REVIEW OF THE CORN TRADE
DURING THE PAST MONTH.

With a double allowance of rain in October, a dry November was of the utmost importance to complete the autumnal sowings in England, and the gatherings in Scotland and Ireland. With some exceptions in the second week, this blessing has been granted, and we have had the super-addition of a smart frost, helping the condition of the samples and pulverising the intractable clays. Some unfortunately low and sodden districts yet remain unsown, but they will probably be soon ready for seeding, and the whole work done before Christmas. We are now more in condition to estimate the crops of the United Kingdom, but our better acquaintance with the subject only brings us to more unfavourable conclusions. English farmers are less satisfied, but those in Scotland and Ireland are very badly off. There is no crop but oats comes near the mark in the north, while the whole produce of the sister-island is inferior and defective, including that great staple of the country" potatoes."

Yet all corn has been declining in value, foreign importations continuing on such an unprecedented scale as to make the procuring of granary room for the surplus stores a difficulty. The month has brought a reduction in wheat in the port of London of about 3s. per qr., but country markets have scarcely yielded in the same proportion, and even in Mark-lane the last Monday showed symptoms of the lowest point being reached. Under the idea that England would again be largely in want, the Baltic and Black Sea markets, as well as those of the Mediterranean, at first kept up former rates; but with American supplies constantly pouring in, they have eventually given way somewhat, but not so as to meet English prices, or to recompense importers. In fact, the whole corn trade has of late been a losing concern, and though growers here may have reason to complain both of their yield and the prices realised, the competition among importers has left the public alone to reap the benefit of their enterprise. This suits the present distress in the north and the general state of trade; but for one class to profit to another's injury is to be lamented.

What of the future? is the question to which all minds turn; and though mental vision, like the human eye, is unfitted for long distances, we cannot but think present appearances indicate a probability of higher prices. With an early frost here, we find it equally so in the Baltic, with every expectation of a speedy closing. New York, the great emporium for Europe, has been so free in exports that much less will be stored, and prices there, notwithstanding the irritating captures of the Alabama, have lately been improving, and partly from orders from Chicago, the great store-house of the west, on speculation. The disastrous withdrawal of labour by the present reckless war can

not fail to leave much field-work permanently in arrears, and in vain shall we look for plenty from uncultivated wastes. Peace may yet ward off the threats of local famine, and as the bulk of the wheat crop is of spring growth in the west, there is time to resume cultivation, though with diminished hands; but if the mad spirit of revenge and wounded pride is to continue in the ascendant, we shall have to revert to the resources of Europe as in former days. And as every market there is regulated by telegraphic reports from London, so there can be no advance here which is not instantly followed by its equivalent abroad. Odessa has had supplies from the interior later than expected, but these must now have ceased, and there, as well as in the Danubian Principalities, prices have lately hardened. Moreover, we are now 10s. 6d. per qr. lower than last year.

The following rates have been recently quoted for wheat at the several places named: Fine white wheat at Paris was worth about 56s. per qr., American red at Havre 54s., and some cargoes off the coast here have been taken for this port. At Amsterdam fine Polish was worth 588. to 59s. per qr., at Brussels 588.; native wheat at Cologne 50s.; Saale and Mecklenburg at Hambro' 48s. to 50s.; new nigh-mixed at Danzig 50s. to 53s.; new at Straubing 46s.; good soft wheat at Galatz 37s. per qr.; prices at Odessa ranged from 278. to 41s. ; Banat at Trieste 44s. Extraordinary fluctuations had obtained at New York, from the state of the exchanges and the activity of the Alabama, rates closing higher from speculative inquiry. Good amber spring was last quoted at 1 d. 36 c per bush., say at 144 exchange (36s. per qr.), red winter, 1 d. 46 c. (38s. 6d. per qr. of 480lbs.), at Milwaukie spring samples were to 95 c. per bush. (25s. 2d.), winter to 104 cents (27s. 5d.-all per qr. of 480lbs.) The telegraphic wires influencing perpetual change.

The first Monday in Mark-lane opened on a moderate English supply, but the foreign arrivals were very heavy, over 40,000 qrs. being from America alone. But little during the morning was sent up by the Kentish and Essex farmers, and its poor condition kept millers aloof. The few lots that were fine and dry went off slowly at former rates, but the rest were passed by. The quantity of foreign pressed on the market lowered the rates of red American 1s. per qr., but the higher qualities and such as were in granary were not offered at less money. Floating cargoes were, however, no cheaper. The week having been damp and foggy, the country markets were but thinly attended, the weather affecting the condition of samples and increasing the difficulty of sales. Hull, Birminghiam, Gloucester, Newark, and several other places noted a decline of 1s. per qr.; and Rochester was down 18. to 28. per qr. Liverpool on Tuesday

made sales of American red at a decline of 3d. to 4d. per cental, and other sorts were rather in buyers' favour, but the week finished without further change.

having been clearer and frosty, the samples wer in improved condition, and as the opinion seemed gaining ground that about the lowest point was reached, a better demand was experienced, though it was far from brisk, at former rates for everything good. During the week previous some low sales of American red were made ex ship; but buyers on this day found the market rather against them for such qualities. There was, indeed, a fair attendance from the country, and a good amount of business transacted at previous rates, though not enough demand to prevent the necessity of landing the bulk arrived. Prices this week were generally supported in the country, Hull, Ipswich, and som other places being 1s. per qr. dearer.

