English samples were offered at the previous Monday's rates, and though some holders of foreign held out for 1s. to 28. more, we did not hear they obtained it.

The arrivals in the port of London during the four weeks were 8,811 qrs. English, 211,631 qrs. foreign, against 8,081 English, 193,899 qrs. foreign for the same period in 1874. The four weeks' supply for the United Kingdom, ending 17th July, was 4,355,379 cwt. wheat 407,141 cwt. flour, against 4,417,836 cwt. wheat, 525,260 cwt. flour last year. The London exports were 1,046 qrs. wheat. The London averages opened at 46s. 10d. and closed at 51s. 8d. The general averages commenced at 42s. 11d. and closed at 46s.

The flour trade, which for a long time had been dull and depressed, soon became in sympathy with wheat, a small rise commencing on the first market. On the second, town millers raised their top price from 40s. to 43s., and before the week was out it was 478., and country samples then became about 4s. dearer, Norfolks being held at 39s. to 403., and American were held at 37s. to 40s. per barrel for extra fine, but these high rates checked the demand. The imports into London for four weeks were, in country sorts 59,402 sacks, and in foreign 18,033 sacks, 53,699 barrels, against 48,335 sacks country, 8,235 sacks, 63,127 barrels foreign, for the same time in 1874.

Of English barley the supplies have been very light, stocks being apparently exhausted, but the foreign arrivals have been fair. On the third Monday there was an advance in this grain, from the heavy rains, of ls. to 2s., and prices since then have not changed, fine heavy foreign being worth 38s. to 40s., and grinding from 27s. to 28s. The rates for grinding being moderate, as compared with other grain, seem likely to be maintained. The imports into London for the four weeks were-349 qrs. British and 59,318 qrs. foreign, against 125 qrs. British and 38,401 foreign in 1874.

The malt trade has been very quiet, but partly partook of the excitement noted on the third Monday, samples then being held for an advance of 2s. per qr., which has since been maintained.

In maize an advance commenced before the floods were noted, and the rise for the month has been 3s. to 4s. per qr., prices ranging from 34s. to 37s. per qr. The imports for four weeks into London were-30,064 qrs., against 69,041 qrs. in 1874.

The oat trade has had immense arrivals from abroad, a circumstance which served to check the upward tendency of prices when the crop was threatened by the weather. There have been fluctuations between the excitement and the supplies, leaving the market 1s. to 1s. 6d. above the previous month. 38lbs. Russian sorts closed worth about 23s. to 23s. 6d.; 40lbs., 27s. 6d. to 28s., and sweet black same weights were worth about 30s. per qr. The quantities lately arrived being beyond the consumptive demand have partly gone into store, but these are generally held at an advance of 6d. per qr., on the score of

expense.

The market is yet very uncertain, being dependent on the weather and supplies, but we don't expect much permanent reduction from present rates. The London imports for four weeks were-in English sorts 1,620 qrs., Scotch 89 qrs., and foreign 352,680 qrs., against 931 qrs. English and 208,565 qrs. foreign in 1874.

Beans had become very firm before the weather was threatening, from the short English supplies, and small stocks in granary, and on the third Monday they note 1s. to 2s., and have since maintained the advance, but without much activity in business. Old English have become very scarce, and fine small worth 56s., harrows 50s., mazagans 478., and Egyptians 42s. The demand is slack at this time of year, and we doubt whether these

prices will continue to be paid, but much depends upon the weather. The imports into London for four weeks were 998 qrs. English and 5,127 qrs. foreign, against 1,533 qrs. English and 4,438 qrs. foreign in 1874.

While very few English peas have appeared at market, the imports from Canada and New York have been very free. These latter are mostly white for boiling, but then prices being less than beans, they are available as horse food, and principally sell for this purpose, values being 42s. to 43s. for good sound qualities, mixed sorts 40s. to 41s., maples and duns have become very scarce, and therefore bring rather more. The four week's imports into London were-677 qrs. English and 19,463 qrs. | foreign, against 108 qrs. English and 16,338 qrs. foreign in 1874.

