Knoxville Whig and chronicle. [volume] (Knoxville, Tenn.) 1875-1882, 1875-08-04
he European Breadstuff Market
From the Chicago Ttibune.l

From the Chicago Tribuno.l
The statements sent by cable. and
published in this issue Of the Tribune,
concerning the condition of the Eu-
ropean wheat crop In countries which
compete with us in supplying the
various foreign markets, sufficiently
account for the recent advance in
wheat, and Is producing the same
effect in England and France, the en-
tire advance in wheat in those coun-
tries being, IL is stated S shillings per
quarter, which is equivalent to 25
cents in gold per bushel. We are now
enabled to judge of the condition of
the European crops with sufficient
degree of accuracy to forecast the future
demand upon American breadstuffs
In England, the almost incessant rains
and consequent floods nave produced
"almost irreparable DAMAGE In
Hungary, which is one of our strong
est wheat. growing competitors, owing
to storms and floods the crop will
probably be light. In Southern Rus
STA, which is our strongest competitor,
the drought and worms have serious
ly affected the crops. In France, the
terrible floods have caused widespread
ruin, so that that country will have to
import largely instead of being an ex-
porter, as she was last year. Belgium
with its dense population on a small
territory, is affected by the same plu-
vial causes which have been operating
in France.
Switzerland also will be obliged to
import more than usual, depending
upon Italy and France. Italy has not
been heard from. She usually ships
to Marseilles, Switzerland. and Med
| iteranean ports, but IL is doubtful this
year whether she can furnish enough
| for home consumption. Australia and
the Baltic provinces have not been
heard from. Thus England, France,
Belgium, Holland and Switzerland
will certainly be competitors for the
surplus of our wheat product, and we
shall have only two important COM
petitors for their supply against Us
Hungary and Southern Russia. TO
! the extent that they are short, the
! West will have to make it up, since in
| California the stock is lighter this year
than usual. That they will be short to
considerable extent Is indicated by
the fact that it is already conceded that
! the shipments of wheat from Odessa
which is the Chicago of Europe, will
be very materially lessened. In refer
ring to the breadstuff market OF
Europe, wheat is always mentioned,
because wheat is in reality the bread.
stuff of Europe. Here, when wheat il
short, we can fall back upon corn, but
wheat is the staff of life in Europe
corn appearing mainly in the form o.
pork, as the people have not learned tC
consume it as bread or mush, and
when wheat is touched every family il
Europe feels il.
From this presentation of facts anC
symptoms it is pretty evident that the
unusually heavy surplus whea
growth in the West this year will find
u profitable market, and that there are
brighter times ahead for farmers anC
carriers, and that the expectation will
even exceed that of 1878, which was VI
to that time Unprecedented. The i'm
mense shipments in that year and the
large prices obtained helped this coun
try materially to go through the panic
and strengthened the farmers greatly
Last year, however, there were fine
crops in Europe, consequently muci
less wheat was shipped and less wa
obtained per bushel for it. There il
every indication now that we shall
ship more than in 1873, and realiZt
higher prices, so that the surplus o
profits will exceed that of 1873 thu
relieving our importing merchants
from the pressure of their heavy bal
ances in Europe. We have already
shipped S57, 100000 of gold in the sew
en- months since the LIST of January
which caused the increase in the price
of gold, or rather the depreciation o
greenbacks. The scale is turned, how
ever, and upon the strength of thes
European promises greenbacks ar
again rising in value. Should thes
expectations be realized, and SHOULD
the hog and corn crops sympathiz
with wheat, and the cotton crop fulfil
the expectations now INDUCED in b,
the South, gold will be very low, ant
be left in the hands of brokers to ex
change for greenbacks, instead of be-
ing exported to Europe in such vas
quantities to pay balances.