§52 



The Corn Markets in February. [march, 



in London was 5|d., but the bakers agreed in the course of the month 

 to make it 6d. as from ist March, and this price now rules. The 

 millers share in the advantage, and are getting 345. for best London 

 flour, 305. for Town Households, for fine country patents, and for 

 Australian. About 26s. still suffices to purchase ordinary country flour 

 and such serviceable American " first bakers " grades as Iron Duke. 

 The quantity of flour on passage at the end of February was below the 

 average, and North American shipments for the month were only 

 378,000 sacks. 



Barley. — The sales of English have been smaller than usual, while 

 those of both Californian brewing and of Russian feeding grade 

 have exceeded the average. The prices have ranged from 325. to 385. 

 per 448 lb. for English malting barley, 335. to 345. per 448 lb. for 

 Californian brewing, and 215. 6d. to 22s. 3d. per 400 lb. for Russian 

 (with which may be grouped Persian and Indian) feeding barley. At 

 the close of the month the pressure of 385,000 qrs. of Californian on 

 passage caused a shilling decline in the price of that type, which should 

 now, in view of the scarcity of home produce of brewing quality prove 

 serviceable. Only 30,000 qrs. are on passage from Anatolia, and the 

 demand decidedly exceeds the supply. Imports of barley for the first 

 half of the cereal year were over 3^ million quarters, but it by no means 

 follows that the imports for the cereal year will be seven millions 

 (which would be a somewhat large supply). In most cereal years 

 the imports of the first six months much exceed those of the remaining 

 six. February shipments from Russia were 518,000 qrs., a rather liberal 

 exportation for a winter month. All other shipments did not exceed 

 200,000 qrs. 



Oats. — A few markets only quoted an average of 195. for British 

 oats in February, and farmers have continued to use this grain as 

 much as possible on the farm. The tendency at the end of the month 

 was towards a price advance in all parts of Great Britain, and it is 

 expected that those who have kept stocks for the winter to condition 

 will obtain, before this cereal year is out, prices sufficient to pay interest 

 on the locked-up capital. The Argentine shipments of oats have been 

 584,000 qrs., as compared with 376,000 qrs. shipped by Russia. The 

 quantity of oats on passage is very heavy, but Continental purchases 

 are increasing. The value of foreign light oats had by the end of 

 the month settled down to a tolerably level 55. per cental where large 

 quantities, a thousand centals or more, could be placed. Buyers of a 

 single quarter (304 lb.) had often to pay 165., but the arrival of 

 200,000 qrs. into London during the last ten trading days of the 

 month caused an increased willingness on the part of holders to meet 

 buyers. The Russian oats are in fitter state for prompt use than the 

 Argentine. 



Maize. — Speculation has had a good deal to do with the advance 

 of maize prices at New York, but the 275. per qr. quoted on February 

 27th as compared with 245. gd. at the end of December and 255. ^d. 

 at the end of January was a value reflecting very strong holding on 

 the part of American farmers, as well as a bullish attitude of the 

 merchants holding the 1,435,500 qrs. in store. With less in store as 

 against a year ago, despite a larger crop, the demand for a higher 

 price may be considered natural. But London during February con- 



