The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-09-16
The Trade In BreadstufFs- Prospect Of
Another Is47.

The Trade In BreadstufTs- Prospect OF
Another Is4s.
The rise in breadstuffs in England is notable
fact Good Ohio and Western canal -four were
selling at Sis. and 3ls. 3D., and wheat was
quote d in Mark lane at sos. TO 5Ss. per quarter.
On all sides we find the same evidence Of short
crops and prospective scarcity. Napoleon is
continuing to effect largo purchases Of grain in
London and at the Baltic and Black Sea ports.
He has removed the diferential tonnage dues
on ships freighted with corn. Meanwhile, -four
has risen nearly one hundred per cent in many
parts of France. In Belgium the duty of 1850
on corn has been suspended. The expectation
of breadstuiIs from the dominions of the Pope
and the King of Naples has been prohibited by
law. Sweden, heretofore an exporter has been
competing with the English and French pur-
chasers in the Baltic, and large cargoes of corn
have been imported into the Swedish ports.
Add to this that freights have risen so high at
Odessa as almost to amount to a prohibition
that the navigation of the Danube is interrupted;
that the occupation of large sections of the
wheat-growing country in the southeast OF
Europe by the forces Of Russia and Turkey
have checked both agricultural and commercial
operations. and the alarming nature OF the
approaching crisis will be seen with tolerable
distinctness.
Ascend 1e47 is in fact clearly foreshadowed.
In that year, as most of our readers recollect.
the failure of the crops in the British isles
caused an unusual expectation of wheat-nearly
q -,
stuffs rose to fabulous prices-speculation knew
no limits-anS, as is invariably the case on such
occasions, the net result of the fever was com
meTcial panic, accompanied by disastrous fail
ures both here and in Great Britain.
Our present circumstances nrc not precisely
analogous to those of 1917. Then, scarcity was
confined to the British isles; and large supplies
of wheat were sent from the Baltic Belgium
France Italy and the Levant, to England. Now,
the failure of the crops is expected to be gene
raj; and the countries whose competition led to
our ruin in lS47 are actually cur customers.
We shall be required te supply all Europe with
bread. This rery important distinction between
the two periods must be carefully borne in
mind
At the same zine. the ole commercial piah o.
anticipating on this side of the water and ex-
aggeratiDg O rise in hreadstutfs in Europe, was
never more finely exemplified than in our mar
kets to-day. Three months ago Ohio -four sold
here at 81 so to 81 IS, when our English ad-
vices reported sales in London at 2ls. to 23s
A month later Ohio was worth S4 81 to So On
London adyiees Of 23s Cd. to 25s. Thirty day.
ago it sold here at S. 124 to IS 37t, on London
advices ofl7s Cd to 2ss Now we hear ofsales
in London at 3ls., and we suppose that holders
would not care about selling here under Sc so
to sc IS. The careful reader will see how ca
gerly every rise is acted upon and even antici-
pated by our dealers, and how small margin
is left for profit to the shipper. Should the ex-
citement in Europe continue it is more than
probable that -four will sell here at even higher
rates than it would fetch in Mark lane.
Our merchants know their own business bet
ter than we do. and if they choose to make the
fortunes Of our corn growers we shall not be
the men to complain; but it does seem to us
that, under no possible combination Of circum-
stances can trade be prosecuted on this prin-
ciple-a principle more closely allied to gamb
ling than anything else, or lead TO any other re-
suit than ultimate ruin and loss. 1t may be
prosperous for while. Those who purchased
-four here at So may now make 81 so barrel
by selling it on the spot, or more by sending it
to London. Shipments at present rates may
pay; but time must come when the European
markets will take turn and the worst of that
event will be that il will fall like O thunder
clap on people who, encouraged by past profits,
have invested larger and still larger sums in
the traffic, and for whom even o small loss will
probably be ruinous. Eighteen hundred and
forty-seyen is not so long ago that Its caamities
can have been forgotten, Let our merchants
bear them in mind, lest folly and thirst for gain
should lead to their repetition.