164 



THE FARMER'S MAGAZINE. 



ANNUAL REPORT OF THE LINSEED AND OILCAKE TRADE, 



Sir,— In presenting our annual circular to your notice, we I 

 are sorry again to have to preface it with au expressioa of re- 

 gret at the very unprofitable character of the trade ; unprofit- 

 able alike to importer and crusher. Throughout the year 

 transactioua have been limited in extent, speculation a dead ! 

 letter, with merchants holding out, and crushera on the other j 

 band (seeing noprosptct of tvorf'ing to a profit), deferring their 

 purchases until the latest moment also. We fear our retro- j 

 spect will possess less of interest than usual ; no incidents to j 

 call forth any particular comment marking the course of events j 

 duriug the year, and prices fluctuacing less than formerly. 

 We hope, however, that a faithful record of the business done \ 

 during the past twelve months will be equally useful as a j 

 register, hUhough we have not such a retrospect to off<?r to 

 your notice as during the late war and its accompanying 

 speculative times. For the remainder of the present season 

 we fear we can hold out but little prospect either, of profitable 

 business; but for the ensuing season of 1859-1860 we hope ' 

 there is every probability of large supplies, and with them we 

 trust the usual satisfactory results to all interested in the i 

 trade. | 



Linseed was at 49s. 6d. when the year opened ; and the 

 mercantile panic at that time gradually eubaidiug, and con- 

 fidence becoming restored, we gradually improved to 52s. by 

 end of the mouth (SSs. being paid for small cargoes to go to 

 outports), the tuhinced value being also greatly assisted 

 through the support given by Continental buyers for anything 

 available. lu February the numerous arrivals off the coast 

 and desire of holders to quit their heavy stocks ex-granary 

 cauaed a reaction, and old seed was done at 483. towards close 

 of the mouth. During March cargoes of new (1857) seed, 

 which was much better than the previous crop, realized 52a. 

 up to 533. 6d., but old seed was still a drug at 51s. to 50s„ 

 and a very irresular trade doing. The same state of things 

 continued duriug April, but at the end of that month the mar- 

 ket was very lively, and 543. paid for all offering. May was 

 latlier an exciting mouth iu consequence of the enormous 

 export demand (accompauied by a speculative forward de- j 

 maud for oil), and STs. was once paid. The Contiuputal re- 

 quirements, however, being satisfir-d, the price lelapsed to 55s. 

 duriug June, and up to this date the home trade had been 

 quite of a retail ciiaracter, prices having been influenced al- 

 most entirely by the expiriers. July found us with very 

 limited stocks, and the highest price of the year was paid, 

 namely, 593,, other descriptions of seed selling at relatively 

 high prices, and particularly Bombay, which at this time 

 realized 62s. to 638. per qr. In August, dry, parching wea- 

 ther giving prospect of a great cake trade, the value was stea- 

 dily maintained at 593. to 58s. ; there was, however, gieat 

 anxiety on the part of merchants to realize going rates for 

 cargota to come in, although very little was actually done, and 

 the home trade continued in a lifeless state ; the values cou- 

 tiuued well supported until the end of September, when a 

 vtry heavy arrival at Falmouth drove the figure to 55s., at 

 which an entire clearance was effected, and some reaction was 

 expected. None came, however, and although nominally prices 

 were sustained for three or four weeks in October, crushers 

 were so well supplied that the very next batch of arrival* 

 were not placed until 51s. had been accepted. November 

 brought fresh cargoes, and the home trade remaining iu a 

 very unremunerative state, buyers could only be tempted to 

 operate as the value denliaed, and ai low as 48s. 9d, was 

 touched about the middle of the month. Since then the mar- 

 ket hits been much firmer ; but, ownig to the varied quality 

 and character of the seed offering, prices have taken a wide 

 range, namely, 49s. and SOs. for old, up to 533. and even 548. 

 for some of the very fine new (1858) seed lately iu. Within 

 the last few days several cargoes have changed hands at 52s. 



