Variation in the Price and Supply of Wheat. 209 
(|uartcr, sliowcd itself at a neighbouring port last season, in the shipment from 
Yeisk of a couple of cargoes of Indian corn. This pulse ajipears to be well 
suited to the soil and climate, and may be looked forward to as a valuable 
addition to the commercial resources of the country. 
It may not be superfluous to mention here that the Tcheraamore province 
and country, on the line of the Caucasus, so highly favoured with agricultural 
produce in 18GG, were much less fortunate last year ; and those localities will 
be unable to aflbrd any considerable addition to the other resources of this 
trade up to next harvest. 
In the earlier half of last season, business in exports having been of a 
forced character, was but slightly remunerative to foreign merchants. Owing, 
however, to the advance of prices abroad, during the last six months, a 
profitable business was carried on, more especially in the autumn, although 
scarcity of shii>ping, with high rates of freight and insurance, towards 
the close of the navigation, tended much to curtail the benefit of those 
operations. 
Tlie course of these markets, and estimation in which the various export 
articles were held throughout the past shipping season, will be exposed more 
in detail mider their resiifctive headings, viz. : — 
Wlicat. — Hard was in good demand during the early part of last year, and 
fine qualities, which were scarce, eagerly sought after. Purchases of this 
description opened in January at the excessively high rate of fully 53s. per 
quarter on board. It was assumed at the time that no advance could take 
place thereon under any circumstances, but before the close of the month 58s. 
per quarter had been given ; and the same free-on-board cost was submitted 
to in February and March. A decline of about 2s. per quarter became observ- 
able in April, and by July prices had fallen back to about 50s. per quarter on 
board, under which superior qualities were not procurable up to the closure of 
the navigation, although an abundant harvest had in the interim come forward. 
Inferior descriptions of hard wheat ranged from 42s. to 46s. per quarter on board 
until the end of May, when a drop of from 2s. to 3s. per quarter took place. 
The free-on-board cost, from June to the termination of the season, was from 
3Ss. to 42s. per quarter. 
yiiirka, or soft wheat, was firmly held and but little obtainable at the re- 
opening of the navigation last season, when from 39s. to 42s. Qd. per quarter 
were paid free-on-board. The superior kinds, shipped principally to France, 
realised at the same time 44s. 6(2. to 49s. per quarter, frce-on-board. Prices 
did not give way until the middle of June, when the bulk of the inland supplies 
had come forward. In July, 38s. were quoted for inferior, and 45s. per quarter, 
free-on-board, for the better qualities, since which prices continued to creep up 
until the closure of this port by frost. At present, free-on-board quotations 
stand as follows : — 
Stocks of wheat at this place, Eostoff inclusive, are estimated at 150,000 
quarters, at all the other Azoff ports 170,000 quarters, which quantity cannot be 
extensively increased before the summer montlis, most of the supplies in con- 
tiguous localities having been, as above mentioned, already brought forward for 
sale. 
Much has been conjectured and said of the effect which the projected 
railways, when completed, will have on the Russian corn trade, the diminution 
likely to take place in the cost of transport, and the comparatively low prices 
whereat British markets can then be supplied with cereals. It has been stated 
VOL. V. — S. S. P 
Hard wheat, best 
, , ordinary 
Soft wheat, best 
, , ordinary 
£ s. d. 
2 12 4 per quarter. 
2 6 3 
2 10 10 
2 7 0 
