The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-11-17
tries Of the world give the following re.
Total surplus production. ........
DEFICIENCIES.
Apparent surplus productIon...... 27,25o,OOo

Apparent surplus production..... 27,250,00O
Regarding the countries producing a sur
plus for shipment, IL should be noted that
the out-turn OF British India. Chill, and
Australia are as vet uncertain elements in
the problem. The frst-named country
markets Its surplus grain-ssy, next April,
Chill in January, and Australia about
the end OF January. IL is believed
that the preliminary estimates for
these countries are fully large enough /;
and this although late reports from Austria
lia, the principal exporter OF the countries
in question, are favorable. NotwlthstaDd-
ing the general failure OF the Russian whea:
crop, that country lis included among ex-
porting countries. II has need 10 import
grain, but rye and Indian corn will
be brought in TO supply the need, while
wheat will undoubtedly be exported TO a
nominal eXtent-say 3, 100000 bushels-as
stated above.
Among the countries requiring to import
wheat, the deficiency in France IS put down
at AZ, coo. 900 bushels. This is the final estl-
mate OF the Bulletin deS HdiLeS Of October
"a, and must be regarded as trustworthy.
The average annual wheat consumption Of
France for the last FIVE years is given by the
Bulletin deS Hdiles at 103,214,370 hecto-
litres, or 292, ,440,715 bushels. The i'm
ports for 1879 were 29,1l6,294 hecto-
litres, or 82,496,1 166 bushels. The i'm
portation required for the current
year shows a marked falling of. For the
last six years the average annual wheat
product Of the United Kingdom has been
70, ,536, coo bushels; the average annual I'M
portation has been lis 224,000 bushels.
The importation Of wheat last year amount
oI 20 httch hol ho nctt afo ~
100, 900, 900 bushels for the wheat importa-
ton OF Great Britain during the current
year is borne out by the official returns OF
the British Board OF Trade. In ordinary
wears Germany imports net 10000 900
Of the Empire, which constitutes so large a
proportion OF the food OF the German peo-
pie, is some 100000 tons, or 11S, 200, 900
bushels, short Even two thirds Of this
would amount to 7S,000,0G0 bushels. 1t is
not to be supposed that this deficiency will
be largely made up by importing wheat.
The supply will come from the surplus rye
crops of neighboring countries and from
Indian corn. which are cheaper than wheat.
Austro-H Hungary, France, Belgium, and
Holland, all have good rye crops. In the
light Of all the facts we estimate the proba-
BILE importation OF wheat into the German
Empire at 20,000.000 bushels, and these fig
nres will, it is believed, not be far out OF
the way when the receipts come to be fig
ured up.
The apparent surplus OF wheat over the
worlds need is so small that, considering
the probability OF consumption at home
and abroad Increasing rather than decrea-
sing, there is no good reason to count on
declining prices. The sbOrtness OF the
Indian corn crop In the United States will
have some effect in sustaining the price
OF wheat. Again, it is not possible for
prices to decline materially without
speedily increasing the demand, which in
turn will reSct in the direction OF higher
prices. Having regard to all the factors en-
tering into the present wheat situation, it is
concluded that continuance OF fair prices
for wheat is justified. The apparent sur
plus of 27,0O0,000 bushels in the worlds
wheat product is not so large rs 10 justify
fears Of very low prices. There is little
more, if any, than enough wheat to supply
present and prospective deficiencies. For
this year, at least, the wheat producers oil
the United States bid fair to receive fairly
remuneratiye prices for their crops.