5jS 



THE FARMER'S MAGAZINE. 



AGRICULTURAL REPORTS 



GENERAL AGRICULTURAL REPORT FOR 

 NOVEMBER. 



An enormous influx of foreign produce has beea followed 

 by considerable heaviness in the demand for wheat, and a 

 decline of from 3s. to 83. per qr, in its value. In London, as 

 well as throughout the provincial districts, millers have 

 operated with extreme caution, and the transactions, both 

 for immediate use and for holding forward, have been on a 

 very limited scale. In addition to unusuallj"- large arrivals 

 of grain and flour from the continent, as well as from the 

 United States, the home growers have found the trade sud- 

 denly checked by a rapid upward movement in the value of 

 money in the discount market. Both the Banks of England 

 and France, in order to arrest the outflow of bullion, have 

 found it necessary to raise their minimum rates — the former 

 to six, the latter to fourand-a-half per cent. No doubt that 

 higher quotations for accommodation have greatly interfered 

 with the usual operations in the trade ; but we believe that 

 another feature in it has not been without its influence as 

 regards price, viz., the unusually small quantities of English 

 wheat of the new crop which have, as yet, passed into con- 

 sumption. It may be that our views as regards the actual 

 quantity of wheat grown this year, admitting that its quality 

 is very inferior, may not be in unison with many other 

 writers on the subject ; nevertheless, we still contend that 

 the light lands have produced more wheat this year than in 

 1859, though, upon heavy soils, there is, no doubt, a de- 

 ficiency. If, then, we assume that nearly an average quan- 

 tity has been produced, we arrive at the conclusion that our 

 farmers hold full average stocks for the time of year. This 

 appears to be the view taken by not a few of the leading 

 millers, and upon it they have certainly operated during the 

 greater portion of the month. In msny quarters opinions 

 have from time to time beea hazarded to the effect that 

 wheat would rise to 100s. per qr. before the end of the year: 

 the result, so far, at least, shows the fallacy of such a state- 

 ment, and, as far as we can understand the general bearings 

 of the trade, prices are likely to go much lower than they 

 now are. What, in point of fact, is likely to produce a 

 rally in them ? At present our warehouses are full of produce ; 

 the supplies on passage to Enfrland are very large; and, 

 with, perhaps, the exception of Fr-ance, the stocks in growers' 

 hands abroad are still extensive for the time of year. The 

 future range in the value of money will, no doubt, have 

 much influence upon prices, because many of the largest 

 buyers, perhaps the whole of them, will be under the im- 

 pression that corn bills will be wholly refused by the 

 bankers, and that, consequently, forced sales of produce will 

 be the result. Considering that confidence has become 

 somewhat re-assured in France, now that an exchange of 

 two millions of silver is about to be made for gold, in order 

 to place the B.mk of France on a firmer basis, we may con- 

 clude that money, which is still very abundant in the general 

 discount market in Loudon, has seen its highest range. The 

 Bank of England, hitherto, has not failed to accommodate 

 the commercial body, but, of course, at a price ; and it is a 

 great fallacy to assume that the joint-stock and private 

 bankers will refuse to discount corn bills, if accepted and 

 endorsed by emment houses. No doubt the rise in discount 

 will greatly mterfere with the profits of not a few of the im- 

 portmg houses, as well as the shippers themselves ; but at 

 the same time we c!o not apprehend anv decided crash either 

 Ironi forced sales of wheat, or the inability of the owners to 

 obtam reasonable accommodation ; nevertheless, it seems 

 evident that wheat has seen its highest point, and that 

 great caution wiil be exercised by the dealers generally in 

 effecting purcwscs beyond immediate wants. ' 



There is one feature which demands special notice as 

 bearing upon the future range in the value of wheat, viz., the 

 potato crop. Hitherto our markets have been well supplied 

 with potatoes in excellent condition ; sales have progressed 

 slowlj', butatcomparatively high rates, viz,, from 80s. to I50s. 

 per ton. From all quarters our accounts, with some few 

 exceptions, agree in stating that the crop has turned out 

 much better than was at one time anticipated ; whilst as 

 as regards Scotland, it is admitted that it is an enormous 

 one in quantity, and very fine in quality. From most of 

 the ports, rery large shipments have been made, and the 

 prices realized are very remunerative. An abundant potato 

 crop, thsrefore, must have some influence upon the value 

 of the better kinds of food in this country. 



Much surprise has been expressed at the sudden decline 

 in the value of barley. During the month it has amounted 

 to about 43. per qr. The fall has not been confined to 

 grinding and distilling qualities, but it has extended to the 

 best malting parcels also. There is an immense quantity 

 of stained barley on hand ; but we must bear in mind that 

 the aggregate yield this year is a full average one ; that 

 Scotland is now furnishing us with large supplies in good 

 saleable condition ; and, further, that our importations from 

 abroad have continued in excess of the demand. But not 

 only have wheat and barley given waj' in price, since we 

 find that oats, beans, and peas have ruled in favour of buy- 

 ers ; whilst inferior flour has been offering on lower terms. 

 We now find ourselves in this position — abundant supplies 

 of all kind of produce, a heavy trade, and a high range in 

 the value of money. Who, then, can feel surprised that 

 caution should have become general ? 



On the whole, the wool trade has continued in a satisfac- 

 tory state. The demand by private contract has been by 

 no neans active, yet prices generally have been well sup- 

 ported. The public sales of 40,000 bales colonial are pro- 

 gressing steadily, and fine Sydney and Port Phillip wools 

 nave realized an advance of Id. to l^d. per lb. Cape par- 

 cels, however, which form nearly a moiety of the supply, 

 have declined Id. per lb. The general quality of the wools 

 offered at the present series is by no means fine. The stocks 

 held by our leading manufacturers are comparatively small, 

 and complaints are general of the low value of manufactured 

 goods. 



The hop trade has turned out a complete failure, as must 

 be evident from the small amount of duty returned. At 

 one period the very best hops were worth £28; now. 

 however, the extreme price is £22 per cwt. Other 

 kinds have given way, and the trade has become heavy, 

 notwithstanding that statements have been submitted to 

 the public showing that there is an actual deficiency in the 

 supply of hops in Europe, compared with the consumption, 

 of over 200,000 bales. We believe that there is still a very 

 large stock of yearlings on hand, and that supplies of foreign 

 hops will continue to reach us during the winter. 



In nearly all parts of the United Kingdom considerable 

 progress has been made in out-door farm labours, with the 

 land in fine condition for the reception of the winter wheats. 

 The quantity of winter food on hand, though large, is very 

 deficient in quality ; so that prices are likely to show an 

 extreme range for some time hence. In London meadow 

 hay has sold at from £2 10s. to £5 12s., clover ditto £3 10s. 

 to £5 158,, and straw £1 10s. to £1 18s. per load. The best 

 has sold steadily at our quotations ; but inferior kinds have 

 met a dull inquiry. 



In Scotland large quantities'of grain have been thrashed 

 out, and the yield, generally, has proved satisfactor}'. Ra- 

 ther large shipments have been made in the south ; never- 

 theless, the trade has become heavy at drooping currencies. 

 The Scotch markets have been fairly supplied with produce, 

 in which the transactions have continued on a limited 

 scale at reduced quotations. The grain movement towards 

 England has not increased. 



