The morning call., 1892-12-15
THE DECLINE IN WHEAT.

few days ago ship captain. fudng
that he could not charter his ship at a re-
muneratiye rate. led her up with wheat at
owners RISK and set sail for Liverpool with
his cargo. He was evidently no believer in
the continued depression in the wheat mar
ket which has led the British farmers to
cry aloud for a revival of the corn laws.
let up II the present moment there is no
sign Of any recovery in breadstgffs; on the
contrary, wheat is now selling at London at
the very Lowest figures Oh record, American
cargOes having changed hands at the unpre-
cedented figure Of twenty-three shillings
quarter. or something like Y cents bushel,
which is less than the current price In San
Francisco.
The Mark Lane Express says that such
low prices as these viii cheek exports Of
grain from the United States. They may
IN course of time, but they are not doing so
yet. The exports IF wheat from all ports
for the month of October last were Il, 749,-
100 bushels, valued at something over ten
million dollars; for the ten months ending
October 81 they were 104 206. 3l1 bushels,
valued at sos, 923 G25. AS compared with
last year there is decrease for the month,
but for tie ten months there is an increase
Of about 6 100000 bushels, though the larger
quantity shipped in 1922 realized 81, 00o,-
600 less money than the smaller quantity
shipped in 1S9O-91. TIE simple fact is that
when wheat reaches The seaboard it must
go forward regardless of price. Holders
may hang back for a while in the hope Of
better prices, but after few weeks Of
waiting they ship in the face OF a loss.
Ii is quite possible that the depression In
wheat is in part the result of the general
IN,
Europe. In England the hard times began
with the financial troubles in Argentine
and were aggravated by the political dis
turbanees in Chile. England had come to
rely largely on South America for market
for its surplus products. When it was cut
off from that market industry was checked,
the consumptive capacity of the people
was reduced, and the coal strikes and a
diminished demand for wheaton -four fol-
lowed. On the continent Of Europe the
same results followed from the increased
expenditure for military purposes. Since
the close of the Franco-German war the
cost Of the European armies has mere than
doubled. The fighting nations can now put
twelve millions OF soldiers into the field.
and their cost in peace time is thousand
millions year-nearly as much as the {, tai
expenditures Of the United States in 1866.
vi course this outlay is just so much taken
out OF the pockets of the productive classes.
1t reduces by SO much their ability to con-
sumo and diminisheS the market price OF
the chief articles which they use, including
all forms of food.
The philosopher will see in the situation
fresh proof that the troubles OF mankind
are generally the fruit of their own foIIies.
When Argentine started on its wild race for
premature development, hired immigrants
by the hundred thousand TO people the PAM
pas and tried to convert its land into nova
bic property 10 the shape of cedulas, it did
not need much sagacity 10 see where it
must fetch up. Crash, sooner or later. was
inevitable. 1t came sooner than was ex-
pected, and the nation which is suffering
most from its ultimate consequences is the
very nation which encouraged Argentine to
perseyere in its mad infation-Great Britain,
So On the Continent Germany's determine
ton to annex Alsace anu Lorraine in def :
anee OF the wishes OF their people and in fat
contradiction Of the laws Of modern politi-
cal science has converted ali Europe into a
camp. One-half the people Of France, Ger
many. Prussia, Austria aud Italy are work
ing directly or indirectly to support the
other half. Two men are trying to live on
one mans loaf. What is the consequence ?
Thrones and popular institutions are quak-
ing on the verge of revolution. and the
people have to curtail their consumption OF
the necessaries of life. Ii the London CAPT.
taists had turned deaf ear to the specu-
lating Government OF Argentine and set
their faces against excessive issues of paper
money in that State. and il Bismarck could
have been made to understand that this is
the last aud not the first quarter OF the
nineteenth century, Europe would have
felt less labor trouble than IL is experiencing
and the California wheat-grower would
have got more money for his crop.