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REVIEW OF THE BRITISH CORN…

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REVIEW OF THE BRITISH CORN TRADE. Potato-lifting, which in ordinary course succeeds on the completion of the cereal harvests, has been much favoured by the dry, crisp, autumnal air prevailing since October came in. After a Sep- tember, in which the rainfall was less than an inch, the soil has been left in a very dry state, too dry in fact for autumn wheat sowings to be profitably commenced. There is, however, no hurry as yet in this respect. The threshings of wheat, barley, and oats proceed apace, and condition is generally good. There has been a good deal of naturally poor stuff rushed on the markets, thereby de- preciating the average price; but it does not appear as though the proportion of poor to good qualities out of this year's crops would show any abnormal quantity of the former. The better farmers are usually the stronger holders. English wheat, according to the official prices, is 5s. down from August, and but few millers succeed in getting 2s. off the terms asked on any given samples a month ago. Good red wheat then held for 35s. now makes 33s. per qr., and even at well- supplied markets there is nothing like a disposition on the part of farmers to clear at any price. Importers are stronger holdera than farmers, and within the last few years there have been several occasions, and those the most critical, when the good deliveries of farmers, on the stimulus of a very slight advance, have alone stood between millers and the certainty of a very sharp rise in foreign grain. Even now English wheat, on its merits, is fairly under-selling imported wheat. The average price of English wheat at the 196 market towns was, for the week ending October 11th, 1890, 30s. lid. per qr. on 92,476A. qrs., as compared with 29s. 4d. per qr. on 85,582t qrs. in the like week of October last year. Returns, as oar readers will remember, are now collected from an enlarged and revised list of markets, and the comparison with previous years, although not with- out a certain usefulness, is no longer accurated as regards quantities. The price realised is quoted per 480 lb., a light weight, which makes the average artificially low. Foreign wheat has not been selling very freely, but Cahfornian has recovered 9d. of its September decline, and other sorts about 3d. per qr. That this has been accomplished in the face of colossal imports is almost a guarantee of the intrinsic strength of the market. The large quantity of wheat on passage is felt to be a mennce only so far as trade during the next three months is concerned..Contracts for later delivery have been small, and it the present expectations be spread over the entire winter, there will be a defieiency, rather than excess, of supply. The United States show no signs of selling grain at any decline; the latest markets witness, indeed, to a slight improvement upon the week. India has paused in her shipments, the margin of profit being now, according to all reports, extremely slight. Spring corn is now selling rather more exten- sively than a long record of dull" markets would lead one to suppose. The word "dull" in point of fact is frequently used to indicate a declining tendency in value, rather than an actual slackness of trade. Malting barley shows ruch variety but there is quite an average proportion of good serviceable samples which are readily bought at fro.ii 328. to 35s. per qr. Fine colour and special malting quality carry the top price 10s. above this level. Grinding barley has been a little cheaper at some ports, owing to the large quantity which is now on passage. Oats show no recovery,, though a tailing on in the imports promises some relief of the recent severe pressure of arrivals on trade. The stocks of maize are returned at nearly double what they were a year ago, and while this is so prices must be expected to keep on the lower side of that 25s. level which represents the average value of maize for the last ten years.

MARKETS.I

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