The Sun.
London, England, 1845-11-26 00:00:00

1'

REVIEW OF THE BRITISH C0M,....,
TRADE. - , - - e.seret
. 4:- '
Though the accounts from Mark-lane have not. 4:-.:4474..
late been of a character to give much encouragenket
_,,.., '
the trade in wheat has, since our last, s,sittined a,-'OP-A3, .-
cidedly firmer tone at the leading provinciii markets l: ..;;;', It
i hils j
and, contrary to the usual course of affairs, prieely,
have begun to move upwards in the' cotuatTY, sr •
they have remained nearly stationaryjn:tite :vilete9ql7
politan markets. Not only has a small'enatittke-beerr
established this week at the leading towns, such as
Liverpool, Manchester, Leeds, Wakefield, &c., but at
several of the markets in the agricultural districts
higher prices have else been obtained, though farmers
have brought forward good supplies. It is not a come
mon' occurrence for the provincial markets to take
the lead in an upward movement ; but vast experi-
ence has proved that whenever the trade exhibits
this somewhat rare feature, the rise is occasioned by
legitimate causes, generally in consequence of a know-
ledge—which none are so capable of arriving at as
the growers themselves—that the harvest has turned
out really defective. We are, therefore, disposed to re-
gard the turn which business has taken at the chief
country markets as a direct confirmation of the opinions
we have all along maintained, viz., that the crop of wheat
is decidedly short of that of average seasons. Being per-
fectly convinced on this point, we cannot view the late
reaction in prices in any other light than the effect
of the mistrust and uneasiness which immediately fol-
lowed the reports so industriously circulated by a
portion of the press in the early part of the month re-
lative to the presumed intention of Ministers to throw
open the ports for the free admission of corn. It being
now, however, very generally understood that no such
step is contemplated, confidence is gradually being re-
stored. It would, indeed, be singular if the effect should
long continue in force after the cause had been removed;
and the natural conclusion therefore is, that the value of
wheat will soon recover its former position, or, perhaps,
go beyoud the point at which the retrograde movement
commenced.
Independent of the admitted deficiency in the produce
of wheat, there are abundant reasons why the value of
wheat cannot be expected to range low ; the most for-
cible of which is, unquestionably, the extensive failure
in the potato crop: The accounts from Ireland on this
subject have, it is true, been a shade less gloomy this
than the preceding week ; this, however, is the utmost
that can be said. It is not for a moment asserted, even
,by parties anxious to take the most favourable view of
the matter, that the injury is not extensive, and the only
mitigating circumstance appears to be, that the crop is
found not to have been so completely destroyed as was
at one period feared.
In our last number we took notice of the condition in
which the shipments of potatoes from Yorkshire have
lately reached the river Thames ; we have since then
prosecuted our researches on this point, and are sorry
to say that, with the exception of a few vessels which
have had an unusually quick run, the bulk of the
supply has come to hand greatly damaged. The fear
that that portion of the crop secured in an appa-
rently sound state will not keep, has hitherto prevented
any scarcity being felt, as it has had the effect
of causing the growers to hasten supplies to market ;
but when a serious falling off does occur—and that this
will take place ere long there is sufficient reason to ap-
prehend—an immense increase in the consumption of
bread, and indeed of all other articles of food, must
inevitably follow.
We have endeavoured, in the foregoing remarks, to
steer clear of all exaggeration ; our purpose being to lay
before our readers the best information we have been
enabled to collect on a matter of such vital importance,
leaving them to make their own deductions.
As a redeeming point, we have every reason to be-
lieve that the crops of spring corn have generally given
a good return, and the produce of hay, straw, turnips,
mangold wurtzel, and other articles of cattle-feed, are
large.
The arrivals of wheat coastwise into London have been
moderate, whilst the quantity exhibited at Mark-lane by
land-carriage samples has been extremely small.
On Wednesday there was scarcely a sample on the
Kent stands, and only a run or two from Essex and Suf- -
folk. The trifling nature of the supply rendered im-
portant operations impossible, but the little offered for
sale was placed at prices quite equal to those obtained
earlier in the week ; indeed, fine qualities, whether old
or new, sold at terms slightly above those of Monday..
Later in the week millers manifested an increasing
disposition to get into stock, and on Friday the turn was
decidedly against the buyer. There being hardly any-
thing exhibiting from the home counties, the few cargoes
offered free on board on the coast were sold without
difficulty at an advance of Is. per quarter. ,
The transactions in free foreign wheat have not been
of much importance, but millers have been under the
necet sity of taking small quantities for mixing with the
damp samples of new English, and holders having dis-
played no anxiety to press sales, former terms have, in
some cases, been slightly exceeded.
The effect of the recent fall in prices is now beginning
to manifest itself in the returns ; the general average for
the kingdom, published on Thursday, being only 58s. 6d.
per quarter. For the present, therefore, no further re-
duction in the duty can be expected. Ve need scarcely
say that few importers will pay the existing rate of 14s.
per quarter, and the whole of the arrivals from abroad
are consequently being warehoused under lock.
• As bonded wheat has for some time past been, and still
continues to be, held at prices scarcely 10s. per qr. below
those of free, there is at the moment no great inducement
to eater into speculative investments, and comparatively
little business has this week been done in parcels under
lock. The fact that it is.,inipossible to import from any
part of the world at nearly the rates bonded wheat may
be bought at in Mark-lane, may be taken as a sufficient tea-
son why holders have not been anxious to part with their
stocks ; and there can be no doubt that a very slight
rise in prices of free would cause bonded to be held at
enhanced terms.

There has been rather an improved sale for the best
marks of town-manufactured flour this week, at fully
previous prices ; and ship samples were held with in-
creased firmness on Friday.
The supply of barley has been rather large ; the total
quantity reported up to this (Saturday) evening amount-
ing to 11,915 quarters, inclusive of 3,181 quarters,
foreign. The maltsters and distillers have throughout
the week conducted their operations with more than
ordinary caution ; and, notwithstanding the material
fall which prices had previously undergone, the tendency
was still downwards at the close of the week ; 38s. to
395. per quarter have become extreme rates for choice
qualities ; and other descriptions have been sold at pro-
portionate terms.
Malt has been equally difficult of disposal as barley,
and the few sales effected have been at prices which
would aot have been accepted last week.
Large arrivals of oats two consecutive weeks, and
the previously very high value of the article, have
caused a great change in the position of the trade
in this grain. The dealers, though generally bare
of stocks, have hitherto refrained from buying
more than absolutely necessary for immediate
use. There has, consequently, been a great accu-
mulation of floating cargoes ; and, as the days allowed
for discharging have in many instances run out, factors
have been under the necessity either of landing or ac-
cepting the best price they could get. The business
done ou Wednesday was at a further decline of ls. per
quarter ; but on Friday some improvement took place in
the demand, and it was not difficult to make progress in
sales at the rates of the preceding market day. Bonded
oats have receded to fully the same extent as free, and
on some of the late continental purchases there is likely
to be a loss instead of a profit.
Beans have not recovered any portion of the depres-
sion of Monday ; indeed, they were easier to buy at the
close than in the commencement of the week.
Large blue peas have continued in request for ship-
ment, and have brought high terms ; but white, maple,
and grey have barely supported former rates.
The only alteration in the duties on Thursday was a
fall of Is. per quarter on barley.—Mark-lane Express.