The record-union., 1894-10-24

/ Indian merchants and they laid down all
their surplus wheat in England. In
1888 and 1884 prices began to drop con-
| siderably. l remember distinctly be-
cause lost good deal of money in the
proposition. Prices ranged from 81 y to
81 40 per hundred, rarely falling below
81 %; rarely going above 81 40, between
1883 and 1890. Still the producers kept
up pretty well. Now when you come to
1857 and 1888 Argentina began to come in.
The railroads carried the wheat over the
prairies and the steamship companies
brought it to England. The surplus
population of Europe tlocked to Argen-
tina, and then we had to compete
with the cheap Italian labor. This was
greatly felt by the American wheaG-grow-
ers, and In 1921 and 1892 the price of
wheat began to decline, until it got whore
it is to-day. When l went into bu8inesS
in 1860, England raised from IS,000,O0O to
100000 quarters of wheat, while to-day
the English farmer finds no profit in
wheat. Last year his product was only
about 6,500,000 quarters. The value of
land in England has gone down lower
than it ever was before. When [ went
into business, wheat was raised on high
priced land. English land was high
priced, and two-thirds Of the wheat used
in England was raised in England. Now,
from that time until to-day the price OF
wheat, which has been raised on cheap land
and with cheap labor, has been constantly
increasing, and we cannot stand up against
it with high-priced land and hgh-priced
labor. Now, what are our chances here?
When you think of our population in
creasing, the growth of wheat is rela-
lively on the decline, and | think the
wheat shipments from this State Will
show a decline. We raise annually
100000 tons OF wheat, and only about
800, 900 tons are used here; about 800, 900
tons are used for flour, then we use an
average of about $4,000 tons for feed, the
seed requires about lZ0,0)O tons, making
in all about 100000 tons, which is about
one-half OF the crop. We have about
&c., 900 tons lett 80! per cent of which we
export TO England, and that makes the
price for the rest. Suppose we did re-
duce the production. Oregon raises a large
surplus, aud would keep the prices down
to Liverpool rates. | do not see that there
is any bright prospect for the future. Ii
we go south. we meet Chile, who is trying
hard to get that market under her con-
troll; go to the other side, and you meet
Oregon and Australia; 60 to Renang, and
you meet Calcutta. am not a pessim-
ist, but | do not see any reasonable pros
pect to-day for any great expectation in
the future OF the grain business. our
position to-day is this: we have u crop of
1000, 600 tons of wheat, with a surplus of
100000 tons, which must find Il market III
England. and no where else, and you have
got to land upon the English market all
the extra production of wheat.
Mr.. Mills-The low price of wheat has
been attributed by some 10 the low price
of silver; do you consider that this would
have an effect upon the wheat market?
Mr.. DavlS-WeH, take for example In
dia and Argentina; everything in India
is raised on silver basis. Wheat is paid
for at a silver price, land is sold at sill
yer price and labor is paid for in silver.
If the Indian grain-raiser gets p shIl-
lings, he gets exactly what he got fifty
years ago; he gets his price in silver and
silver has not changed there in value.
Go to silver country and you will find
that prices are much the same as they
were thirty years ago.
Mr.. Fiicher-You think the price OF
silver has not deteriorated in those coun-
tries?
Mr.. Davis-In India the prices for la
Dor and land are substantially the same
as they were thirty years ago. Every
thing in Japan, except articles of import
and export, brings about the same price
it did thirty years ago. If a man is able
to sell his wheat for twenty-five shillings,
he takes the result of his production in
gold and goes back to his country and
gets twice as much silver for it.
Mr.. Hibbard-Why can't we sell W heat
in France?
Mr.. Davis-France has a protective
tarl1 and Is often an exporter and inn
porter at once
Mr.. Miils-How far north is wheat
grown?