I9i i.] 



The Corn Markets in May. 



265 



The progress made by the young wheat during May was regarded, 

 on market advices, as very good, not only in Great Britain, but also 

 in France, the United States, and Russia. 



Flour. — The top-price has been stationary at 315. all through the 

 month, nor have either Household or Country sorts undergone any 

 material fluctuations. Hungarian is 2s. dearer, but this rise is common 

 in May or June, the old crop flour getting used up, and value appre- 

 ciating pending new crop flour being put on sale in the early autumn. 

 American offers for June and July shipment came on the 31st at rates 

 which were depressing to the spot market. There were, however, only 

 190,000 sacks of foreign flour on passage, and stocks in hand are 

 moderate. 



Barley. — Supplies of British have become very small, and the 

 averages are consequently regarded as more or less deceptive. The 

 reduced supply of foreign on passage at the end of April appeared likely 

 to cause prices to advance in May. This probability was realised, and 

 the cheapest, Russian, closed fully is. dearer on the month. The 

 supply on passage has not been augmented, and closed at 315,000 qr., 

 including malting as well as feeding. The shipments were 90,000 qr. 

 of brewing from California, 2,357,000 qr. of feeding from Russia, anr. 

 140,000 qr., mostly feeding, but some brewing, from Europe S.E. and 

 Anatolia. The large Russian shipments were nearly all taken by 

 different Continental ports. 



Oats. — British averages show a general improvement on the month, 

 and the price of imported oats has been well maintained, despite the 

 weather being against a large use of this feeding stuff. The rival 

 shippers — Russia and Argentina — sent off respectively 917,000 qr. and 

 354,000 qr. Argentina fell considerably below expectation in her ex- 

 ports. The supply on passage on 31st was 575,000 qr., as compared 

 with 310,000 qr. a year ago. Stocks 'of oats in British granaries ar~ 

 reduced, however, so that the extra 265,000 qr. are not expected to 

 cause depression on arrival. 



Maize. — Unusually good shipments of round (353,000 qr. from 

 Russia and 691,000 qr. from Europe S.E.) have continued to be re- 

 ported, but America only sent off 260,000 qr. of flat and mixed corn, 

 and Argentina had no yellow to ship. South Africa appears unable to 

 accept the British orders for supply ; the South African maize is appre- 

 ciated in this country, but there is seldom much freedom in offerings, and 

 during Ma3' inability to promise supplies has been repeatedly cabled in 

 reply to inquiries. Burma is stepping in to some extent with offers 

 to ship at five guineas per ton c.f.i. to London. This is 22s. 6d. per 

 480 lb., the ordinary selling unit in England. America has greatW 

 surprised the trade by the smallness of her shipments. May imports 

 of rnaize were the smallest monthly total since April, 1908, and the 

 position of holders has gained in strength during the month. The 

 supply on passage on 31st, 420,000 qr., was very moderate. 



Oilseeds. — The quantity of linseed on passage has increased during 

 the month from 172,000 to 244,000 qr., while that of cottonseed has 

 fallen from 30,000 to 21,000 tons. The increase in the prospective supply 

 of linseed is satisfactory to the extent that it goes, but how small that 

 extent really is may be gathered from the returns of exports from all 

 countries since January 1st. For the first five months of the year the 



