New-York tribune., 1870-01-03
VHY is GHAIN CHEAPf

The World thus comments on our recent eX-
pose of the causes of the low prices of Grain
| "THP TRIBUNE falsely asserts that England has no
need Of our surplus The facts are that her farmers
deliveries have only been about fourffths as large as
last year Their deliveries for the week ending Dec.
were only 1916 quarters, against 6c quarersfor the
corresponding last December aud yet last year
she was largo importer OF wheat, drawing greater
portion OF her supplies from other foreign countries and
not the greater part from she Is now doing But
We shall be told that the crop IS excessive We reply
that receipts at the lake ports do not show 1T our
stocks here arc large as last year. taking Hour
into the account and export demand is much larger
"Why then the low prices First, the decline in gold
and next the want Of II sound and reliable financial
policy on the part Of the Federal Administration have
destroyed all conhdencen the stability OF prices or In
any regular course trade. People will neither loan
| nor invest their money"
Comments By The Tribune.
That Grain, like every thing else, should sell
| lower in greeabacks when the premium on Gold
| is but 20 than it did when that premium was
| 90, is O matter of course. There is no need
of elucidation on that head.
But the British price is, and was. given in
| Gold so that the fact that Wheat is now sell
ing in the chief British markets for 2l cents per
bushel less than it brought three or four months
ago, is controlling. Our decline In gold or our
Financial policy can hardly be blamed for that
The World states that the British farmers
have not thrown their Grain on the market so
freely as they did last year. The low prices
prevailing would naturally prompt the with
| holding of crops in the hope of reaction in
the market. And it is clear that the foreign,
not the domestic, supply pressing on the mar
ket has been the cause of the decline.
But The World thinks the depression on this
side excessive, after making all proper allow
ances That, too, is natural. Exporters who
| have shipped heavily to falling market, and
of course lost heavily by the operation, are shy
of buying till they have some assurance that
| the depression has touched bottom. They wait
| to see if there be any rebound in the market.
We believe the bottom has been reached.
The Mark Lane Express of Dec. % indicates
this. Though it quotes American Flour at 81
to % shilings per barrel equal to $5.04'0
$528 gold), and new English red Wheat ut
3Ss. to AS. per quarter [of long tun] and
white at 40s. to AS. per quarter, it reports as
follows:
MARX LANE, Monday afternoon Dec. 2O.-The largest
supplies last week foreign Oats and Barley Wheat
other grain being moderate Exports ITO qrs Oats
English Wheat 1881 qrs foreign 1853 qrs The show
short and, though much OF iwas in poor condition.
went of moro freely at fully the previous rates. nne
being occasionally dearer There also better feel
ing foreign especially In IAmerican and Russian Sorts
which had been unduly depressed.
Country Flour, .S6 sacks foreign. 1l6o sacks. 6ss2
bbs The trade was steady. at the reduced rates Of
Monday, for EOrfolks and other country marks. In
foreign sacks and bbs the demand was limited, at the
former rates. Town qualities were unaltered.
Maize 1850 qrs While fine sorts maintained their
value, inferior were rather cheaper.
1t reports the business of the preceding
week as follows:
Monday In Mark lane commenced moderate supply
Of Engsh Wheat, with plenty lof foreign. principally
from Russia. The show Of fresh samples Essex and
Kentsh stands very limited yet the trade ruled dull
and mers bidding Is less than the previous rates
for the best white samples which factors would gen.
orally accept Inferior lots. especially such as were
rough were quite passed The continued arrivals
from Russia made all these qualities difficult 20 quit at
fully per Or less money and In this reduction Ameri
can participated. Floating csrgoes were slow SALE
On Wednesday there $50 qrs per coast, s2o qrs
foreign The business Of the day very quiet at the
previous for all fine samples. with very little in
qury for anything Inferior In foreign the trade re-
mained SLOW but prices much about rs the
vous market Fridays quantities per coast we're lao
qrs, with 1880 Qrs foreign. II anything, there
rather tone in todays business, prices being
sidered at their lowest. but still the demand slack
for thing but the best qualities Foreign only
In moderate request.
We think we may fairly hope that there is
to be no further decline in the British Grain
market, and that there is chance for i'm
provement. Still, we see no grounds for blam-
ing our exporters, much less the National Adj
ministration, for the low prices ruling in this
market. And every day strengthens our con-
viction that, in order to secure steady AMI
munerating markets to CIR Grain growers, we
must cease importing manufactures, and I'M
port instead those who produce them.