THE FARMER'S MAGAZINE. 



U.9 



that period, and only since tbe commencement of the panic 

 has it retrograded in value. lu October the price was 50s. ; 

 in November 4o3. to 433., since which it has recovered to 453 , 

 and is steady thereat. The official imports, as at present 

 given, combining all Sted Oils, we caiinut give the comparison 

 tliis year, but the aggregate makes it appear to have been 

 double that of 1856. The home make has also been larger 

 than UMirtl, crushers having found it pay better to work tlian 

 Linseed. 



Rape Cakes has been in varying demand throughout the 

 year, at about £5 10s. per ton for English, and £6 103. for 

 best Foreign makes. 



Fisu Oils held their values very steadily, and without 

 great fluctuations, uulil October, whea they sympathised with 

 the state of the money market, and we have since had to quote 

 much lowtr prices. Sperm Oil wa3 £88 in January, rose to 

 £100 in Murch, and afterwards flurtuated at about £90 until 

 October, and is now only about £07. Soutiieun a'.ood 

 at £46 to £50 during the earlier months of the year, 

 and its nominal value to d^y is £42. Pale Seal is quoted 

 £39, whilst, daring the iirst six months of 1856, it wes firm at 

 £49. Cod Oil, hoivevor, has experienced the greatest decline, 

 having within the last four montlis rrceded from £49 (at about 

 whiih it slood for many months previously') to £29. 



Tallow. — During the first six moaihs of 1857 the market 

 for P. Y. C. was the scene of one coutiuueJ struggle between 



Bears and Bulls, ending in the former being severely pun- 

 ished, and we fear without a very profitable result to the 

 latter: SSs. was .January's value; 683. February's; early in 

 March it was supposed the speculation had again this year 

 broken down, and a few venturesome sellers placed some at 

 623., but were caught, and had to settle at SOs. at the end of 

 the month. In April prices opened at 5Gs., but rapidly re- 

 ceded to 5I3, 6d., and as quickly recovered to SO-". ; May 

 showed fluctuations between 553. 6d. and 583.; in June we 

 had a repetition of the March account, for heavy Bear sales 

 had also been made for April to June deliveries, in expectation 

 that all the Tallow received and held over in March must 

 come out for sale within that period, but sellers again "calcu- 

 lated without their host," and had to settle at 75s. 



Since that period, although the speculative influences have 

 been at work, we have not had the extraordinary fluctuations 

 of tlie spring, and until the month of November, when in 

 sympathy with every other article of commerce. Tallow expe- 

 rienced a great decline, the market was steadier than usual. 

 In July about 583. was the value; in August it ran up to 65s. 

 It opened at 63s. in September, closing at 583. 6d. In Octo- 

 ber it began to give way, and left off at 563., declining rapidly 

 to 473. in November. It has since recovered to 53s., and is 

 very sttady to-day at this price. 



London, Jan. 1. Edward Eastty & Co. 



ANNUAL REPORT OF THE LIVERPOOL WOOL TRADE. 