6d. and 52s., and some remain at Falmouth for sale, which 

 liolilers are indisposed to part with, unless at fully equal rates. 

 Throughout the year much less business was done than usual 

 on forward contracts. A few thousaud quarters sold iu Ja- 

 nuary and March at 523. for shipment duriug the season 

 (bought by Greek houses, of speculator*), part of which were 

 closed in at 563. and 533., and s )me as low as 503. and 493. 

 A small quantity aho was aold during the excited markets of 

 July and August at 58s. for monthly Hull deliveries, October 

 to Ueceoiber ; but with these exceptions, scarcely a cargo has 

 been placed until bill of lading in hand, and generally speaking 

 not until after arrival. We need not wonder at this, when we 

 consider the high cost to the importer, and at the same time 

 remember how little inducement crushers have had to buy, 

 whilst cake and oil left no margin for working expenses. About 

 average stocks are held b}' consumers, and as a fair quantity 

 may be expected witliiu the next few months, we look for very 

 little fluctuation in prices, especially as so little margin exists 

 for change iu the value of cake, which, after all, as (ar as the 

 United Kingdom is concerned, chiefly rule the price of lin- 

 seed. 



The prospects of supply for the season 1859-60 are un- 

 usually good, and, if report speaks truly, we shall have the 

 largest import ever known. Russia, both north and south, 

 promises a large supply, and of excellent quality ; and the 

 East Indies equally so. It is only natural to expect that the 

 high rates for some time past current at the shipping ports 

 muit have greatly stimulated the production, and, whilst the 

 growers could get considerably more for Linseed than for 

 Wheat, there can be no doubt to which article they would 

 turn their attention. Nothing has yet been done on contract, 

 the probability of unprecedented supplies rendering it undesir- 

 able, in the opinion of our crushers, to operate, unless at much 

 lower prices than those now demanded for future shipments ; 

 aud, for ourselves, we still hold to the opinion we have ex- 

 pressed for months past, that prices of Linseed are unsafe iu 

 this country so long as they exhibit so wide a discrepancy to 

 the value of Wheat. 



East ludia Seed, both Calcutta aud Bombaj', have come 

 forward of satisfactory quality. Archangel, Pctersburgh, and 

 other Baltic Seed, have again to be much complained of, and 

 the Black Sea equally so ; the Seeds grown in the districts of 

 Odessa and near the Sea of Azov is as fine as ever, but that 

 from the interior hardly bears the character of Southern Russia 

 Seed at all. The admixture of wild Rape and other Seeds and 

 rubbish still continues, and the Crushers' Association, which 

 was to have effected so much good in this respect, having 

 carried their resolutions to no practical result, the extent of 

 admixture is regulated alone by the will of the individual 

 shippers. One cargo is off the coast at the present time, con- 

 sisting of about half Liuseed aud half Rapeseed, and sold at a 

 price offering a premium for the renewal of such shipments, 

 bought also by the very last persons we shuuld have expected 

 to countenance such a shipment, namely, members of that Asso- 

 ciatiou which so few mouths p:eviously had met aud passed the 

 following, as their first resolution, viz.: "That, in the opinion 

 of this meeting, the time has arrived for the trade of Seed- 

 crushers to adopt measures of protection to ensure delivery of 

 touud unmia^ed Liuteed." Nearly all the Seed lately pur- 

 chased, however, has been by sample ; aud this can but be a, 

 satisfactory method both to importer and crusher. The wide 

 ranjje of prices, too, will soon bring the vexatious question of 

 admixture to its proper bearing, by showiug importers how far 

 it is their interest to send forward good Seed ; and this will, 

 we sincerely hope, set aside the complaints attendant on the 

 old warranty of "average quality." 



There is not much to remark in relation to the statistical 

 account of imports, &c,. We never s-hared in belief of the 

 short supplies predicted, and we expcc' the import of the year 

 will prove about equal to 1857, whilst that of the season 

 1858-59 will be considerably in excess of any previous one. 



lu public warehouses, and afloat in the docks, our stocks 

 here consist of about 50,0C0 qra., namely, East India, 



