The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-11-08
Home and Foreign Wheat Supply.

lno WneaC prOuucC ana the uemanu LOT
expectation are matters of such general in
terest as bearing upon the trade and COM
merce of the country that we extract from
the report of the bureau of agriculture the
of the present year is estimated by the bu-
reau at not less then three hundred and if
ty millions of bushels. The English wheat
crop, which governs the demand from the
United States, has now been harvested, and
is represented to be unusually short from de-
fective caring. The deficiency, moreover, is
the greater from the larger area now devo-
ted in the United Kingdom to sheep and
cattle raising, million If acres formerly
devoted to the production of cereals being
now employed in raising grass and root
crops. Those who expected home crop of
wheat equal to seven months consumption
have now come to the conclusion thatit will
not suffice for more than six months, or per-
haps for only five and a half. Taking the
home supply at ninety-two millions, it is
calculated that not more than eighty mil
lions will be available for conversion into
bread. The total requirement for consump-
ton being estimated at one hundred and
eightyfour millions of bushels, it follows
that the deficiency in England to be drawn
from foreign sources amounts to one hum
dred and fonr millions Of bushels. OF this
the United States has of late years supplied
forty-four per cent, and this proportion of
the supply has been maintained from Janu-
airy to July of the present year. OF the crops
both at home and abroad which have since
been harvested we have this summary
"Western Europe has diminished wheat
crops. Central and Eastern Europe fully
medium the United States large surplus.
Egypt and India will probably increase their
shipments. This country must be depended
upon for an increased proportion OF the re-
quired supply. There will be good de-
mand and good but not necessarily very high
prices, unless the exigencies of war should
obstruct distribution Or greatly increase con-
sumption and waste.'' We are disposed to
regard this review of the continental crops
as rather overstating than under stating
them but of the unusually large surplus of
wheat harvested in the United States the
evidence from all quarters is clear and con-
elusive. 1t Is possible that the English de-
mand for our wheat will be increased dur
ing the current year from forry-four per
cent, of the total qua nifty required to make
up the deficiency to fifty per cent. But
while this may turn out to be true the larger
supply of wheat seeking a market for home
consumption or export owing to the great
harvest of this year, will necessarily keep
down prices to a reasonable standard.
AMENDMENT OF THE BANKRUPT LAW.
The bill introduced by Representative
Frye, of Maine, ON Monday. ''To amend
the Bankrupt Law,'' proposes to repeal the
Bankrupt act Of March I'd, 1867, and all the
supplemental acts on that subject, and to
enact in lieu thereof the following:
6 Be 1t enacted, &C., That, whenever any
debtor, individual, firm or corporation, in
failing circumstances, shall make volunta-
ry surrender or assignment Of all their prop
airy, assets, estates and effects for the bene-
fit of their creditors without preference or
without having given any preference, in
contemplation of bankruptcy, under the
laws Of the State in which such debtor shall
reside, or in which the principal office of the
corporation is located, such debtor shall be
discharged from all further liability for
debts existing at the time Of such assign
mcnt or surrender; provided, the assigned
estate and effects shall be sufficient in
amount to pay-per centum Of such debts !;
and provided further, that this act shall not
apply to any debts owing in any fiduciary
capacity.
''Section 2. The evidence of discharge
shall be the certificate under seal of the
court having Jurisdiction of the accounts. -
1t was referred to the Committee on the
Judiciary.