THE FARMER'S MAGAZINE. 



183 



REVIEW OE THE CORN TRADE 



DURING THE PAST MONTH. 



The first monlli of llic new year has passed over 

 with a temperature more like spring than the depth 

 of winter, with but a slender fall of rain ; the roots 

 of tlie wheat have therefore been making progress 

 in the backward pieces, and g?neraliy the prospect 

 is as favourable as could be desired, the ravages of 

 slugs being reduced by their perishing abundantly 

 in tlie successive droughts. Ploughing has gone on 

 almost uninterruptedly, and there is every proba- 

 bility that spring corn will be planted as favourably 

 as wheat, from the forwardness of tillage. More 

 water is, however, wanted for the cattle, and the 

 springs continue low. 



The wheat trade opened well at the commence- 

 ment of the month, but the prevalence of damp 

 weather, with good foreign arrivals, eventually 

 brought back old prices and a relapse into dulness. 

 The average price of the past year was 41s. 5d. ; 

 and if the report be truthful that with an average 

 price less than 56s. wheat will not pay for growing, 

 the agricultural interest has had a year of sacrifice 

 to meet, instead of being recompensed, which must 

 have pressed especially hard upon such as have 

 taken new farms ; but as for eleven years previously 

 the average was 55s. lOd , a tenant of this term 

 has only found one bad year out of twelve, and has 

 every reason to hope for the recovery of his posi- 

 tion. Notwithstanding the plenty that has always 

 appeared of foreign samples in Loudon, the arrivals 

 in this port have been less than the usual propor- 

 tion, viz., 657,737 qrs. only, out of 4,275,430 qrs, 

 rsceived in the United Kingdom. Stocks also turn 

 out much less than generally expected ; an eminent 

 house having, after much painstaking, found the 

 quantity to be about only 230,000 qrs. on January 

 1st ; but our former calculation of the quantity of 

 spring corn was pretty correct^ there then being 

 about 320,000 qrs. oats, 60,000 qrs. barley, 16,000 

 qrs. beaus, 7,400 qrs. peas, with 11,000 qrs. rye, 

 and 23,000 qrs. Indian corn. If, therefore, London 

 be taken as a criterion of the probable stocks else- 

 where, and two-thirds of the imports of wheat have 

 been consumed, it seems about fair to take the entire 

 stock of the United Kingdom at something over 

 1,250,000 qrs., which is about a month's consump- 

 tion in hand as a provision against future disasters. 

 The want of granary- room has been partly occa- 

 sioned by free-trade making less necessary than 

 formerly, from the absence of speculation, and the 

 more frequent sales ex ship, so that many granaries 

 have been converted into sufferance wharves for 



general shipping purposes. Notwithstanding the 

 openness of the season, Baltic supplies have greatly 

 fallen off, wheat prices being relatively dearer there 

 than here ; but France has kept sending at a losing 

 rate, and the shipments due from the Black Sea and 

 Mediterranean have arrived simultaneously, and 

 added to the heaviness of markets. The present low 

 rates may certainly be traced to the abundant year 

 1857 in a time of peace, as much of this crop yet 

 appears held ; but the excessively large consumption 

 that has been going on for cattle-feed, and other 

 purposes than milling, will, we think, be felt as the 

 season advances; while the perpetual rumours of 

 war and real preparations for it, we think, should 

 deter holders from making unnecessary sacrifices, 

 the probabilities being much more in favour of a rise 

 than decline. The accumulations at New York, 

 which were at one time feared, do not appear to 

 deter holders from demanding rates fully equal to 

 our own; and there has been a speculative trade 

 occasionally, with the best wheat at 61s. 8d. per 

 4801bs., the average price of the first quality for six 

 years being 58s. per qr. The stock on 1st January 

 was estimated at only 150,000 qrs. 



The following quotations are taken from the 

 market reports of the principal places abroad : — 

 At Paris wheat ranges at from 35s. to 40s. per qr. 

 Antwerp quoted 453. as the top price ; 62 to 64 lbs. 

 wheat at Louvain was worth 54s. Polish wheat at 

 Amsterdam brought 54s. to 55s. per qr. Hambro' 

 quotations were 40s. to 45s. At Stettin red wheat 

 was at 40s. to 44s. 6d. The best high mixed at 

 Danzic brought 49s. per qr. ; Berlin prices were only 

 Is. per qr. less. Odessa remained too high for pro- 

 fitable shipment, 34s. to 35s. being the price of 

 Ghirka and Sandomirka. Middling new at Galatz 

 was 31s. per qr. Good quality at Trieste was sale- 

 able at 42s. Soft wheat at Leghorn was worth 39s. 

 per qr. The demand for Spain, with light supplies, 

 had sent up hard wheat at Algiers to 49s. Red 

 wheat at Philadelphia was worth 42s. per 4801bs., 

 white 47s. 6d. New York was still higher priced, 

 fine white Kentucky being worth 523. per ISOlbs., 

 which, taking the weight at 621bs. per bush., equals 

 53s. 6d. per qr. ; while choice Missouri flour was up 

 to 35s. per brl., or 50s. per sack, though round hoop 

 Ohio for shipping briugs only 22s. 8d. per brl., or 

 equal to 32s. 6d. per sack, which is 4s. 6d. per sack 

 above the price of Norfolks in London. 



The first Monday in London had a brisk wheat 

 trade. The supply of the previous week being 