The second Monday had about the same moderate quantity of home-growth, and though the foreign supply was diminished by 10,000 qrs., it was still heavy, though only about half the previous quantity came from America. Few samples were sent up from the near counties, and these in but poor order. The best dry lots, though exceedingly scarce, were about 1s. per qr. lower, and the average decline was 1s. to 2s. on the rest, with very little done. A further fall on foreign red wheat was also noted, the best sorts being 1s. per qr. lower, and low qualities were down 28. per qr. The The imports for the four weeks into Londec entire business done was quite on a small scale. were, in English qualities 21,386 qrs., in foreig Cargoes afloat not being numerous, were held on pre- 253,159 qrs, against 28,961 qrs. English, vious terms. The country as by a necessity followed | 109,544 qrs. foreign for the same period last seathe town decline in many important places: among son, showing the imports to be more than doubled. them were Hull, Barnsley, Bury St. Edmunds, The averages show little change, and that in adIpswich, Newbury, and Rochester. At Manches-vance, say from 488. 4d. to 49s. 4d., but these are ter, Sheffield, Stockton, and most of the Lincolnshire markets the fall was only 1s. per qr., and the last markets of the week varied from 1s. to 2s. per qr. Liverpool was firmer than other places, no alteration being noted in either market. Wheat was dull at Edinburgh, and 1s. lower at Glasgow; but Dublin, from the smallness of the homesupply and its inferior quality, preserved the price of foreign.

On the third Monday was the heaviest foreign supply of the month, over 83,000 qrs. being reported, chiefly from the Baltic. Very little was sent up this morning from the near counties, but with some overleft there was about the usual show of samples. To sell on such foreign_arrivals was found impossible without a further reduction of 1s. to 28. per qr., and even then buyers were very leisurely in their operations. A good portion of the foreign being from Dantzic and Konigsberg, these sorts, which hitherto had kept out pretty well from the downward tide, were influenced 2s. per qr., while the red sorts, which had been constantly in it, had a further reduction of 1s. per qr. Still there being a demand for cargoes off the coast, these commanded about former rates. The immense arrivals, and reports of a further fall in London, again brought about a similar result in the outports, and some leading markets of the interior. Hull and Market Rasen noted a reduction of full 2s. per qr. Bristol, Gloucester, and several Lincolnshire markets were only down 1s., but more generally the decline was equal to that of London, say, 1s. to 2s. per qr. Liverpool on Tuesday was only 1d. to 2d. per cental cheaper, with no subsequent change. Glasgow again fell 1s. per qr., and Edinburgh about as much; but the scarcity of dry samples at Dublin enabled holders to obtain former rates for such, the rest being utterly rejected.

The last Monday, though still overdone with foreign samples, was in amount about 20,000 qrs. less, the English supply being about as much as all through the month. But less was sent up for sale from Kent and Essex, farmers apparently being tired of such unprofitable results. The weather

always much behind real transactions from long deliveries and clerical delays. The exports were small, viz., 2,364 qrs. wheat, and 1,887 cwts. flour. The flour trade has been very dragging all through the month, the damp weather as well as large wheat importations being against prices. Norfolks have fallen about 2s. per sack, barrels 6d. to 18., and the top price of town-made was lowered 4s. on the last Monday, viz., from 51s. to 47s. per sack. The imports for four weeks were 68,171 sacks country sorts, 2,396 sacks 54,657 barrels foreign, against 67,792 sacks English and 7,155 sacks 33,852 barrels foreign. So, though there is an excess in the month's imports of flour, it does not equal wheat. There is, however, a good stock, though little is fine.

Barley, which was showing an upward tendency at the close of last month, has been excessively dull, and going down constantly. The fact is, the low price of wheat has induced farmers to send more of this grain to market, as relatively producing more money, till the markets have been replenished beyond the consumptive demand. Very little, however, this season is of choice quality, and the malt made of it has not given satisfaction. Rates have receded 28. to 3s. per qr. during the month, and medium descriptions have been of uncertain value. Grinding has not lowered in an equal proportion, not being more than about 1s. to 1s. 6d. per qr. cheaper. The imports into London for the four weeks were 20,613 qrs. English, 39,159 qrs. foreign, against 18,218 qrs. English, 34,096 qrs. foreign in

1861.

The malt trade was very steady till overdone with new samples, the quality of which not being much approved, the prices of such have been rather easier.

We have had immense imports of foreign oats this month, the anticipation of which for some time kept markets dull, as well as the goodness of the English crop, and since their arrival prices have gone down 1s. 6d. to 2s. per qr., excepting for very choice parcels of old, which have become scarce. Fair old Rigas, 38 lbs. per bushel weight, have been selling at 208. per qr., and new Konigs

END OF VOLUME LII.

Printed by Rogerson and Tuxford, 246, Strand, London, W.C.