James Madison Papers

To James Madison from Maury & Latham, 6 October 1821

From Maury & Latham

Liverpool. 6th. October 1821


Tobacco has been in good demand this week, particularly for the last three days & the sales are not far from 400 Hhds, chiefly Virginias, & at an advance of full ½ upon strips & ¼ upon leaf—holders are looking for a further advance of ¼ perhaps ½. & will probably be sparing sellers until then. The rise is owing to the continued accounts of short supplies this season, the expected arrival of the Mary & Susan without a full cargo, in corroboration, the partial loss of the Dariens cargo, & the recent accounts of the growing crops in Virga. not being very favourable. These circumstances have had much effect upon both holders & buyers, & should the London market become equally good, we may expect that the present prices will be fully maintained, & probably advanced upon ½ should the supplies prove really short—we quote strips @ 3½ a 6½–& 6¾–leaf 2¾ a 7½.

The average price of wheat for the week ending the 29th ulto is 70/7 per Qr. Should it equal 67/ for the next six weeks, (not improbable) the ports will open to British America. They are not likely to open to the United States this year. Old Wheat is steady @ 12/ @ 13/6. Flour in bond is quite nominal @ 35/–38/ but 30/ has been refused. Sour1 in bond would not bring 25/— but in fact, no enquiry. We are, respectfully yours

Maury & Latham


1Among other industrial uses, sour flour, “flour which has been fermented for several weeks,” was used in the finishing of cloth (F. Crace Calvert, “On Improvements and Progress in Dyeing and Calico Printing since 1851,” Journal of the Society of Arts, and of the Institutions in Union 10 [7 Feb. 1862]: 177).

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