The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-12-02
OSPERI
Css H Ne Restored By Incrcss,ss the
Machinery Of Exsha-eet

are still falling and tenants disiuclined to enter upon
new engagements even At nominal rents. fear that
many Of rs may never live 10 see en- Increase OF rents
or Of prices for farm products and yet prices for other
commodiuess are nearly ssiow and still recedlns.
Your suS article In relation TO the adoption Of
modern Industrial processes and machinery by the
japanese has caused q sensation with the manufac-
turers 70 whom II was shown. With such q develop
ment, and BY the adoption Of modern arms and tao,
tics. It Is not surprising that they are able to punish
the Chinese in such a dreadful manner; and with
such an Industrial equipment, accompanied by such
p~henomenally low wages, and making their capital do
double duty by working day and night, II Is no won
der that the Japs have been able to turn the balance OF
trade their way, nor IL It so very astonishing. when
we consider these advantages, that under pres
ent conditions, coupled with the continued
growth OF the cotton manufactures OF India.
the trade OF England should rapidly decline.
and that exchange bankers should, IN books
recently published, gay that the reason for such de-
cline is to be found in the fact that foreign nations
cannot pay for our goods because they arc not allowed
tn pay in silver. Mr.. Ernest seyd devotes n volume to
the treatment OF this subject, and NJ. Thery Of Paris
has recently dealt with It under the title Of The
crisis Of the Exchanges" A great change Ia going on
in the city" tLondonl a. to monetary matters. The
Stock Exchange has become largely binetaiiist. and
I hear that the Rothschilds have become convinced
that only bimetallism, by which the wide and costly
fluctuations In the rate Of exchange may be obviated,
will enable us to retain our trade with the silver using
nations. Moreover. they dread Reputation outright
" a"N w "a " 'huNi NOuhNiis
To these statements answer may be made that.
like so many others, the correspondent forgets
that the bread eating populations OF European
lineage increase by an ever greater annual ag-
gregate: that there has been no increase. but a
decrease, Of the worlds area devoted to the pro-
duction of the bread-making grains since 1884.
and that but for the extraordinary crops OF
wheat harvested In the United States in 1891
and 1907. when we produced 100000. 900
bushels more than the average from two Of the
last fourteen crops. the world would long since
have been upon short allowance. and prices for
both wheat and rye something remarkable.
As each years addition to the populations of
European blood have since 1891 averaged some
$500, 600, such increase implied an increase
yearly OF about $4,000. 900 bushels in the
worlds requirements for wheat, or an accumu-
lated aggregate during four years OF no more
than $50. 900. 900 bushels as against an increase
above average yields in the United States alone
Of 10000, 900 bushels: hence it is OBJ
vious that our extraordinary contribu-
tons TO the worlds supply have met the
increased requirements and left a considerable
surplus, which. however. has been partially or
set by the worlds defective acreage. Moreover.
the surplus from our extraordinary harvcsts
has been supplemented by yields above the
average in Europe and South America in 1894;
yields so much above the average of the last
fourteen years as TO add quite 100000. 600
oushels 10 the supply while IKE yieids In 1913
auue" aho'uer ioo'ooV.ooo oushe's 10 the guam
Ut! a'ai'aoie. III o'het "oius. ING pioiuct
from 'he WORLDS wheat nelus uuring the last
iour years mas oeeh nearly ooo'ooo'ooo ousheIs
more tnah IL "ouiu nave oeeh h"u the Sieius
from 1871 10 1904 averaged no more per acre
thah curing the fourteen years endihg with
1894. Notwithstanding the great increase OF
the bread eating populations, and the conse-
quent increase ot the world requirements ior
"heat' 'he supply oy reason OF extraordinary
acreage EIeiu7' mas oeeh EXCESSIVE ana prices
nave laleh 10 the lowest ie'ei KNOWN III CEN
Jury JUST u tle supply mas oeeh continuously
o'eraouhuant LOT a greater NUMBER Oh years
tnen "ithih the memory Oh living man.
recent ana present o'eraouhuahce results
not from any excess OF acreage OUT is soieiy que
10 extraoruinaty yielus. notably anu prihcipahy
III 'he h''eo "'"'ee ia Aooi ahu 4o'-
DESPITE the material ah'itlons MADE 10 the
"he"' acreage VI Hrse"'na a"u 'rusuay our-
ing recent years. 'he "or'as aggregate wheat
bearing acres are several miiiiohs less now than
'h 1851 h's chahBo suue u mateFlai reouc-
tIohs III the "asat AREA i "reaI britain anu 'he
Ihited states. the reductioni IN the hited states
atone eAceeuihs tue ehtire wheat area OF the
SCUM american couh'.ies named, W"hie tn!s
mas oeeh 'he 'rehu OF changes IN tue "oridS
wheat area II Is true that from apout 1851 10
1853 owing 10 an enormous development IN the
missouri 'aiieS' the "orlu "heat acreage was
excessive anu a surplus OF gram was stored
that served 10 carry the "orIu sateiy uhtl
the harvesting OF THESE extraordinary Yields
0'ii'. sosre"' mas oeen 'he increase OF require
menus o' feasoh U annual ahui''ohs l 'he
populations OF european oloou' ana so retrosres-
s'Ne inc worms wheat area since 1881 that
population "rst o'e'looA anu then ou'ran the
power win average acreage Yields 10 produce
the required wheat IN o'her words with no
more thaE average ylelus per acre from All the
iahus ue'oten 10 'he sro"'" OF wheat through
Out the "oriu' the requirements TOT oread IN the
io'o.oo harvest year wiz DO III excess OF the
"orius aggresape proouct IN the measure OF
average yieius from more thah ',ooo'oooeeres'
mat the turn "a tne 'rehuo OFFICES ior wheat
as wen as turn IN the supply is related 10 the
demand mas come IS altogether probable anditis
"nohy uh''Ae'y that any person no" tiN'hg wiz
ever see Ens'lSh-gro"h wheat sei''ng TOT as h,tle