1 042 



The Corn Markets in February, [march, 



Australian wheat are much increased, but they are greatly reduced as 

 regards Argentine wheat. America promises us equal quantities to 

 those of March last. February shipments were 685,000 qrs. from North 

 America, 1,328,000 from South America, 1,780,000 from Russia, 148,000 

 from "Europe S.E.," 117,000 from India, and 943,000 from Australia. 

 The Russian shipments are unusually large for a winter month. 



Flour. — Owing to the scarcity of Hungarian the top-price London 

 flour millers are still able to obtain 355., though Household flour 

 declined another 6d., and on February 28 was is. cheaper from New 

 Year's Day. Excessive supplies of country flour into London have 

 depressed a market, which, with open weather and a good winter 

 supply of green vegetables, was already suffering from a small retail 

 consumption of bread. Happily for the trade, receipts from America 

 have been quite moderate. American shipments were only 391,000 

 sacks, and the supply on passage on the 28th was down to 174,000 sacks. 



Barley. — Not for several years has barley been so depressed a trade 

 as during the past month, buyers failing to find good quality either 

 in British or imported kinds and demand being reduced to that for 

 cheap grinding purposes. Averages like 225. /\d. at Mark Lane, 225. Sd. 

 at Reading, and 23s. yd. at Ipswich, are in a way even more significant 

 than somewhat lower rates in districts where feeding barley usually pre- 

 dominates. Brewing barley has made 285. to 295. per 448 lb. in Norfolk 

 for local growth, and 335. to 34s. in London for Californian, while here 

 and there a fine malting sample has been secured at 365. to 395. per qr. 

 The mean price of British barley is about 35. lower on the year. 

 Russian has declined from 205. yd. to 205. 3d. per 400 lb. 



The month's shipments were 98,000 qrs. from California, 805,000 

 qrs. from Russia, and 107,000 qrs. from "Europe S.E." The supply 

 on passage, 480,000 qrs., is not heavy; it is the predominance of 

 inferior quality both home-grown and imported which depresses the 

 market. 



Oats. — The average price of this staple is about what it was a year 

 ago both for British and foreign, but Argentina's new crop is offered 

 for March shipment at 145. 3d. per 304 lb., and Russia is expected, 

 with the full resumption of Baltic navigation in later April, to offer 

 large supplies of oats grown in the northern provinces. The Bulletin 

 of the International Agricultural Inst. (Rome, February 20th) credited 

 Russia with nearly sixty million cwt. more oats than at this time last 

 year, and London traders anticipate a very fierce spring competition 

 between Argentina and Russia for English custom. Russia has the 

 more seasoned grain and the lower freight, but meanwhile Argentina 

 is doing a large forward trade. 



Shipments in February were 478,000 qrs. from South America and 

 791,000 qrs. from Russia and the total on passage on the 28th was 

 very high — 700,000 qrs. A striking circumstance is that heavy oats are 

 quite rare, especially the foreign kinds, and London during February 

 bought somewhat freely of Scotch growers. 



Maize. — Mark Lane prices as the month closed were not low for a 

 date when this cereal is frequently at its year's lowest value. One may 

 mention 26s. 6d. to 275. for new crop American, 275. 3d. to 275. gd. 

 for Natal, 265. to 27s. for West African, 275. gd. to 285. for Argentine 

 yellow, and 26s. 6d. to 26s. gd. for Indian. New Russian maize freshly 



