The Sun.
London, England, 1845-12-10 00:00:00

REVIEW OF THE CORN TRADE.
BRITISH. . 01,,
Sensitive as all parties have become by the consteat -1-":::.___---,13.
rumours of intended alterations, the first shot on ='` :',,
~. ---',O
Thursday made a great impression. Tix way in 'hietts":: ' ' t
the attack was follwaed up was certainly not, 'al tted . . , .• •
to weaken the belief that, by some means or oth tl-If-.,:(- ^', '• -- , -
Times had become possessed of information resp eit:',\•:(<_-;:.
•
the doings at the late frequent meetings of the Ca ee,,,c6j ),;-----
(0
Council ; the subsequent announcement in the StaJaa ".,!;?-/--, ..1.., - rttl
gave rise to hope, but did not allay fear ; and up tot Aira.S.rol'
present moment the utmost doubt and uncertainty arle
felt.

In this state of affairs, the regular course of trade has
been interrupted ; and so averse are all parties to enter
into fresh engagements whilst the important point re-
mains undecided, that business in corn has been com-
pletely paralysed.
At the principal provincial markets the effect has been
quite as serious as at Mark-lane ; and so shaken is public
confidence in the present Ministry, that nothing can now
be expected to put the trade on a sound footing, except
an official denial of the statements referred to. Even
before this new source of uneasiness came into play, the
going over of Lord John Russell and Lord Morpeth to
the League had made some impression on the minds of
holders of wheat, and the somewhat firm tone which cha-
racterised the trade last week was not maintained, busi-
ness being decidedly dull at several of the leading mar-
kets held on Tuesday and Wednesday.
The reports from Liverpool, of Tuesday, informed us
that sellers had begun to manifest a greater desire to
realise; whilst purchasers had displayed less inclination
to add to their stock. Wheat, consequently, fell id. to
to 2d. per 701b5., flour Is. per sack, meal Is. per loads
whilst prices of spring corn and pulse had also a down-
ward tendency on that day. Later in the week the
depression was materially increased by the news from
London, and on Friday business was at a complete stand.
From most of the other influential towns the advices
are of a similar character; and the well-grounded calcu-
lations of an advance in the value of agricultural pro-
duce have been for the present wholly upset by the mere
possibility of a legislative interference with the existing
state of things.
_ _

Under the. e circumstances it may not be altogether
useless to enter into an examination of the probable con-
sequences of a repeal of the corn-laws; we do not mean
the ultimate, but the immediate consequences. The
first point for consideration is, whether the abolition of
the duty would cause a larger present importation (the
presumption of which has unquestionably been the main
reason of the depression in prices). We think it will
not require very subtle reasoning to prove that, so far
from increasing the foreign supplies, the first effect must
be to throw greater difficulties in the way of our ob-
taining wheat from abroad, should we really need it.
When, some weeks ago, it was currently rumoured
that the British Government were about to issue an
order in Council to admit foreign corn free, prices imme-
diately advanced materially all over the Continent,
and we have no hesitation in asserting that the same
effect w ill be produced on the markets abroad by the
late accounts from thence. The orders which may have
been sent out will therefore remain unexecuted ; mean-
while the time is fast approaching when frost must put
a stop to shipments from the Baltic, and until the spring
we cannot reasonably calculate on receiving any quan-
tity from that quarter beyond that already bought. In
the Mediterranean the only ports at which there are any
available stocks of moment are Marseilles and Leghorn,
at both of which places prices were previously too high,
as compared with quotations here, to tempt our mer-
chants. The prospect of a free trade with England
would be quite as sure to raise the value of the com-
modity there as elsewhere; and though shipments might
be made from thence throughout the winter, we feel
fully satisfied that in the first instance holders of wheat
would demand such extravagant rates as greatly to en-
hance the difficulties of obtaining large supplies. From
Canada nothing beyond what is now on passage can be
expected till next summer ; and by the latest accounts
from the United States we learn that flour bad risen, on
the strength of the supposition that England would buy
largely, to fully the value of the article here. Whatever
therefore, might be the ultimate effect on prices of agri-
cultural produce, a present repeal of the corn-laws would
certainly not lessen the evils of scarcity and high prices
which the agitators for a repeal pretend to dread ; and
we would caution farmers not to be led away by a sense-
less panic to sacrifice their property through needless
alarm.

