New-York tribune., 1886-07-14

BRITISH WHEAT AND BRIIISH NHIIM
The average price for wheat III British towns
for the first half of this year was 3Os. "a. per
quarter. The price usually rules lower before
than after the harvest and yet this average for
the first half of the year is more than one shil-
ling below that of the second half of last year
IL is more than three shillings lower than the
average for the first half OF last year, and more
than two stillnSs lower than the average fol
the whole of last year, which WIS the lowest
yearly average since the present mohe OF
recording began. The comparison is still more
striking when it. is remembeGed that the British
averape for 1884 was also the lowest then
known for 100 years.
The present mode of recording official prices
In many towns originated with the acts to tax
the Importation of grain ut different rates ac-
cording to the current price in home markets.
The published records of actual sales in the
many towns of the Kingdom began with l1Io,
and the lowest average in any year during the
Ill years which, have since elapsed was 3fs. od.
in 1873. Those records should not be con-
founded with the earlier records OF prices at
single market, such as the Windsor Market lor
instance of which Il record is given III the we'll
known Eton table. Those quotations were Tor
Winchester bushels, ab put one thirty second
part smaller than the Imperial bushels upon
which the official averages tor the last century
have been based. Moreover, the older tables
gave the price in only one market, whereas the
official ay erages for this century represent prices
in many different towns throughout the hing-
dom. Hence the earlier records cannot De I'D
tho same degree relied upon TO represent the
general course OF prices. According 20 the Eton
record the average in 1874 was only 3Os 3D.;
in 1755 only 3Os Id; and in 176l only 26s.
9a,d... But comparison with the record OF prices
ot a single market prior to l77j is not strictly
fair. and of all hall-yeary quotations since the
,,odcrn, record began that of the first half of
1856 is the lowest.
There are two obvious causes for the ex-
ceptionally low prices which have prevailed
since 1851. In that year general scarcity OF
wheat led to exports of 7, lOOO cwts. from
India, quantity then unprecedcnted Of when
q considerable part went to Great Britain. Inc
railroads which bad been built by British capl-
tai had brought vast area IN India within
commercial reach of European markets. As
soon as an especial demand arose Tor larger
supplies of grain il was found that lndla couid
increase its production very greatly. Accord
mgly, the quantity exported from India rose IN
1882 to 19,901.00 cwts., and in 1851 to
2O.956.OOO cwts., and during the crop year
which has recently closed to 2l,O6l,OOo cwts.
Thus about SO, 300, 900 bushels came last year
Into European markets from country whch
but few years ago practically insignificant
as a source of supply.
A much more important cause ot chanse,
however, has been the great reduction ELECTED
within the past ten years IN the cost OF trans
porlation, both by land and by sea. The rail
ways in India have brought many million acres
within reach of European consumers. Dut pre-
cisry the same effect has been produced by the
construction of railways in Russia, and also In
this country. Moreover the reduction OF freight
rates on American roads has had its Worldwide
effect upon the prices of products. sui more
important, .ini many respects, has been the re-