At Mark Lane yesterday there was a thinner attendance than
usual, and very little disposition to purchase except at a greater reduction than holders were willing to submit to. The general feeling is that prices are likely to give way to a small extent ; although it is difficult to say upon what grounds that opinion has been formed, unless it be on account of some arrivals of wheat from the Baltic this week, amounting altogether to 47,000 quarters. That, however, cannot produce any permanent im- pression upon the market. All accounts agree in representing the num- ber of vessels on their way from the North of Europe to England as being unprccedentedly few. In that case it is not very likely that any perma- nent reduction will take place. Indeed, unless the deficiency has been greatly exaggerated, the prices of wheat and flour must rise consi- derably above what they are at present before Christmas, or else we may lay our account with a food panic in the spring. Mean- while, the want of accurate knowledge on that head, and the vivid recollection of the losses sustained in the grain trade in 1847, tend to check speculation. If it could be ascertained what the rate of interest would be at the beginning of 1854, many orders would doubtless be sent abroad, and many speculative purchases would be made at home. But, as things are, no man can say what is to be th value of money a few weeks, much less a few months hence. A corn circular, published on Wednesday, anticipates a state of calm till the end of the year, owing to " the conflict of antagonistic interests," which it thus sums up— Holders and importers are supported by the expectation of still higher prices of corn, founded on the supposition of a deficient wheat harvest at home and in the West of Europe, the scarcity of shipping-room, the falling off in the arrivals, the approaching close of the navigation, and the embroiled state of politics in the East : on the other hand, millers, bakers, and consumers, mistrusting the present high position of prices, hesitate to embark into larger purchases than required by actual wants ; and, consider- ing that henceforward farmers are likely to increase their deliveries, and that several speculators will feel disposed to realize a handsome profit, it is pro- bable between this conflict of antagonistic interests, the corn trade, from this to the end of the year, may remain in a state of calm."
In the midst of such conflicting elements, none of which can be sub- jected to accurate calculation, a grain-merchant who wishes to conduct his business safely, would require an unusual amount of information and sagacity.
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