1909.] The Corn Markets in September. 



599 



fairly regular employment in Herefordshire, and the supply of and 

 demand for labour were about equal. Occasional loss of time through 

 rain was reported from Gloucestershire, where there was a plentiful 

 supply of extra labourers, but some scarcity of cowmen and carters. 

 Employment was fairly full and regular in Devonshire and Cornwall; 

 there was a scarcity of men for permanent situations in Cornwall. 



THE CORN MARKETS IN SEPTEMBER. 

 C. Kains-Jackson. 



Despite a singularly dragging and difficult harvest, no symptoms of 

 anxiety as to the supply of grain were shown on the markets during 

 September. Large imports of wheat were received weekly from India 

 and other quarters, while good imports of Russian barley, Argentine 

 maize, and Russian and Argentine oats assured the great cities of their 

 supplies, and in the rural districts the poor condition of the new crop 

 deliveries .made it necessary to accept substantially reduced prices in 

 order to effect sales. 



Wheat. — In a large majority of cases the prices of September show 

 a decline from those of August. This is the experience of any adequate 

 succession of years, whether we look to the decade or the quarter or half 

 century. The August averages nearly always include sales of fine and 

 dry old wheat, and this year the August sales were almost exclusively 

 of old corn, scarcely any new being available until September. Thus a 

 decline in British wheat from 425. qd. to 345. yd. per qr. represents the 

 change from a scanty supply of specially fit milling corn to materially 

 increased deliveries of grain largely damp and weather-stained, and, 

 even in the best samples, on the soft side. 



It is not always safe to generalise from local averages, but one may 

 feel fairly confident that the 345. 9^. averaged at Salisbury late in 

 September represented sales of new wheat secured in the good weather 

 period, August 3rd- 17th, while the 31s. 3d. accepted at Peterborough 

 was the depressed price resulting from threshings of later and less well- 

 secured grain. The price of one sort of foreign wheat has been 

 enhanced through extreme scarcity. This is Manitoba. All four grades 

 rose steadily as the month wore on, and closed at 485., 475., 46s., and 

 455. respectively. Millers could foresee that the English new wheat 

 would require an unusually large admixture of the stronger imported 

 sorts, and they had quietly bought up the Manitoba, so that the dearth 

 of this desirable type soon became notable. These remarks refer of 

 course to the 1908 yield; the 1909 crop is only now beginning to be 

 threshed. It is offered for late October and early November shipment 

 at 375. to 405. according to grade. The other types of foreign wheat 

 show a marked decline on the month. American new crop winter 

 wheat, scarce at first, became a market feature by Michaelmas, and 

 was on sale for 385. per qr. at the leading centres. Russia reduced 

 her prices sixpence weekly from the last week of August, and Sep- 

 tember closed with 2s. 6d. total decline on five weeks ; 405. was 

 accepted for grain originally quoted at 425. 6d. As this wheat 

 weighs 496 lb. against the American weight of 480 lb., it was a very 



