i9 1 2.] The Corn Markets in February. 1057 



*• weather markets " throughout. This has been due to the statistical 

 situation not being especially helpful either to purchaser or vendor. 

 fn such a case the weather may be said to exercise a casting vote. 

 The shipping countries have been watched with much interest, but the 

 indication obtained from this source has been indefinite. 



Argentina, for example, only shipped 621,000 qr., against 

 1,250,000 qr. and 1,328,000 qr. in the two preceding Februarys, but 

 then the railway strikes kept back up-country supplies during three 

 weeks, and the export of 330,000 qr. in the first week of resumed 

 traffic to the coast argued that but for a non-agricultural element of 

 disturbance the month's exports would have fully equalled the figures 

 of 191 1 and 1910. The small shipments from Russia, 412,000 qr., 

 were balanced by North America shipping 769,000 qr., against 390,000 

 qr. in February, 191 1, while if India had been expected to ship more 

 than 307,000 qr., Australia had not been credited with ability to send 

 off 705,000 qr. out of a crop which the International Institute had 

 warned us not to regard as an average one. Europe S.E. for February 

 shipped 538,000 qr., but only 65,000 qr. of this total is covered by British 

 bills of lading. When Europe S.E. ships heavily in any given month, 

 but almost exclusively to ports other than British, the effect is apt to be 

 registered on our markets a full month later in the form of increased 

 pressure to sell to Great Britain on the part of Argentina, the United 

 States, and India, countries which, but for the shipments from South- 

 Eastern Europe, would have had outlets in France, Italy, Spain, and 

 the Low Countries. By reason of contiguity, Germany continues mainly 

 to buy of Russia, and Australia from the very beginning has prac- 

 tically relied upon placing her entire wheat surplus with British buyers. 

 One reason for this is to be found in the strong likeness between 

 British and Australian wheat in loaf-making. 



With February 29th ended the first half of the cereal year, for which 

 the total wheat shipments were found to be, from North America, 

 6,247,000 qr. ; from South America, 1,956,000 qr. ; from Russia, 

 5,044,000 qr. ; from Europe S.E., 5,539,000 qr. (Europe S.E. surpassing- 

 Russia is remarkable); from India, 2,191,000 qr. ; from Australasia, 

 2,893,000 qr. ; in all, 23,870,000 qr. This total is below the average. 



The British wheat average for February showed some advance on 

 January, reaction in wheat prices towards the close of the month being 

 mainly in La Plata, Australian, and ordinary Canadian kinds. The 

 British average for the first half of the cereal year was 335. per qr. 

 Imports and home deliveries together give a total supply in excess 

 of the estimated requirements by over a million quarters, but the 

 stocks in the fifteen chief ports were, at the end of February, less than 

 usual. There are now 3,300,000 qr. of wheat on passage, a quan- 

 tity virtually identical with the expectations of a year ago. February 

 closed with ordinary Canadian wheat (type No. 4 Manitoba) at 405.. 

 with Australian at 39s. 6d., with choice white Indian a't 39s. 3d., all 

 per quarter. American red winter was fetching 75. lod. per cental. 



Flour. — The month in this trade was remarkable for a rise of 2s. 

 in the top-price, which had stood at 325. net for some months, but 

 rose to 335. on the 12th, and to 345. on the 28th. Town Households 

 advanced from 285. on January 29th to 295. on February 12th, but 

 no further advance was effected. Most of the London bakers advanced 



