1909.] The Corn Markets in January. 881 



in wheat cargoes, while all British produce met with increased 

 appreciation at previous best prices. 



Wheat. — The price of English wheat since harvest, which at the end 

 of January represented twenty-two completed weeks, was 315. lod. 

 per qr., but the prices of January itself were higher than this, and 

 London recorded more than one really good average — over 345. per qr. 

 The average, as it has to be given officially, is always dragged down 

 by the sales at small markets, which are usually places to which 

 the finer qualities are not sent, and by the sales of chicken wheat at 

 the larger centres. But it must not be forgotten that these two classes 

 of what merchants call " cheap sales " represent a true if not wholly 

 fortunate feature of the crop, which has its less satisfactory samples 

 as well as its finer milling qualities. What is prejudicial to the 

 averages quotable, but is clearly beyond the power of the executive 

 to control, is the private passage direct to the mill of good wheat, 

 which the miller instantly appreciates. It may almost be said that 

 the better the sample the less it has to seek a market. The sales 

 of British wheat at Mark Lane have been sustained and excellent ; 

 practically nothing sent up has gone a week unsold. The demand for 

 foreign wheat has been far less regular. Russian has been scarce, and 

 little has been on offer under 405. per 496 lb. The total shipments from 

 Russia for 1908 are given unofficially at 6,750,000 qrs. of 480 lb., against 

 11,000,000 qrs. for 1907. There is, consequently, a general dearth of 

 Russian wheat in Western Europe just now. Indian wheat is still 

 more scarce, the total shipments of 1908 not being quite 600,000 qrs. 

 American and Canadian sorts are in fair offer, the sorts rich in dry 

 gluten being held for 405. per 480 lb. Durum is in steady request at 

 38s. per 480 lb. It is called macaroni wheat by those opposed to 

 its use, but its vogue is undoubted, and it is said to enable English millers 

 to simulate or rival special American makes of flour, for which, before 

 Durum was obtainable, they appeared to lack the recipe. This must, 

 of course, be regarded merely as one of the attempts made to explain 

 the growth of a new demand. Durum has only entered the London 

 quotation lists within the last three years. Argentina was a little 

 slow in starting new crop shipments, but managed to send off over 

 half a million qrs. between the 18th and the 30th. These supplies 

 are now on passage, and are offered at 365. to 365. 6d. per 480 lb. 

 to buyers of whole cargoes. Australia has surprised the trade by the 

 energy of her* wheat shipments, Victoria especially being credited with 

 a fine yield. The price asked is about 375. per 480 lb. Indian new 

 crop wheat offered at Christmas for 375. per 492 lb. May shipment, 

 with an improved crop prospect, is in increased evidence, and at 

 the end of January there were fair sales for June shipment at 375. white, 

 365. 6d. red, paid. The reserves of wheat in importers' hands Jell 

 to 1,630,000 qrs. before the end of the month, a total in marked contrast 

 to the 2,465,000 qrs. held on 1st February, 1908. The American visible 

 supply, however, was 9,705,000 qrs., against 8,283,000 qrs. a year 

 previously. New York showed exceptional stability, winter wheat 

 opening the month at 385., and closing - at 386". yi. per qr. ; sprint; 

 wheat opening at 416'. 6d., falling to 41-v. 3d., but returning to 415. 6d. 

 on the 30th of the month. 



Flour. — The price of best London flour remains absolutely immobile 

 at 33 s - P er sk., and Hungarian has not come down in price, though 



