The Sun.
London, England, 1854-09-12 00:00:00

THE PRICE OF WHEAT.

No one who has thought on the subject would at-
tempt dogrnaticahy to predict the price of wheat any
more than to fortel future events of any other kind.
Unlooked-for circumstances may occur, which may
scatter to the winds the most subtle calculations. Not
to look further than the obvious vicissitudes in the price
of all commodities contingent on the success or othei-
' wise of the war in which we are engaged with Russia,
it is evident that an epproximation to a reasonable opi
nion as to the future price of wheat in this country is all
that can be attained. We may, however, advert to a
few of the particulars which must influence the price of
our staple article of national consumption.
The rapid fall in the price of wheat during the past
few weeks is one of the most remarkable ever known.
A decline of not less than 108. a quarter has in various
paces occurred between one, market day and another.
Wheat, which early in the year reached from POs. to
100 s. a quarter, may now be obtained for from 50e. to
565, a quarter. Here for the present there is a pause.
The London market of Wednesday is reported to have
been steady at the decline of Monday.
Whence is this extraordinary decline ? It must be
attributed to the authentic intelligence which has reached
this country of the excellent crops on the continent and
in the United States, together with the ascertained fact
that our own harvest will be both good in quality awl
abundant in quantity. Nor must the general sound-
ness and extent of the potato crop be overlooked. The
potato enters so largely into the consumption of the
working classes, that the abundance or deficiency of this
esculent exercises a decided influence cn the price of
wheat.

It seems now to be pretty generally admitted that the
recent high price of wheat is not in any great measure
to be attributed to the effects of the war. The blockade
has not prevented large quantities of wheat finding its
way from Russia. to the rest of Europe.
' But there are other most important causes in opera-
tion. Under protection, with an abundant harvest and
a restricted currency, wheat sank in 1835 to an average
fur the year of 39s 4d a quarter. Under free trade, the
yearly average for 1831 was 33s Cd a quarter.
We are now under different circumstances. The gold
discoveries of California and Australia tend to keep up
the prices all over the world. They do so principally in
two ways—by providing money sufficient to allow- trade
and commerce to flourish and expand, and by lowering
the price of gold as measured in the great article of human
consumption throughout the civilised world—corn.
Let our agricultural friends then take courage. Vire
incline to the opinion that wheat will not sink to the
low level which it did when they had protection alone
to depend on, ncr to that which it did under the free-
trade system, unmitigated by the beneficial effects of that
providential discovery of gold which is one of the most
important occurrences of this most eventful period. The
outpouring of gold--itself an event of comparative insig-
nificance, for how little the wealth of nations depends ou
the acquisition of this metal, ruined and impoverished
Spain evidences—the out-pouring of gold throughout
the world, by correcting the prevalent false systems of
money, and particularly the absurd and injurious sys-
tem established by Peel's Bills in our own country, pas
worked, and is still working, most advantageously for
the agriculturist as well as for the merchant and ho
manufacturer. We have 13 millions of gold in the Bank,
the French Bank has 19 millions,- —British India has, it
is said, no less than 16 millions of specie in its treasu-
ries. These accumulations, with the expected imports,
will, we trust, keep panic and penury from our doors for
the present.—. Derbyshire Courier.