The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-11
The Harvest or the World.


The Harvest or the World.
from he London Economist scps 10
The hayest having been brought to pretty gene.
raj conclusion throughout England, il becomes ne
cessary to consider its results, and its probable In
fuence upon future prices, both here and in the
Qua readers have already been informed that the
wheat crop is remarkably good, of unusually fire
quality, aud that the weight of the samples is fully
up TO "a lbs per bushel Notwithstanding these i'm
on the part of the growers in reference 10 price.
They freely admit that their prospects are good and
that very low range of value cannot be antici.
pated. Even those who at one time, were stern pro-
tectionia. and who predicted the ruin of the agri.
cultura Bdy from the admission Of foreign produce
at nominal duty, ooncede that value must rule
perabundance, and that the position of the
der the new system. Although the gene
raj admission is that the new wheats are thrashiDg
OFT well, there is, we find, an effort made in some
quarters TO underrate their actual produces and II
is frequently matter of no little difficulty to get
information upon this head, of a perfectly reliable
character. We have, therefore, made it point to
travel over some extent of country, and have thus
been enabled to form conclusions az once satisacto-
ny and instructive. Taking the eastern counties We
frd the produce enormous, as we have seen the
thrashing machine produce both In Essex and Kent
from six TO fully seven quarters to the acre.
Throughout the midland districts, the yield is more
In the north, northeastern, western and, indeed,
other parts of England the growth may be consider
ed the best on record; hence,i it would be no ex-
aggeratop to state that we have, this year, grown
nearly, or quite, one million quarters more wheat
than in 1856. With this view Of the produce, con-
sumers naturally anticipating considerable fall in
the value OF Bread they argue that great abundance
ought 10 produce lower prices, and that they ought
But the question to consider is-will consumption
keep pace with our increasing supply? And we
may further ask, whether there is prospect of our
receiving more corn from other parts OF the world
than can be consumed here. Even the most decided
protecionist must admit that the consumption of all
kinds of food in the united kingdom has wonder
fully increased OF late years (the result, be It OBJ
served Of great commercial prosperity and If we
consider that other nations Of the world have re-
qured to feed their populations, it is fair to
infer that the actual surplus for future shipment to
England will not be on so large scale as has been
imagined. Official returns inform Us that our i'm
portatons Of wheat during the last two years, have
not increased in q comparative sense, and fur
Their that the activity of trade, and consequently,
the increased demand for the farmers produce,
has given q stimulus to British agriculture
which it could never have received under the old sys
tenn The rapid Development then, OF our commercial
greatness has been great boon 70 the agricutursts
il has opened up to them markets OF great value:
they have realised high prices for their produce
and az no one time have they been threatened, as
under the sliding scale with the sudden release from
bond of one or two million quarters OF wheat at q
nominal duty. That the present consu mpuon OF the
better kinds of food in England is greatly in excess
of any former period; and that we have been bless
ed with most abundant harvest are facts patent 70
the least attentive observer. STILL who will venture
10 assert that the price OF wheat will go down 70
oS IN Po sHcS Sh
suit, az the result Of the efaD during the present
week the value of wheat having advanced fully
Jour shilngs per quarter, with coprloeraole ANNA
ton in demana-justihes US In assuming that
future prices, taking into account tle guam
tity produced, will frily compensate the grow
ers for their skin and outIa Of capital. II Is not
consistent with the experience OF late years TO con-
tuo that good ha vest must OF necessity reduce
the value OF grain 10 an average OF f0s. AS. per
quarter because the whole question hinges upon our
powers OF consumption, and upon the ability OF the
people to purchase additional quantities OF food.
On this latter point there cannot DO difference OF
opinion. Everywhere great Individual prosperity Is
70 be found-the power OF purchase mas been en-
largeaand there is no prospect OF our being inun'
dated with foreign produce; certainly, We shall be
IN position 10 consume or use up every quarter OF
grain that may be imported. But there Is another
matter in connection with price which remains 70 be
considered viz, the yield Of wheat in what may re
termed The shipping countries OF the world. In the
north OF Europe, the growth is a far average one;
il France considerably in excess OF las. year; and
in the United Staies the yield Is represented as the
best record, both as 70 quantity and q1slty; IN
Deed, We may venture to state that more wheat
has been grown throughout the world than
NJ any former period This great production without
due consideration would seem 70 imply considera-
BILE reduction IN price In this country; but we must
bear IN mind that prices In the United states are
too high 70 admit 81 shipment 20 this country (the
finest barrel Of -four at New York being worth
Learly 40. per barrel against 34s- in London) that
the stocks of last years produce have been entirely
worked up; that the rapidly increasing population
has already commenced the consumption Of the new
CROP that great prosperity and consequently very
large consumption OF food In reported in oil the
various States; and finally, that France, while she
will require 10 import less will have nothing OF her
owr growth 70 spare for us. Thus, those Two coun
tries-which, al one period forwarded enormous
quantities OF produce 70 this county-are likely 10
have mach less influence upon value In our great
consuming markets than hitherto. 10 SHOW tnat
there IL very little old produce on hand In the int
nor Of America, we extract the following remarks
from a letter recently for <arded 70 Us from New
York:-"Tbe arrivals continue light, indicating that
extent than usual. still the supply is amply album
dsnt in the absence OF any export demand, and WITH
only limited home trade inquiry. The receipts ~
tide water by our state canals and railroads. since
the opening Of navigation 10 the l4th instant,
only 2Cs sol barrels, against AZ 900 barrels during
the correspon log period last year-a decrease or
206,sls barrels. BY reducing wheat 70 four, the
deficiency l. equsl 70 6s4,636 barrels. Nearly all
the minor lines OF transportation show a similar
dminu,ion, thus indicating that the large ship
ments last fan and winter, the late spring and the
great emigration movement westwafds, have about
exhausted the crop OF 1856" Although sc have
A0NlCef from Spdln fOIbuEAs
Turkey ard the Russian ports in the Black Sea, 70
the effect that wheat is gradually fl ing in price
there il no i'm nedis,e prospect Of unusually
large arriRs from those quarters bat The
present ID y rate Of exchange az New York,
and a gradual decline in the value Of wheat and
-four there, may induce extensive shipments towards
the c,ose of the year. Nevertheless taking into &C
count the high state o. prosperity in this kingdom,
the ability OF the growers 20 hold back portion Of
their usua supplies, and the great powers OF con
sumption, IL seems probable that those who are
looking forward 20 rapid fall In the value OF wheat
will be disappointed. Prices msy, IL Ia true, rule
somewhat 10 than az present In the event Of mo
ney continuing high in the discount market, aud OF
the importers being compelled 70 press sales Dot not
more 90 than the additional yield woult appear 10
Justify r certain IL II that we have grown the best
and most valuable crop OF wheat on record, and
thei efore taking quantity into account, We have no
doubt that farmers viii obtain TOR 10 fairly remune
ratiye price. II may however, be right 70 add that
the quality and weight OF the wheat OF this years
crop good ss fully 70 justify an expectation