Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1878-08-08
Where the Worlds Wheat Is Raised and
Other Interesting Facts.
From the National Board OF Trade.

| many WtsttIu JOuIuulS dEo Lu1OWlu&
out hints to the farmers to hold on tc
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
to sell at the good prices then prevailing
and above all to avoid anything that
savored of speculation. Almost imnledi.
ately after our advice was published,
wheat began to decline, and at length
sold down 25c per bushel. There were
then not 2.5OO,O0O bushels of wneat in
sight, while the British warehouses were
cleaned out, the Eastern Russian ports
were closed, and war in Europe was gen.
orally looked upon as certain
But is th> re any reason this year why
the tanner should hold on to his wheat
that did not exist last? Certainly not.
On the contrary the hopes of high prices
this year 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 Europe is we gather from
the leading sources of information, and
present to our readers.
And first, as we have often heretofore
pointed out, the psostration of our home
industries has largely cut into the home
demand. Unless our manufacturers can
give employment to labor the eastern
home demand for western products will
naturally lie light. This gives the British
market great advantage. ltenablcs the
capitalists of that country to obtain values
fro.n us at much lower prices than if our
home demand were active. In fact it en-
ables 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 recoup themselves for their losses
Dornbusch's "Gargo List" says of the
late depression: 80 general has been
the recession of value that the past six
months of 1878, form an era in which
firms might sink under weight of loss
without impairing good name, credit,
or even a reputation we'll earned for .pru-
dent enterprise"
But if the requirements Of the British
markets are to greater extent than ever
to determine values here, it is we'll for
us to inquire what these are and what the
promises Of their full6llment. The mar
kcts of a nation that imports 24O 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 the home resources
of Great Britain and of countries export
ing to her. This will enable us to form
An equitable basis of values. And what
is that basis, judging from present ap-
pearances2 So far as the British import
er is concerned, the basis is very broad
and 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 Is 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. And, 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 future2 The eminent
authority of the British grain market,
H. Kairs-Jackson, thinks not. His
opinion is that prices will not be fixed
until later in the season than usual. He
claims that Russia now balances the
scale with America, Offering wheat freely
at 33s to 40s per quarter, with the pros
pect that she could go Is to IS lower in Il
couple of weeks without attracting enter
prise. Kains-Jackson claims that the
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 to European prospects, the
French crop is estimated at over 100, ,0O0,-
900 hectolitres, or not quite 800 milliens
of bushels, with increasing crop prospects.
The British crop is highly promising, and
Estimated at from SO to 104 millions cf
bushels, leaving the deficiency, to be
made up, SO millions of bushels. There
is also likely to be large influx Of grain
in England from North Russia, Australia
and India during the next two months.
AS it will arrive in large ships. it must
be rapidly discharged and sold. H.
Kains-J ackson 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 position it could not after.
wards maintain. In such a case, the
operations for the season should be delay
ed until the first Of the harvest supplies
bring about downward reaction. In
either case, cheap rates are likely to rule,
the crop of 1878 being ample for the
worlds consumption. Yet it must be re-
mcmbered present rates are already at a
level of cheapness in Great Britain that
never has been hitherto maintained fol
two whole years."
RindO0 Funerals and Worship.
My last letter was dated upon my al