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REVIEW OF THE BRITISH CORN TRADE. The cool and drying winds of the past ten days have been extremely beneficial to grain in stack. Deliveries are already showing improvement in condition, and farmers have little to complain of with respect to the season since we entered on the new year. There has been a considerable snowfall in the north and north-west, but only a casual sprinkle in the south-east and south. English wheat has been dull, and out of 56 leading markets 49 have been more or less in buyers' favour. Demand is inert, and the effect of the heavy reserves held by many of our leading millers is even more depressing than that of the colossal stocks in some of the port warehouses. Enquiry is bound to revive sooner or later, but a truism of this character is very little consolation to impatient holders. The increased supply from farmers is stil much smaller than at this time last year, and it is estimated that up to now only 2,S93,7GS qr., of English wheat 1891 crop have been sold, against 3,4S3,551 qrs in the same period of last cereal year. But for an enormous importation of foreign wheat in the twenty weeks, tbtie would have been a strong feeling by now upon all the agri- cultural markets. Foreign wheat is reckoned to have fallen since December 1st pretty continuously, and the tetal amount of the decline is stated at 4s on Californian, 2s on American red winter, and 3s on Indian wheat. The English visible supply of foreign wheat on January 15th was 6,223,000 qrs against 4,043,000 qrs two years ago. This excess is at the root of the present depression, and until there arises a sufficient enquiry to move some part of the sur- plus two millions, a series of dull markets appears inevitable. Continential demand is now being watched with much anxiety, and it is a hopeful sign that out of 382,000 qrs of wheat shipped from America last week 251,000 qrs were for the Continent. Another feature of tha week's trade which is distinctly helpful to holders is the drop in Indian wheat exports from 115,000 to 46.000 qrs. A third occurrence is the complete elimination of Russia and Roumania from our souroes of supply. As we writa there is not a single sack of Russian or Roumanian wheat on passage to the 11 United Kingdom, an event without precedent since 1855. The surplus of wheat for exports from Australia proves smaller than expectation, while the Argentine surplus is larger than usual These items of the week's intelligence about neutralise each other. It is, of course, to be regretted that it is !he British coIony wberefrom a reduced yield is reported In India the wheat area is about the same as last year for an increase in the Punjab, Berar, and the North-West is balanced by a decrease in Bow bay and Central India. The London market on the week shows Is decline on all sorts of foreign wheat, while American Hour is aLw Is lowt-r. Spring Patents on Friday were sold for 30s 01 landed, first Baker's 2Ss 6J landed, Pittsburg's Straights 29s landed, and Wa?hbuvn Sup^rlntives 328 landed. These are pri"e, which press hnrd on the home flour trade, whu-h has receded 3,j on the week for the top price, and on ET1 i lay accepted 31s 6d for London households, 31s for Norfolk, and 32a for Californion flour.-Mark Lane Express.