336 



The Corn Markets in June. [July, 



demand, owing to the slow growth of the root crops and the late hay- 

 making. Outdoor work in Gloucestershire was somewhat interrupted 

 by rain, and day labourers lost time in consequence. The supply of this 

 class of labour was about equal to the demand. Hoeing the root crops, 

 preparing land for turnips, and the commencement of the hay harvest 

 afforded plentiful employment in Devon and Cornwall, but there was 

 some little interruption by rain towards the end of the month. 



THE CORN MARKETS IN JUNE. 

 C. Kains-Jackson. 



The remarkable stability of wheat values throughout June was the 

 principal fact of the month's trade in breadstuff s. The advance of 

 prices to what on an average of all wheat sold might work out at 

 about 455. per qr. was accomplished earlier in the season. There 

 were then those who believed that, with exhausted home reserves, 505. 

 would be reached, while a large number of traders took the more con- 

 ventional view of expecting a reaction. But there has been no 

 reaction and there has been little further advance. The rise accomplished 

 has served to attract sufficient supplies ; but it has not brought forth 

 more grain than the market requires. 



The spring corn trade has concentrated itself mainly upon maize, the 

 arrivals of which from Argentina have been adequate but by no means 

 overwhelming. With considerable spot arrivals to pass into distribu- 

 tion some price concessions to buyers for cash have taken place, but by 

 the middle of the month value had found a natural level, and, this 

 once established, a steady business passed with markets closing 

 decidedly firm. 



Wheat.— Owing to supplies at the statute markets being much 

 smaller than usual in June, the country exchanges have advanced about 

 a shilling on the May average. London has remained about where it 

 was so far as the mean value of English wheat goes. The best " white 

 fluffs " from East Kent have made 475. per 504 lb. at Mark Lane, 

 while sound Red Wheat from Norfolk has made 455. to 465. for a like 

 good weight. Essex Rivetts, a lighter weight and a separate variety of 

 wheat, have been obtainable at 43s. to 445. per qr. At the end of the 

 month the extreme scarcity of old wheat caused some very high prices 

 to be asked locally. 



Foreign wheat has arrived in fair quantity, but the period of the year 

 being one when English wheat is always scarce, liberal receipts at the 

 ports are looked forward to without apprehension. As a matter of 

 fact, in no week of June did the total market supply of British and 

 foreign wheat and flour equal estimated requirements, and the stocks 

 in granary have fallen from a month ago. The exact figures of 

 receipts are not yet fully verified, while sales of British wheat out- 

 side the statute markets have always to be estimated. At the same 

 time a liberal allowance will not put the average daily supply of 

 breadstuff s during June at more than 75,000 qrs., whereas nearly all 

 estimates of the national requirements put them at not less than 

 90,000 qrs. daily. These figures point to some rise of prices in 

 July as probable; indeed, Mark Lane, on the very last day of 



