Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1856-07-23

With the subject entertain doubt; and the
question Is brought To what may be called legitimate
by the ateness OF the this year well last
by which full years consumption. will have be provi-
ded for between harvest and harvest As this circum
stance likely to exercise material influence prices
another year, shall further enlarge upon what have al
ready stated In my letter OF the 9th inst
there showed that the importatons OF foreign wheat
for the first seven months of the seasonal from
the ls October to the soth April-smoun,ed to only
sos4ss qrs, against which must be set considerable
quantity Of English wheat exported to France, Belgium
Hamburg, &c, of which notice Is taken in the month
y accounts OF the Board Of Trade but which would pro
badly reduce IL To 100000 Qrs Surprising the impor
tatons Tor thS remainder of the be in the
proportion (which much doubt il would give US
in round numbers, 2.sooo0o qs for the year from the
LIST October, 1850 the 3Oth Sept, 1886. further
reduction, however, must be made of the de-
scpon of wheat that has been imported large proper
ton OF being Egyptian and other Inferior ~hests which
have been purchased by disers and other
substitute for spring not being available here for
bread. II is well known in Markane that the stock Of
wheat OF fair quality on hand in London is very
SMALL the bulk ct the imporations the last six months
being from the East Indies and Alexandria, neither
rca the Baltic ports having this year supplied us
with their average quantity.
If these views therefore, corrcc-and should be
most happy to be shown their falacy if it e,sts-we
stand in the following position: With nearly exhausted
stock OF home grown wheat the smallest stock OF ava
BILE imported have held Tor years. and the
certainty that the stocks in those countries which
import also low whilst what they still hold shall
have TO compete oi with ncghbors the French who
still from eight to ten weeks before the harvest will
eve IL is, therefore, evident that the approaching
harvest will hnd this country completely bare old wheat
aud shall again have commence az once upon the
CROP AS has been the the last two years whilst
in the interim before the ill., il will be
only by giving higher prices than the French markets will
afford that we can obtain supply of foreign wheat,
exc out the seasonal year.
But what in the place. is the prospect in respect
to prices in future? Taking everythnginto account
not think We shall wheat alta much lower average
has fh. 81.
First the exhaustion of the stocks both on the
Continent and in the United States well as in England
will stimulate competition in many parts of the world
where wheat Is grown more especially in France and Bel
gum The former is importing country three
of four and certainly will 50 next wear which
will continue the competition have had
the last three years In the second place the return
of peace will stimulate consumption by the improvement
OF trade and manufactures; that shall require
increase supply of foreign wheat the increased
mand. third cause have not vet seen adduced al.
though is likely TO have permanent effect upon prices
which Is already the although lmpercepuby.
tn the influx OF gold, Australian colonies and
California which continues increase and is likely TO do
Tor an indefinite period ought therefore, be
ken into account in any calculation Of commercial affairs
in future.
1t will be asked how can the influx Of gold affect pri
when Il Is notorious that small portion of
mains in The country and that England in point OF fact
Is medium for the transit OF the precious metal
from Australia to the European continent?
reply that il matters not whether retain the gold
in the country not, long Il isayes residue IA
The shape OF profit behind a.: and that such is the case
no one will doubt, when it is considered that the gold
received represents the manufactured goods
the colonies from whence the gold We have SEN
shle felt the surprising effect OF the demand thus created
for goods of every description during the late war by
which the deprivation of the continental demand was ~
amply compensated for that the high prices OF agricultural
produce with increased otherwise no
distress amongst the operatives exceptn of strikes
which cannot be taken into the account
Little this subject is thought upon or understood
consider one OF the most important elements our So
cia condition, both present and future in reference
effect upon prices IL is, in fact OF what
took place upon the discovery OF America and the influx
of gold and silver from thence Europe Prices of eve
yhing including abour advanced an enormous extent
aud continued TO do although the quantity poured
to Europe did not exceed the average NJ
900 sterling per annum in the three hundred years prev
Gus 10 the separation OF the colonies SPAIN In adj
lton TO the supply from these now have probably
not less than from fifteen twenty millions from Califo.
mia, and from twenty 10 thirty millions from Australia
poured into the worlds commerce, the United Kingdom
obtaining the lions share Of it, and after taking the profit
upon IT, passing it on To her neighbours her large extent
of public and private credit rendering its retention in this
country, beyond a certain amount, unnecessary.
IL i chiefly 10 this that ascribe the present high
price OF all kinds OF provisions Take meat Tor instance
1t Is certain that cattle bred and faened than
ever aud yet such is the consumption that al
most any price be obtained for fat cattle the market
few years ago before the discovery of the California
gold fields purchased a. hne rounds of beef AS Lon
don could produce, at Std per pound could not now
purchase them at less than I'd sd. pound The
advance ascfbe in great the effects produ
ced by the naX OF gold which hiss been the means in
conjunction with free trade of difung wealth through
out the country. Assuredy agrcuturists are reap
ing, and will still continue reap their full share OF the
benefit.
must recur to this subject again. having filled my lin
us. Yours respectfully,
London June rs. sc