding week. The
common runs have, on the contrary, been extremely
difficult of disposal, and have barely supported the
currency of Monclay. The preponderance of inferior
barley has already had the effect of causing a decline
in the averages, and on Thursday the duly advanced
a step.

Choice malt, like the best barley, has been scarce,
and has commanded full prices ; secondary and infe-
rior kinds, though not actually quoted lower,• were
certainly rather easier to buy on Friday.
There is still'a considerable proportion of the
abundant supply of oats received from Ireland about
the close of the past month remaining on the market;
and the total arrival for the week ending this (Sa-
turday) evening his amounted to 29,388 quarters;
there has consequently been no scarcity of this grain.
Notwithstanding the important fall which has re-
cently occurred in prices, the principal dealers have
exhibited no inclination to parchase more than neces-
sary for immediate. use ; the trade has, therefore, re-
mained in the same depressed state as before, the
turn, if anything, having been in favour of the
buyer. As there, is no chance of a lower duty, but
a strong probability of its advancing ere long, most
of the cargoes which have arrived from abroad have
lately been offered free from on board ship ; though
by selling at present rates importers must in many
instances be sufferers.

Beans have hung heavily on hand, buyers having
hesitated to pay former terms, and sellers having re-
fused to accede to any further abatement.

Peas have also moved off very slowly at Monday's
decline.

The latest news from the United States is impor-
tant. Great excitement seems to have been caused
there in the flour trade by the English advices, and
such an impetus had been given to speculation as to
raise the value of the article materially. Letters from
New York, of the 29th ult., inform us that very large
purchases had been mane there, partly on British
account, at considerably enhanced terms : the disposi-
tion to purchase had, however, rather subsided in con-
sequence of the great advance in prices. During the
week about 10,000 barrels Genessee flour had changed
hands at 64 dollitrs per barrel, and that rate con-
tinued to be asked for good brands of western up to
the date of our last advices. The wheat harvest ap-
pears to have turned out quite as productive as ex-
pected in the chief wheat-growing states, and the
arrivals of flour down the Hudson up to the 28th of
November had amounted t 01,582,237 barrels, against
1,414,979 barrels at the same date in 1844. The ex-
perts had also been on a large scale, 55,551 barrels
having been shipped from New York between the Ist
and the 25th of November. The value of wheat hav-
ing been run up 20 cents to 30 cents per bushel,
buyers had become somewhat cautious in their opera-
tions ; still 10,000 to 12,000 bushels had been sold
within the week, at price varying from 1 dollar 35
cents to 1 dollar 40 cents per bushel. Nearly 118,000
bushels of wheat had been shipped in November, be-
sides a good deal of Indian corn and rye.
In the Canadian markets the effect produced by the
news of the probability of a repeal of the corn-laws
here had been to itepress the market, and letters fratn
Montreal of the 26th ult. state that for some days
very little business had been done in flour. The
price demanded had been for good brands 355. per
bushel, at which holders had manifested much firm-
ness. Wheat was being bought, with a view of storing
till spring, at 6s. Bd. to 6s. 9,1. per bushel. The
shipping season vas about concluded, and most of
the vessels had sailed.

The reports from the Baltic this week are general