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REVIEW OF THE BRITISH CORN TRADE. The rainfall since the 29th of June has been serious. Instead of the weather ameliorating, as had been promised in the forecasts, the area of rain and wind steadily increased. The downpours of the 29th and 30th were by no means general, but since July came in the whole of the United Kingdom has passed under cyclonic conditions. Nor has this been all, for the fall in the temperature has been marked, and the heavy rain which began on Friday night, and lasted through Saturday, came from tho north. The 4th and 5th July were seven from the north. The 4th and 5th July were seven degrees below the average of shade temperature, and there was a complete absence of bright sunshine. The bloom on the wheat being rather the sign of a process just completed than of its being actually in operation, the effect of the washing rains may not have been such' as to cause much anxiety. But the prospects ,of a good wheat crop are undoubtedly smaller than they were a week I ago. By how much it would be the merest guess work to say, but speaking of July generally, It has been estimated that every bad day knocks a 100,000 qrs. off the total wheat yield. Certainly a uniformly unfavourable July lUight reduce a crop promise from 10,000,000 qrs. to 7,000,000 qrs. l'here is happily a great recuperative power in the wheat plant, and July days are still long, so that clear sunshine may have potency for something like fourteen hours at a stretch. The need, how- ever, of this restoring and ripening power is now most urgent, and the markets are already showing apprehension. Out of fifty-five leading exchanges for wheat, twenty are dearer against only four last week, twenty-four firm against seventeen, and only eleven in buyers' favour, against thirty-three. Barley shows fourteen markets more or less iu sellers' favour, against one last week oats, fifteen against three maize, eighteen ngaimt three and flour, nine against a blank record. This is no more than might be expected. The holding of all home produce must be expected to become very firm, and farmers are not likely to part with their scanty reserves of old corn at anything like the prices they were willing to take when all the agricultural aspect was in buyers' favour. The London averages, indeed, are low, but the total sales do not amount to enough to afford any adequate lest of value. Last recorded quotations were:—Wheat, 32s. 2d. per qr., and oats 19s. lid. per qr.; but only 257 qrs. were sold of the former, and only 64G qrs. of the latter grain. No sales of English barley were reported, and in the previous week only 45 qrs were sold, so that this crop really appears to have been sold right out. How much old wheat remaius is doubtful, but the view which we took a month ago concerning the tenuity of farmers' holdings seems to receive confirmation from the records of each week as it passes. At Bristol, on Thursday, the real scarcity of English wheat in Gloucester and Somerset was widely referred to, while an equal scarcity was reported of Essex at Chelmsford on Friday, and the Lincoln market telegram ran:—"The 1889 wheat crop is about used up the few samples offering to-day made Id. advance. There are few old beans and peas left either, but oats have held out well, and the yield in 1889 was good." The imperial average for English wheat for the week, ended July 5th, 1890, was 32s. Sd. per qr. on 34,343 J- qrs., agaiust 28s. 4d. per qr. on 29,1061 qrs. last year. The septennial or tithe average for the week is 33s. lOd. per qr. on 32,727 qrs.