River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1878-08-08
Where the Worlds Wheat Is Raised land
Other Interesting Facts.
From the National Boara Of Trade.

Many Western journals are throwing
out hints TO the farmers to hold on to
their grain. Last year at this time the
same advice was given by the great
majority of western journals, including
the large dailies of this city. The NATION
AL BOARD OF TRADE advised the farmers
10 sell at the good prices then prevailing:
and above ali to avoid anything that
savoted of speculation. Almost immedi-
ately after our advice was published,
wheat began 10 decline. and at length
sold down csc per bushel. There were
then not 2.59000O bushels of wneat in
sight, while the British warehouses were
cleaned oft, the Eastern Russian ports
were closed and war in Europe was gen.
orally looked upon as certain
But is til re any reason this year why
the farmer should hold ON to his wheat
that did not exist last? Certainly not
On the contrary the hopes of high prices
this wear are faint compared to those of
last. This year the yield OF wheat in the
United States is larger than last. What
the prospect in Eulope is we gather from
the leading sources of information, and
present TO our readers.
Aud first, as we have often heretofore
pointed out. the prostration Of our home
industries has largely cut into the home
demand. Unless our manufacturers can
give employment to lab, the eastern
home demand for western products will
naturally he light. This gives the British
market q great advantage. 1t enables the
capitalists of that country TO obtain values
iro.l us ut much lower prices than il our
home demand were active. In fact it en-
alb es them, to a great extent, to fix the
prices at which we shall deliver to them.
For the past year, the result OF the ven
lures made by these capitalists have been
most depressing The coming year they
hope to rttoup themselves for their losses
Dornbusch's Cargo List" says of the
late depression $50 general has been
the recession OF value that the past six
months of 1878, form an era in which
firms might sink und,r a weight of loss
without impairiDg a good name, credit,
or even reputation well earned for pru-
dent enterprise"
But if the requirements Of the British
markets are 10 a greater exteLt than ever
to determine values here, it is well for
| rs to inquire what these are and what the
promises of their fullfilment. The mar
kets of a nation that imports 240 to 800
millions OF bushes of grain of all kinds
annually are always important TO us. At
present they are douhly So Let us then
form an estimate of tie home resources
OF Great Britain and OF countries export
ing to her. This will enal,le us to form
an equitable oasis of values. And what
is that basis, Judging from present APP
pearances2 So far as the British import
er is concerned, the basis is d very broad
and a very low one. 1t is almost too early
however for the British trader to estimate
fully the European crops. SO far, how
ever, the prospect 10 that they are gener-
ally from fair to good. 1t is, consequent
ly generally accepted in England that
the year will be one of plenty. Aud, in
deed, so far as our American dealers are
concerned, they are acting upon this sup
position. They are going ahead, in the
British markets, with offers Of wheat at
los sterling per quarter below last seasons
prices.
The question arises, has this had the
effect OF fixing The prices of foreign
wheat for the futurc9 The eminent
authority of the British grain market,
II. Kai-s-J ickson, thinks not His
opinion is that prices will not be fixed
until later in tie season than usual. He
claims that Russia now ba ances the
scale with America offering wheat freely
at 33s to 4es per quarter, with the pros
pect that she could 90 Is to g. lower in Il
couple OF weeks without attracting enter
prise. Kains-Jackson claims thar III,
British contracts for the year will be de-
! ferred until August has determined what
England and France want, as we'll as what
America has the ability 10 export.
With regard 10 European prospects, the
Frent h crop is estimated at over 100000,
100 hectoiitres, or not quite 800 miliiens
of bushe 5. with increasing crop prospects
The British crop is highly promising, and
Estimated at from 96 to 104 millions cf
bushels, leaving the deficiency, to be
made up, SO millions of bushels. There
is also likely 10 be large influx Of grain
in England from North Russia, Australia
and India during the next two months.
As il will arrive in large ships. it must
pc rapidly discharged and sold. II.
Kains-Jackson sums up the British pros
poets thus:
British fine harvest prospects continu-
ing, values should in month be low
enough to tempt BUYERS to make their
chief contracts for the year in wheat
With damaged harvest prospects, values
would rise to a position il could not after
wards maintain In such case, the
operations for the season should be delay
ed until the first of the harvest supplies
bring about a downward reaction. 10
either case, cheap rates are likely TO rule.
the crop Of 1878 being ample for the
world consumption. Yet it must be re-
membered present rates are already at a
level # cheapness in Great Britain that
never has been hitherto maintained for
two whole years.