LONDON CORN.

Patea Mail, 7 August 1880, Page 3

LONDON CORN.

The N.Z.L. &M. Agency Company’s circular of June 17 says -.—The growing cereal crops, both in this country and on the Continent, have been much benefited by the rainfall of the past three weeks, and there seems so far a strong probability of quite an average harvest if not of an early one. Greater eagerness to realise is shown by the holders of stocks both of English and foreign wheat, but millers refuse to make any but retail purchases, although the quantity 1 hey have on hand is unusaDy light. Quotations for wheat on the spot are now weaker, partly under the pressure of heavy American shipments, and partly from the general idea that the market will gradually give way as the season advances. As the various reports from all wheat growing centres continue to be favorable this idea seems likely to be correct, and as matters stand at present everything appears to point to a low scale of values during the summer and autumn. Latest advices from America quote a fall equal to 6 cents per bushel, or 2s per quarter, with a large stock of old crop yet to be shipped. Forward arrivals are generally difficult to place, and arc freely olVorod at low rates. Numerous arrivals of Australian wheat cargoes have taken place since our lastreport, thegreater proportion having been ordered from ports of call to Co nt i n ent al d esti n ati ons.