Of linseed the supply this month has been large, but as stocks previously were low, prices have been fully maintained, The London receipts for the month were60,474 qrs. against 29,665 qrs. in 1874.

The cloverseed trade has remained in abeyance, there being no stock comparatively to speculate with, but the supposition gaining ground, that trefoil has suffered from the bad weather, something has been done in this seed at 4s. to 5s. per cwt. advance.

A new era in the history of Agriculture is thought to have commenced with the establishment of the Royal Agricultural Society; and another epoch may date from the recognition of the Tenant-Right principle by the Legislature. So far the relations between landlord and tenant have been regarded as private property. It might amuse the Farmers' Club, as it has done for the last five and twenty years, to talk about something more, which was required before the cultivation of the country could develop as it should do; but after the death of Mr. Pusey, little heed was taken of this in other places. Indeed, it appeared for some time as if the cause and its champion had died out together. Mainly, however, through the Farmers' Club and the material at its command, the cry grew again stronger than ever, until, at length, something has come of it. No one, moreover, would appear to think more of the question which he has taken up than the Premier himself. At the Lord Mayor's dinner table the other evening, Mr. Disraeli said, "There is a measure which I believe to be one of the most important that ever was passed in our time, and that is the bill with the modest title of regulating agricultural holdings. There are some, indeed, who say that bill is of no importance, that it is worth nothing, that it deals with an insignificant subject, and deals with that subject ineffectually. My opinion is, that it is many a long year since a bill was introduced which will have a

OLD SERIES.

greater and happier effect than that bill in the life of a very considerable portion of her Majesty's subjects. I believe that the indirect influence of that measure will be greater even than its direct influence, and that the time will come when it will be referred to as an era in our legislation upon the most difficult and not the least important of subjects-that it will open a happier era to those who are connected with the cultivation of the soil, and not less for those who are the possessors of the soil. I believe that it will elevate and strengthen in all its classes that landed interest which is not the least but, perhaps, the most important in this country, upon whose welfare that of the people greatly depends and on whose existence also depend in a great measure the liberties of England.” With very much of this we altogether agree, as we sympathise with Mr. Disraeli over the difficulties which he has had to encounter. The bill was beset with opposition from all sides. First, there was the good old-fashioned county member, of whom Mr. Henley is the model, who would not have such a thing on any terms, for he and his people had always managed to get on together without it, and would do so still. Then there was the more modern and insidious Farmers' Friend, hinting his doubts while the measure was yet out of the House, and going more directly against it when once within its walls. honourable gentleman did his worst, no question; while a representative of the third class of those in opposition, was the Radical member, quite willing to make capital out of the question, had he known anything whatever about it. Of this school Sir William Harcourt is the type, ever ready to interfere, to amend and enlarge,

This

Even

Under such circumstances it is said the measure does not go far enough; but in almost any other hands it would not have gone at all. Exercising something of an iron rule, the more particularly with his own party, Mr. Disraeli has persevered, and already is his work bearing fruit. in Mr. Pusey's time, although he had the pages of the Journal under his control, the question of Tenant-Right never found much favour in Hanover Square, where the Council table has been pretty generally surrounded by landlords and landlords' men, by no means inclined to identify themselves with their editor's new allies at The Farmers' Club. In fact, the golden rule at the Royal Agricultural Society long was, if it be not so still, that nothing about farming should get into Parliament. But even the direct influence of the Agricultural Hold ngs Act has come already to be acknowledged by this national body. On Friday evening a system of compensation for unexhausted material became the law of the land; and on the Wednesday previous, at the Council meeting in Hanover Square, Mr. Randell gave notice that he would move in November, "That while under any circumstances it would be of the greatest importance to the members of the Society to prove by a series of experiments made under every variety of soil and climate how far the accuracy of the estimated value of manure obtained by the con-sumption of different articles of food,' as given by Mr. Lawes in his valuable contribution to the last number of the Journal of the Society, is confirmed by practical results,

pensation to out-going tenants for the unexhausted value of purchased food will become universal. That it be referred to the Chemical Committee to consider in what way experiments may be conducted by practical farmers in "different districts to demonstrate by this union of Practice with Science the actual manure-value of the kinds of food most extensively purchased-say the first four articles is Mr. Lawes' table, with any others the Committee may select. The feeding value of each being also recorded."

