THE FARMER'S MAGAZINE. 



147 



Linseed waa worth 633. iu January last, ami the expected 

 short supply gave. the market an upward tendency, and it was 

 daily in holders' favour, go that before the end of that month 

 663. was currently "paid for parcels on the spot; and an ad- 

 vance of Is. to 2s. per qr. obtained for cargoes on the way. 

 February marked the highest prices of the year, 7O3. 6d. having 

 been paid for Odessa, and as high as 733. for Bombay. At 

 this period also some of the importers took advantage of the 

 buojaut state of the market on the spot, to place seed for 

 summer shipment, and several speculative purchases for ship- 

 ment during the season, from the Azov, were made at 643. to 

 65s. In March, notiilhstandiug stocks were very light, the 

 feeling was strong that prices were too high, and purchases 

 were made on the smallest possible scale, so that the price on 

 the spot again fell to 66s. ; and in April a further decline of 

 33. per qr. was realized. In May, stocks had become so re- 

 duced, a recovery to 653. took place, and some further very 

 considerable sales were made of seed for shipment 

 at about same price. Early in June we were flat at 

 64s., but at the end of the month had again improved 

 to 669., although the high price rendered business very 

 difficult, crushers fearing to accumulate stocks at 

 such unusually high rates. During this month, also, a cir- 

 cumstance occurred, which exercised a marked influence on the 

 prospective bearings of the trade. We have named that, 

 during the course of the previous four months, a large quantity 

 of seed had been sold (chiefly to speculators) for summer 

 shipment, from the Azov; and at about this time, the pre- 

 vailing droui^ht in the south of Russia rendered it probable 

 that the greater portion of it would be detained until another 

 season, owing to want of water to float the loaded barks down 

 the rivers to the various shipping ports. The leading sellers, 

 therefore, quietly covered in their contracts ; and the fact 

 afterwards being made public, crushers also became anxious as 

 to their future supplies, and baugbt freely of such descriptions 

 as offered the greatest inducement to purchase. It turned out, 

 after all, that means were iound to convey the seed overland, 

 and merchants and crushers were alike caught at high prices, 

 and, eventually, heavy losses entailed, which would not have 

 happened bat for this accidental occurrence. Iu July, the 

 market was steady, at about 60s., with stocks in the smallest 

 possible compass, and, but for the unlooked-for import of oil 

 from Hamburg (causing the closing of the mills in the face of 

 so heavy a loss iu working), we should probably have had a 

 much higher range of quotations on the spot, and, in anticipa- 

 tion o( the then expected short supplies, for shipment also. In 

 August, some of the early speculative purchases arrived at 

 Falmouth, and, not finding a ready market, prices receded to 

 643.; but the decline was recovered by the end of the month 

 again. During September, 66s. remained a current price, 

 and the prospects of both oil and cake being encouraging, 

 some further speculative forward purchases were made as high 

 as 673. and 68s. In October, the pressure for money began to 

 tell, and, notwithstanding the unprecedented support given to 

 the market by holders warehousing nearly every cargo that 

 came to hand, the downward movement could not be checked, 

 and 638. was an outside figtire before the month closed. The 

 incidents of the last two months must be so painfully fresh in 

 the recollection of us all, that we need scarcely recapitulate 

 them. 6O3. was November's earliest quotation, and a decline 

 of about 2j. per week followed, the market leaving off very 

 dull at 523. Dist month a further fall occurred to 49s. to 48s., 

 and the uuexpectedly heavy arrivals from all quarters (including 

 several reshipmeuts of East India seed from the United States), 

 combined with the want of facilities in money matters, would 

 probably have caused a greater decline, but that holders, find- 

 ing the utter impossibility of selling, resigned themselves to 

 the force of circumstances, and an unusual quantity therefore 

 has been housed to await a better demand. This has shown 

 itself the last two or three days, and the tone of the market ia 

 stronger, SOs. being now the nearest value. 



