248 The Corn Markets in May. [June, 



large quantity in sight, has been held with more determination than 

 some other sorts, of which the supply in evidence has been greatly less. 



The total of all descriptions on passage declined during the month 

 from 4,150,000 qrs. to 3,950,000 qrs., but on June 1st, 1909, only 2,878,000 

 qrs. were in sight. Shipments for May were 1,003,000 qrs. from North 

 America, 904,000 qrs. from South America, 299,000 qrs. from India, 

 1,863,000 qrs. from Russia, 105,000 qrs. from Europe S.E., and 417,000 

 qrs. from Australasia. Stocks of imported wheat in granary are esti- 

 mated at 565,000 qrs. more than at this date last season. The excess 

 is not considerable ; it is to the large increase in the prospective supply 

 that the depression of the foreign wheat market must principally be 

 ascribed. The second cause is the promise of growing crops, and at 

 the end of May many operators had already convinced themselves 

 that wheat would be plentiful in the new cereal year which does not 

 begin before September 1st next. 



Flour. — On the 30th the London Flour Millers' Association reduced 

 credit and delivery prices to 315. 6d. for Town Whites, and to 285. 6d. 

 for Town Households. Iron Duke was lowered to 255. 6d. by the 

 importers of this popular American type. America in May shipped 

 only 247,000 sacks, and has not consented easily to the declining ten- 

 dencies at Mark Lane. The supply on passage has fallen on the month 

 from 180,000 to 158,000 sacks. 



Barley. — The fall in British samples amounts to about eighteenpence 

 per qr., but there has been hardly any 448 lb. barley on offer, and the 

 poorer sorts of home-grown have fallen in competition with cheap 

 grinding barley from Russia, Persia, and India. Where quality falls 

 below a certain standard the foreign supplies tell severely on value, but, 

 on the other hand, foreign production seldom affects the value of barley 

 which reaches 424 lb. in natural weight. May shipments were 1,511,000 

 qrs. from Russia, 116,000 qrs. from Europe S.E., and 19,000 qrs. from 

 North America. The heavy offers of Russian have reduced the selling 

 price to 185. per 400 lb., but the supply on passage has fallen from 

 -350,000 to 300,000 qrs. 



Oats. — The fall in British oats is trivial, and can scarcely be said to 

 rextend to 336 lb. descriptions. Imported oats at the end of the month 

 were offered at low prices; 155. to 155. 6d. per 304 lb. for Russian, 13s, 

 to 135. gd. per 304 lb. for La Plata. The Russian oats mostly attain 

 about 304 lb. natural weight, but the bulk of the Argentine is only 

 288 lb. to the quarter, the remaining 16 lb. being "made up" to the 

 buyer. Shipments for May were 120,000 qrs. from North America, 

 224,000 qrs. from South America, 455,000 qrs. from Russia, and 

 80,000 qrs. from Europe S.E. Th<? supply on passage has fallen from 

 460,000 qrs. to 410,000 qrs., but is still considerable. 



Maize. — Prices show little change. American is far from plentiful, 

 and 255. is asked where a month ago 245. 3d. was accepted. Argentine 

 then at 265. gd. is now at 265. 6d., and Russian round corn at 255. 6d. 

 Indian and Burmese sell steadily at 255. per qr. Forward offers 

 for July delivery are^ materially lower, however, and it is 

 simply a spot shortness of supply which has to be chronicled. Ship- 

 ments were 154,000 qrs. from North America, 192,000 qrs. from South 

 America, 170,000 qrs. from Russia, and 442,000 qrs. from Europe S.E , 

 which ships a like quality to Russian. The quantity on passage has 