That compensation for unexhausted value will become universal is speaking out, but at the same time is speaking the truth. The Agricultural Holdings Act is not compulsory in law, although, with Mr. Randell, we shall assume that it will be very much so in actual effect. And further, we have this terrible Tenant-Right, coupled with the precepts and practice of Mr. Lawes, a gentleman who habitually defies the four-course system, and grows his wheats and barleys for twenty or thirty years together. As we said in the outset, the legal recognition of Tenant-Right opens up a new era in the history of Agriculture, as we have already one of the slowest bodies so far to move in this direction now the first to take action. The Farmers' Friends and the extreme Radicals, alike ignorant of the object to be attained, have been willing to allow the Premier little credit for his measure; but we believe there is much good in it, and that it will effect far more good than just at this present moment is anticipated.

There is a threat of the Royal Agricultural Society's meeting in Birmingham next year being made the subject of a dangerous experiment; as all radical changes in the conduct of established institutions must be more or less hazardous. So far, up to this present time, the Royal show is no question a thorough success, as not only the Aargest but in every cense the best of its kind, commendable alike for its management and its quality. Of late, however, there has been a disposition on the part of the Council not so much to meet the necessary reforms urged by the outside members as to volunteer changes from within, proposed, as it would seem, simply for the sake of change. Thus, early in the year, came the recommendation of a Committee to run counter to Mr. Fawcett, and to put the catalogue complete into the bands of the judges-a measure especially advocated by Mr. Milward and Mr. Thomas Booth, although luckily, as at subsequently happened for one of these, the idea was scouted by the country, and by none more than by men who are in the habit of acting judges. Still, the thing has been tried on again in the North, probably at the instance of some of those who were defeated in Hanoversquare, with the very practical commentary of a judge at the show declining to be hampered in this way, but at once putting the catalogue aside, and taking the numbers of the animals once more as his only mark and guide. The country, it is clear, will not submit to be primed after this fashion, a means to an end which had better still be left to the horse-show or sale at Islington.

However, Mr. Milward, for one, cannot stop here, and accordingly at the Council meeting in November he will move, "That in future the country meeting shall commence on Wednesday instead of Monday, for this reason, amongst others, that Saturday and Monday, which are generally holidays in large towns, would be shilling days."

In the face of this, it may be well to go back to the shil ling days in some of the large towns which the Society has already visited, such as Leeds and Manchester; at Leeds the crush on the shilling days was so great that Mr. Brandreth Gibbs and the stewards were in some alarm as to whether their arrangements would equal the demand, and there was another bumper take at Manchester. On the other hand, a week's holiday would have failed to disturb the serenity of Bedford, and the rain had much to answer for at Taunton; although here possibly centres the head and front of Mr. Milward's movement. Had the show in the West commenced in the middle of the week previous to that in which it was held, taking the four days of one week and the Monday in the other, the Council would have very cleverly avoided the downfall which wept over the shilling days. But, unfortunately, in so capricious a climate as ours we cannot, as a rule, reckon even in July on the Saturdays and Mondays being invariably fine, and the bad weather falling to those who pay the higher fees. Moreover, we are inclined to think that all the large towns, as they certainly will in Birmingham, would make special holiday for the occasion; nor do we see that the change would be of any proportionate advantage to the exhibitors, a class whose interests should be carefully considered. The stock would still have to submit to a Sunday out, at the wrong end of the week, as they would have less time to travel on to the next show due, and people would not easily fall in with an alteration, which, as we have said, would be an experiment, the advantage of which has yet to be proved. If it be adopted the Smithfield Club must of course fall in, say by opening on Tuesday and closing rather earlier on the Saturday, when the people would have the opportunity of devoting at least one of their holidays to the stalls and galleries.