General Remarks — In our last annual review of the 

 wool trade we expressed favourable views of the future. The 

 state of business at that time was, in the highest degree, satis- 

 factory, and held out promise of a continuance of the prosperity 

 we had some time happily enjoyed; nor have these anticipa- 

 tions been altogether disappointed, since, notwithstanding oc- 

 casional complaiuti of some branches of the trade being un- 

 profitable, consumption during the greater part of the year 

 continued on a scale of unwonted activity, wliich was sufficient 

 to cause some uneasiness as to how this was to be met later on 

 in the season. Notwithstanding the excitement which pre- 

 vailed at one time ou the subject of a short supply of cotton, it 

 is doubtful whether there was not really more cause of alarm 

 in the case of wool, which, under the most favourable circum- 

 stances, is susceptible of comparatively slow increase, and is 

 besides liable to more than an average amount of casualties. We 

 bavereferred to this on pievious occasions, but general opinion 

 has not altogether viewed it in the same light, and is least of all 

 likely to do so in the present altered state of afl'airs. The argu- 

 ment of the Yorkshiremeu has been that they have never yet met 

 with actual scarcity, and, as long as there was money topurchase, 

 they had no ftar of any iuconvenience. It is, however, an es- 

 tablished fact that for several years past, in the spring there 

 has been considerable excitement in the market, owing to the 

 insufficiency of stock, and prices have for the time been consi- 

 derably enhanced in consequence. It is well known that 

 the consumption of wool has ^featly increased in every quar- 

 ter, and everybody who has tlie means of judging must also be 

 aware, that the growth has not kept pace with it. The man- 

 ner in which prices have 1-eeu supported, and the fact that 

 during a period of such unexampled pressure, a quantity of 

 the value of one million sterling could be disposed of at the 

 ate public sales at such satisfactory prices, at all events add 

 ome weight to these arguments. With some slight inter- 

 mission, tra<lc continued good until October, and, although 

 for some time previously a note of warning had been 

 sounded from tbe United States, it fade i to exercise much 

 influence on this side ; but early in this mouth the ac- 

 counts became still more alarming, which induced the Bank 

 of England to raise the rate of discount on the 8th October 

 from 5^ to 6 per cent., rapidly followed by further advances 

 during the same nifmth to 8 per cent., which was again increased 

 wiihin the next fourteen Oays until ou the 9ih November 

 the minimum rate had attained the unheard of point in 

 this country of 10 per cent.! These stringent measures 

 altogether failed to check the eftlux of gold, and at length 

 the position of the Bank of England itself became so critical 



that, ou the 12tli December, it was deemed imperative to sus- 

 pend the Bank Charter Act. This gave some temporary relief; 

 but the havoc caused in the meantime among the commercial 

 classes had become too deeply rooted, and the feeling of mis- 

 trust had extended so widely that for a long time numerous 

 failures continued to take place. Up to this time the panic 

 had been chiefly confined to the United States and houses in 

 this country, in France, Belgium, and Germany engaged in 

 trade with that quarter ; but it soon assumed greater dimen- 

 sions, and became general throughout the whole continent of 

 Europe, reacting again with great severity en this country. 

 Produce lor a long time continued almost unsaleable, even at 

 very considerable sacrifice, and it may well be doubted whe- 

 ther any panic in our commercial history will bear comparison 

 with the preseut, for intensity, protracted duration, aud the 

 extent of ruin it has caused. The number of suspensions has 

 been truly appalling (estimated in this country alone at fifty 

 millions sterling !) and while in maiiy cases they have no 

 doubt been the result of overtrading, fostered by indiscrimi- 

 nate Bank accommodation, still many old familiar firms have 

 also had to succumb ; it is to be hoped, however, that some of 

 these will eventually be able to resume business. The Indian 

 mutinies and the alarming state of affairs in that quarter have 

 been a subject of engrossing and painful interest, and have 

 tended in no slight degree to increase the gloom during the 

 last few months ; but happily the worst is now over, thanks'to 

 the ability and energy of our commanders and the valour and 

 endurance of our troops ; and it is to be hoped that our power 

 will soon be completely re-established upon a firmer footing 

 than ever, aud that the railroads now in course of construction 

 will greatly tend to consolidate aud to develope the resources 

 of that country. Notwithstaudmg the close of the year has 

 been attended with so much to discourage, there is also great 

 cause for thankfulness iu the bountiful harvest with which 

 Providence has blessed not only this country, but other coun- 

 tries also, and the very low prices of all necessaries of life 

 will to some extent alleviate the condition of numbers of the 

 labouring population who have been partially thrown out of 

 employment. 



Home Demand for Woollen Goods. — There has per- 

 haps never been a period when the population has been so 

 fully employed, aud at such high wages, as during the past 

 year. Consumption of goods has, consequently, been unpre- 

 cedentedly large ; and, under all circumstances, we think there 

 are reasonable grounds to hope this will continue to a fair ex- 

 tent. 



Export of Woollen Goods, — The continued increase 



