THE FARMER'S MAGAZINE. 



371 



REVIEW OF THE CORN TRADE 



DURING THE PAST MONTH. 



In the earlier part of the past month a good deal 

 of rain fell, which much impeded the completion of 

 the harvest in the North ; hut after the first fort- 

 night the weather became fine, and much progress 

 has since been made, the temporary prevalence of 

 wet not having done any serious injury ; but the 

 vapours since have been excessive, and the condi- 

 tion of some grain must be deteriorated. Sep- 

 tember has been a time of fluctuation as to prices, 

 the balance being rather unfavourable; but we 

 apprehend much of the late decline has been 

 caused by the greater quantity of damp parcels 

 coming to market than was expected, which being 

 below the purposes of speculation, and avoided by 

 first-rate millers, have dragged down the better 

 qualities along with them. During the last three 

 months prices in London have declined heavily; 

 but taking the, general average as a guide the de- 

 preciation from July 17, when prices were 63s. lOd., 

 to Sept. 18, when they were 55s. 8d., shov/s a dif- 

 ference of 8s. 2d. per qr. We therefore are 

 coming to near the lowest point of the present year 

 (April 24), when the quantity of damaged wheat 

 pressing brought rates down to 53s., the fall from 

 the highest price in 1856 (Jan. 4, 77s. 2d.) now 

 being 20s. 5d. per qr. A better yield is the only 

 consolation of growers, who may yet be apprehen- 

 sive on the score of foreign importations, there 

 being a universally good crop of wheat through- 

 out the world. Now, as the arrival of 10,000 qrs. 

 of English wheat does more to depress prices 

 than 50,000 qrs. of foreign, because the latter 

 mostly goes to granary ; so, as we are close upon 

 seed time, it is to be expected that less will come 

 to market, and the rates paid for seed vv'ill check 

 the downward tendency. The French, indeed, are 

 already buyers ; but, under the influence of their 

 own greatly-reduced rates, seem unprepared for 

 free purchases. Northern Europe cannot meet 

 present rates, and Southern Russia and the Danube, 

 where very low prices were expected, have advanced; 

 and though America continues declining, she is 

 at present out-manoeuvred by our own markets, 

 and supphes do not as yet reach New York in suf- 

 ficient plenty to make liberal shipments possible, if 

 rates allowed them. We do not, therefore, antici- 

 pate much lower prices, especially as old stocks 

 were perhaps never lighter for many years. A 

 good deal of the northern harvest in our own 

 country being sprouted or damp, fine dry new 

 qualities of Kent and Essex must find an extensive 



demand, as well as old foreign. Holders of the 

 latter are generally firm, and, stores being only 

 moderate, are likely to remain so. 



The present rates abroad are subjoined, v.-hereby 

 the greater or less probability of shipments to 

 British ports may be seen. In France importation 

 continues allowed till September, 1858; but Go- 

 vernment has not decided whether the suspension 

 of exports will continue : were it permitted, the low 

 rates for fine wheat at Bordeaux and Toulouse 

 would very likely bring some here, as prices are 

 only equal to about 48s. to 50s. 6d.; at Paris the 

 price is 52s. At New York, after the last decline 

 of 10 cents per bushel, the prices of fine whhe 

 Southern wheat was quoted 1 dol. 50 c, per bushel, 

 which, for G2lb. wheat, would be equal to 51s. 6d. 

 per qr. ; but fine flour was then dearer, the English 

 advices then received being of better tone. It does 

 not appear that Spain will be in condition to export 

 this year, three successive bad harvests having 

 so exhausted her stores, though the last has 

 not been so seriously deficient, and in some 

 localities was plentiful. Flour at Santander was 

 about 63s. per sack, or 15s. beyond the best town- 

 made, and at Seville wheat is still quoted as high 

 as 71s. 6d. The Danube will have no considerable 

 supplies of new wheat till the middle of October, 

 and prices there have risen to about 38s. Markets 

 have also improved at Odessa, heavy rains having 

 kept hack supplies : prices there are 3Ss. 9d. to 

 43s. Gd. per qr. for Ghirka. At Berdianski rates 

 are 42s. 9d. to 43s. 6d., at Taganroc 38s. 6d. to 

 42s. 9d. : from all these places a three-months' 

 voyage, with its risk, must be reckoned. At 

 Danzic the finer qualities of old wheat appear 

 nearly exhausted, and prices are close upon 60s. 

 free on board. At Stettin quotations are 51s. 6d. ; 

 Konigsberg to 54s. for Volhynian wheat, Hambro' 

 46s. to 57s. Petersburg is much reduced in the 

 stock of useful qualities, Cubanka being quoted 

 51s. 6d., and Saxonska 48s. Antwerp prices are 

 moderate, viz., 55s. for red and white native pro- 

 duce ; but the best Polish at Amsterdam is worth 

 65s. 6d. per qr. Algiers, by an active inquiry from 

 Marseilles, has reaUzed about 46s. 9d. for hard 

 wheat and 51s. 6d. for soft. There appears, there- 

 fore, no foreign port where a sufficient margin 

 obtains for hberal shipments, and as the monetary 

 pressure in America appears subsiding, the 

 dechne obtaining there may cease. 



The first wheat market in London commenced 



