The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1875-07-29
REPUBLICAN STATE TICKET.
THE EUROPEAN BREADGTuTrS
MARKET.

The farmers OF this county Will find III
the following editorial from the Chicago
Tribune much that is OF vital interest to
them the prospective price of wheat,
the cause of its sudden rise, and reasons
why the comparatively high prices are
likely to be permanent. The Tribune
says the statements sent ~ cable, and
published in that paper concerning the
condition of the European wheat crop
IN countries which compete with us in
supplying the various foreign markets,
sufficiently account for the recent adj
vances in wheat, and is producing the
same effect IL England and France, the
entire advance in wheat in those countries
being, it is stated, 8 shillings per quarter,
which is equivalent to twenty-five cents
in gold per bushel. We are now enabl-
ed to judge of the condition of the
European crops with sufficient degree OF
accuracy to forecast the future demand
upon American breadstuffs. In Eng
land, the almost incessant rains and con-
sequent floods have produced 'talmost
irreparable damage" In Hungary,
which is one Of our strongest wheat
growing competitors, owing to storms
AID floods the crop Will probably be
light. In Southern Russia, which is
our strongest competitor, the drought
and worms have seriously affected the
crops. In France the terrible floods
have caused wide spread ruin, so that
that country viii have to import largely
instead of being an exporter, as she was
last year. Belgium, with its dense pop
ulation on a small territory, is affected
by the same pluvial causes which have
been operating in France. Switzerland
also will be obliged to import more than
unusual, depending upon Italy and
France. Italy has not been heard from.
She usually ships to Marseilles, Swift
erland, and Mediterranean ports, but it
is doubtful this year whether she can
furnish enough for home consumption.
Australia and the Baltic provinces have
not been heard from. Thus England,
Trance, Belgium, Holland, and Switzer-
land will certainly be competitors for
the surplus Of our wheat product, and
we shall have only two important com
petitors for their supply against u.s.
Hungary and Southern Russia. To the
extent that they are short, the West viii
have to make it up, since the Califor-
l. 1scr1,t t,ie oil
That they will be short to Il considerable
extent is indicated by the fact that It is
already conceded that the shipments of
wheat from Odessa, which is the Chica-
go of Europe, will be very materially
lessened. In referring to the bread
stuffs market of Europe, wheat is al
ways mentioned, because wheat is in re-
atty the breadstuff Of Europe. Here,
when wheat is short we can fall back
upon corn, but wheat is the staff Of life
in Europe, corn appearing mainly i'll the
form of pork, as the people have not
learned to consume it as bread or mush,
and when wheat is touched every family
in Europe feels it.
From this presentation of facts and
symptoms it is evident that the unusu-
ally heavy SUI plus wheat growth in the
West this year will find a profitable
market, and that there arc brighter
times ahead for farmers and carriers,
and that the expectation viii even exceed
that of 1873, which was up to that time
unprecedented. The immense shipments
in that year and the high prices obtained
helped this country materially to go
through the panic, and strengthened
the farmers greatly. Last year, how
ever, there were fine crops in Europe,
consequently much less wheat was ship
ped and less was obtained per bushel
for it. There is every indication now
that we will ship more than we did in
1873, and realize higher prices, so that
1873, thus relieving our importing ner-
chants from the pressure of their heavy
balances in Europe. We have already
shipped S57, 900, COO of gold in the seven
v,
caused the increase in the price of gold,
or rather the depreciation OF green
backs. The scale is turned, however,
and upon the strength of these
European promises greenbacks are
again rising IN value. Should these
expectations be realized, and should the
hog and corn crops sympathize with
wheat, and the cotton crop fulfill the ex-
pectations now INDUCED IN by the South,
gold viii be very low, and be left in the
hands of brokers to exchange for green
backs, instead of being exported TO Eu-
rope in such vast quantities to pay bal
ances. The New York Times SAYS
'.ln 1873 the balance Of imports over ex-
ports was about fifty-six millions. y
year later, thanks IN great part to the
enormous shipments of breadstufs, the
tables were turned, and the exports ex-
ceeded the imports by about the same
amount, that is, by fifty-seven and
three-quarter millions. both exports
and imports being calculated in gold.
Up to the 1st OF May a similar process
had been going ON, but by no means in
so marked manner. At that date the
exports lin gold) exceeded the imports
about twenty-five millions, aud OF this
surplus sixteen millions were coin and