The crushing tra-le has been uniformly had throughout the 

 year — prices having been kept up beyond their natural level by 

 continual speculative operations, ar.d the demand for oil and cake 

 not keeping pace with these, the result to the crusher must 

 contrast very unfavourably with the past three or four years. 

 We hope, however, we have less discouraging prospects for 

 remainder of the season than at same period last year, for we have 

 ample stocks afloat, and in granary. We may likewise expect 

 full suppUes from the East Indies ; the late utter prostration 



of American credit probably causing (for a time) a stoppage of 

 all shipments thence ; besides the United States sparing us 

 some of the large quantity they have still on the way and in 

 stock, and which owing to their present monetary derange- 

 ments, they are prevented using. 



As regards the season 1858-1859 it is quite impossible to 

 form an opinion before we are out of the present crisis ; our 

 panic cannot be without its efl'ect on the producing countries, 

 and we think we may reasonably look for a low range of prices 

 for some time to come. The Baltic seed is highly spoken of 

 as to quality, and fair iu quantity. Archangel is not so well 

 harvested this season. The crop in the south of Kussia is 

 reported short ; it generally is, and little dependance can be 

 placed on the reports thence. We presume the means of in- 

 formation must be very scanty, for we were led to believe the 

 last year's crop would be under 200,000 qrs., whereas it has 

 turned out over 500,000 qrs. From Bombay we may again 

 look for an increased quantity ; but the aggregate shipments 

 from Calcutta will probably be short of last season, owing to 

 the unhappy disturbances existing in the surrounding districts. 

 At the same time, however, we shall have a much greater sup- 

 ply sent to this market than at the corresponding periods of 

 the last two years, owing to the temporary cessation of the 

 business relations between the East Indies and America. 



The quality of the Black Sea seed has been most unsatis- 

 factory in the Azov districts, apparently from a bad harvest- 

 ing season originally, and subsequently owing to a large portion 

 of it having been transferred from the barks and conveyed 

 overland to its port of shipment, thereby exposing it to the 

 risks of weather, &c. Some of the Odessa shipments really 

 did not deserve the name of Linseed ; but the disgraceful 

 practice of admixture has at length reaehed such a pitch as 

 must inevitably put a atop to it altogether, and the late com- 

 bination amongst the crushers to alter the existing " usual 

 conditions," on forward contracts, will (if energetically followed 

 up and acted upon) in future put the trade ou a more satisfac- 

 tory footing in this respect. Archangel and all the Baltic 

 seeds have unlike been unsatisfactory; they were both ill- 

 grown and badly harvested : the late war had probably a good 

 deal to do in bringing about this result, and its recurrcuce from 

 such a cause is uever likely, we hope, to happen again. Bom- 

 bay seed was hardly so good as in former seasons. The very 

 small quantity of Calcutta which came to the United Kingdom 

 was again rather better than that of the previous two or three 

 years' import. 



In presenting you with the usual statistical account of im- 

 ports and stocks, we cannot help remarking how widely 

 different they prove to most of the calculations entered upon 

 during the summer. We were told the total import was to be 

 less than 800,000 qrs., and that by this time linseed would be 

 nearly exhausted ; whereas we find, ou reference to our pre- 

 vious circulars, that the quantities warehoused, and known to 

 be on the way, are more than double those of any previous 

 season ; that is to say, more by about 200,000 qrs. 



In public warehouses here the stock amounts to 88,000 qrs., 

 namely, 42,000 Black? ea, 24,000 East India, 11,500 Peters- 

 burg, 5,000 Archangel, and 5,500 sundries. At Hull there is 

 190,000 ors., and at Liverpool 30,000 qrs. Afloat we have 

 230,000 qrs. ; say 150,000 Black Sea and Azov, 50,000 Cal- 

 cutta, 10,000 Bombay, and 15,000 Alexandria, Danube, New 

 York, and sundries. 



The import into London is again short of the two previous 

 years. The aggregate into the United Kingdom will not be 

 so great as 1856, but it will probably be in excess of any 

 other previous year. The official returns of the several years 

 have been as under:— 



The imports of the working season, that is to say, Ist July 

 to 30th June, were as follows, namely : 