Contrary to what is customary just before Christmas,
when farmers generally require cash for a variety of
purposes, and therefore send supplies to market freely,
the arrivals of wheat coastwise into London have been
very small this week, only 3,284 quarters having been
reported up to this (Saturday) evening.
The quantity exhibited at Mark-lane by land car-
riage samples from the home counties has also been
trivial; notwithstanding which the trade has remained
in a very quiet state. Of the few runs shown on Wed-
nesday on the Essex and Suffolk stands—(from Kent
there was literally noshing offering)—only the best par-
cels could be placed at Monday's currency ; and as fac-
tors were not inclined to accept less money for the ordi-
nary kinds, the extent of business transacted was unim-
portant. On Friday it would have been impossible to
have sold even by submitting to a material reduction;
and as holders did not place sufficient credence in asser-
tions to deem themselves warranted in accepting less
money, business was at a perfect stand. Holders of free
foreign wheat have also, up to the present, remained
firm, and being unwilling to take the reduced rates, at
which alone progress could have been made in the dis-
posal of the article, scarcely a bargain was closed either
on Wednesday or Friday. So far from speculation in
bonded wheat having been increased by the rumours of
an intended alteration in the laws, the reverse has been
the case; importers have been induced thereby to insist
on higher terms, which, however, they have found it
impossible to realise, and even less has been done in the
article this than the preceding week.
Flour has become very difficult of disposal, and, though
no variation has occurred in quotations of town- manu-
factured, country-made flour might have been bought on
rather easier terms at the close than in the commence-
ment of the week.
The arrivals of barley have been quite moderate, end
the best malting qualities have been taken off at about
the currency of Monday last ; secondary and inferior
sorts have moved off somewhat tardily, still previous
' prices have been nearly supported.
The transactions in malt have been on quite a retail
scale, and the value of the article has remained nomi-
nally unaltered.
The market has been rather sparingly supplied with
oats, and of the 16,464 quarters reported, a considerable
proportion came to hand previous to Monday's market.
There has, nevertheless, been a plentiful show of samples
at Mark-lane, a large quantity of the abundant supply re-
ceived from Ireland last month still remaining unsold. On
Wednesday it was difficult to induce the dealers to con-
tinue theeir purchases at Monday's reduction, anal to
have sold largely on Friday a further decline must have
been submitted to. It is now pretty certain that the
duty on this grain will not fall below the present rate-
3s. per quarter—but whether the bonded stocks will be
entered for home consumption whilst there is a chance
of the corn-laws being altered is questionable.

Beans and pas Darr come to hand ,paringly, and no
variation requiring notice has occurred in prices of these
articles since the beginning of the week.

FOREIGN.
By the most recent accounts from the principal Baltic
ports we learn that, under the belief that no immediate
alteration in the corn-laws was contemplated by our
Government, much of the excitement by which the grain
trade had been characterised in the early part of the
month of November had subsided ; and though the
smallness of the stocks had caused holders to remain
pretty firm, the tendency of prices had been decidedly
downwards.
Letters from Dantzic of the 29th ult state that,
though an abatement of 2s. to ss. per qr. had been sub-
witted to, comparatively little business had been done
during the week ; the latest sales had been at from 545.
to 575. for fine high mixed qualities, and fair mixed had
sold at from 51s. to 535. per qr., free on beard. It was
estimated that the stock in granary at that port con-
sisted of about 200,000 qrs., comprising all descriptions
of quality ; but it was not expected that supplies of any
importance would come forward from Poland, as the
greatest scarcity was said to prevail both in the upper
and lower districts. At Warsaw prices were actually
higher than at Dantzic, wheat being worth 575., and rye
455. per qr. at that place.
The accounts from Konigsberg are of much the same
character as before, and there seems little chance of that
port having any grain to spare for shipment. The entire
stock of corn in granary there was, at the close of
November, estimated at 30,000 qrs., of which about
12,000 qrs. were wheat, held at from 525. to 60s. per qr.,
according to quality. Rye was equally high there, say
425., and prices of barley and oats relatively much
higher than in the British markets.
At the Lower Baltic ports fair supplies were, we are
informed, beginning to be brought forward by the
farmers, which, with the somewhat dull reports from
hence, had rendered sellers a little more reasonable in
their pretensions.
At Rostock, fine qualities of wheat might, on the Ist
inst., have been bought free on board, at 50s. to 515.; the
quality of the last crop is described as very fine.
Letters from Stettin, of the 26th and 29th, state that
renewed activity had been imparted to the grain trade,
by orders from Silesia, and that prices of wheat had
again rallied to 525. to 525. 6d. per qr.
At Hamburgh, on the 2d, the demand for wheat was
less active than the previous post day ; a few further
purchases had, however, been made for shipment. For
good 60q to 611bs. red Saale, 525. 3d. per qr. free on
board had been paid, and corresponding rates for other
descriptions. For spring shipments little or nothing had
been done.
The advices from the Mediterranean are not so lively
this week, the news that no order in Council for the free
importation of grain had been, or was likely to be, issued
by the British Government, having greatly checked the
disposition to speculate.
At Marseilles, on the 29th of November, business was
decidedly dull, and fine Polish Odessa, weighing 61i to
621b5., might have been bought at 433. 6d. to 445. per
qr. free on board. Freight to England was, however,
7s. 6d. to 7s. 9d. per qr.
At Odessa, on the sth ult., great excitement cortinued
to prevail, and the price of wheat bad actually been
driven up there 40s. per qr. free en beard.—Me ek- lane
E.zprcss.

MRS. KEELET.—This populqr actress has, we re-
gret to state, been seriously ill .zt B►ighton, for the last fort-
night. Accounts received in town on Aiopdayiu,tity the hope
that her health wilt gradually improve", although it is feared
that seine eonsider.Ve t7ir.e. must E.14p.,e before she will be
enabled to appear on the stage.
A gentleman, whose dramatic talents and elocu-
tionary powers are very highly spoken of by those who are
well qualified to judge, will make his first appearance on any
stage at the City of London Theatre, on Thursday, Dec. 11.
Othgl9.