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THE FAKMEK'h MAGAZINE. 



REVIEW OF THE CORN TRADE 



DURING THE PAST MOJNTH. 



The opening of the past month was very unlike 

 March, and it was only for about one week that 

 the rough drying winds prevailed, which, however, 

 were very serviceable both to the tillage of the land 

 and condition of the wheat thrashed, while several 

 heavy falls of rain have been experienced, sufficient 

 to encourage the hope of more, as the wells gener- 

 ally are low, and the ponds and reservoirs in many 

 places insufficiently supplied. The sowing of Lent 

 corn has proceeded most favourably, and where 

 this was j)erformed early, the young crops have j 

 come up very even, and look thriving. The early- 

 autumn wheat, where the planting was thick, looks 

 rather too luxuriant for a heavy crop of corn, and ; 

 would be better if kept back in ^this uncertain 

 climate ; but, so far as appearances go, everything 1 

 is full of promise, and fully a fortnight early ; but 

 the hay crop cannot be heavy without a good fall 

 of rain. The breadth of wheat this year, by nu- 

 merous reports, appears considerably diminished, 

 the low prices so long ruling directing the attention j 

 of growers to an extended cultivation of malting j 

 barley and other spring corn. But it is worthy of ! 

 note that, after an unusual importation, the stocks ! 

 of foreign corn are not heavy, and that our prin- [ 

 cipal dependence must now be on what remains in | 

 English farmers' hands as a security against any 

 mishap. The favourable turn of prices which we \ 

 anticipated with the opening of the new year has 

 only in part been realized, which we think has I 

 been a good deal owing to the damp state in which 

 the mild and humid winter reduced the samples; 

 but, as the condition is now improved and stocks ' 

 are getting into firmer hands, there seems no like- ' 

 lihood of a retin-n to the lowest rate of Christmas, 

 though the average now is only 40s. Id. per qr. 

 Very little change of value has ensued in the course 

 of the month, the decline at the opening being i 

 about recovered at the close, the course of the ' 

 averages only showing a difference of 4d. per qr. 

 downwards. The stormy aspect of j)olitics now 

 seems blowing over, and markets must be left both 

 here and abroad to find their level peaceably. 

 There are, however, very few or none to meet the j 

 current rates obtaining here, and America, which 1 

 not long ago was thought to have accumulated ! 

 stores which eventually must find vent in the 1 

 British market, has kept steadily rising, and some ! 

 quantity of wheat in Liverpool and flour in London 

 has been shipped to New York and other trans- 

 atlantic ports. France also, which has been a con- 

 stant source of ajjprehension, has lately shown an 

 upward tendency in prices— the great emporium, 

 Marseilles, complaining of light arrivals and used- 

 up stocks; while Spain, Portugal, and Algeria con- 

 tinue to be importing countries at higher rates than I 

 realized here. The Council of State at Paris con- 

 tinue occupied with the question of the corn-laws 

 with a view to their revision, and there now seems : 

 no chance of a return to the tliding-scale, which is | 



likely to he succeeded by a small fixed duty both 

 on imports and exports. The long absence of a 

 speculative spirit in this country has brought about 

 the same state of things in Northern Europe, 

 where the great stores were wont to be gathered ; 

 but these are now wanting, and should any disaster 

 occur in those countries to the growing crops, the 

 whole course of trade would be changed, and 

 England, as far as her ability permitted, become an 

 exporting country. 



The following were the quotations in foreign 

 ports on the most recent advices : The price of 

 fine wheat in Paris was about 38s. 6d. per qr. At 

 Nantes the best 62 lbs. per bushel red wheat was 

 worth 38s. free on board: 60 lbs. white, 4ls. 6d. 

 The value at Bordeaux was 40s. per qr. The 

 quotation for red Louvain wheat at Antwerp was 

 42s. per qr., 64 lbs. per bushel. At Amsterdam 

 fine Polish wheat was still worth about 55s. per qr. ; 

 red at Rotterdam 46s. ; first quality at Konio sberg 

 and Berlin 4Ss.to 49s.; fine high-mixed at Danzig 

 51s. per qr., and scarce red wheat at Petersburg 

 41s. At Odessa fine quality about 38s. ; at Galatz 

 33s. 9d. per qr. The quotation at Algiers was 46s. 

 6d. At New York red Southern brought 50s. 

 per 480 lbs., fine v.'hite Michigan 50s. 4d. per 

 480 lbs., and the best descriptions of Hour were 

 selling at equal to 48s. 7d. per sack, or 8s. 7d. per 

 sack above the top quotations of town-made in 

 London. 



The first Monday of the month in London 

 opened on a moderate supply of English and small 

 arrival of foreign wheat. The samples on show 

 from Kent and lissex were not numerous, the con- 

 dition being but little improved, 'i'he better pros- 

 pect of jieas, and the prevalence of mild and fine 

 summer-like weather for several days, made an 

 unusually dull market. Some few fine lots were 

 placed at only a little under the previous currency, 

 but generally the quotations were reduced Is. 

 to 2s. per qr., and very little progress made. 

 Kentish factors, being anxious to clear, would have 

 accepted 2s. per qr. less, but could not find buyers. 

 In foreign, literally nothing was doing. The coun- 

 try reports did not respond fully to these dull 

 advices, Boston and Hull being quite as dear; 

 many, though without activity in sales, did not 

 lower |)rices, and the reduction at most was Is. per 

 qr., as at I.,eeds, Louth, Spalding, Stockton-on- 

 Tees, Gloucester, and some other places. The 

 Liverpool dechne on Tuesday was id. per cental, 

 without any subsequent change. 



The second Monday had a fair supply of foreign 

 wheat ; the English arrival being much about the 

 average. Kent sent up a fair supply of samples; 

 Essex but very few. The reduction of the pre- 

 vious week was then confirmed, but without any 

 improvement in the state of business, sales con- 

 tinuing very slow in English qualities, and the 

 foreign trade entirely retail at unaltered prices. 



