The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-08-25
THE wORLD's WHEAT.

THE WOhLD'S w HEAL.
sPECULATIoNs ABOUT BREADsTUFFs.
The New York Bulletin gives its views IS
follows: Taken as a whole, the European
harvest is not likely to turn out quite so
we'll as the early promise indicated. Those
who have followed our almost daily ac-
counts translated from continental journals
will have noted that recently, in many in
stances, the reports have assumed less
favorable character. Some districts have
suffered from excessive heat and drouth.
and Others from too much rain, France,
however, having apparently been more
exempt from these excuses than other
counties. The Mark Lane Express of Aug.
Is gives the followingi account OF the
weather during the middle week of August.
Bad weather has prevailed throughout the
past week, but our farmers have kept a
sharp lookout and have secured their crops.
There are no reports Of sprou'ing, though
much wheat was stacked in poor condition
in consequence of high winds and low tenn
perature. The same weather has ruled on
the continent. The crops here and in France
are mostly secure, and the dependence OF
both countries on foreigners IS materially
lessened. The latest estimates put our crop
at seven per centum below the average.
With the Information at present to- hand.
il does not seem safe to conclude that the
result of the European harvest will be more
than full average as to quantity and
about the same as to quality. In the case OF
England, the authority above quoted
estimates a deficiency Off per cent; but the
estimates for the AUS rian empire, published
by us yesterday, afford reason to expect that
tho increase in thai important source
Setting 'p off the English deficiency. At
home the promise is somewhat better than
abroad. In both wheat and corn there is an
increase~of acreage and the weather has been
favorable to a high average condition; we
have therefore every reason TO expect more
than an ordinary surplus for export. This
probability is also strengthened by the fact
that, as the hay and potato crops are very
promising, there will be less inducement to
substitute corn and oats for cattle
food. and corn and wheat
for potatoes in our family consump-
ton. In Europe, however, there is very
generally deficiency in the crops of feed
ing stuffs, hay, clover, and roots; which
will cause heavier drain upon such grains
as can be used as substitutes.
How do these facts bear upon the future Ql
prices of breadstuffs? We can not coifiefeh
with those who predict a severe decline in
wheat and corn as the result Of the gener
ally good harvest. 1t is never found that
abundant harvests cause any great decline
in prices, except in the event OF the pew
supply coming upon already good
stocks in hand. And that Is not
tho present condition OF the grain
markets here and in Europe. The pres
ent stocks OF grain. taking Europe and the
United States together, are very light. As
the Mark Lano Express recently remarked,
"the barns and granaries OF every country
were never swept cleaner" and before any
important decline in prices can be effected,
the depleted stocks must be replenished. Ii
is in accordance with all experience that
prices begin to yield when stocks begin to
be burtbensOme, and, a rule, not until
then. When stocks have been lignteDed by
a succession of poor harvests, il requires a
succession of good harvests to fill up the
vacuum; and, therefore, we must look TO
the possible event of abundant harves,s in
1878 as the occasion of any material drop in
prices, rather than expect that result from
the crops now being gathered.
We have also to consider the question of
probable consumption. While bread is the
pOst essential of all articles Of human con-
yet it Is not exempt from liability |
to curtailment of use by the eandision of he |
The bulk OF the worlds wheat |
aud corn product is taken by the working |
classes; and any change in their ability to |
purchase has very important bearing |
upon the demand for bresdstuffs. At pres |
ent, the condition of the working class in
Europe is by no means so good as |
it was one or two years ago. Panic |
in Vienna, war int France and Ger |
many. and Industrial reaction in England |
have produced a general commercial de- |
preston. These facts, together with the
forcible advance in wages brought about by |
labor agitations, have produced a sharp con- |
traction in the demand for labor, and, |
wages remain high, yet there are |
large numbers out of employ |
r,ent or only partially engaged. This state |
Of things cannot but have its influence upon |
the demand for breadstuffs; and, apparently, |
while we may hope for steady improve
ment in this respect, yet it would be I'M
to expect complete recovery
before the new crops have passed into con-