The times. [volume] (Richmond, Va.) 1890-1903, 1894-06-27


The price Of wheat. which has so long
| been unprecedently low. has iailen turtheT
| since Whitsuntide. The average price OF
homegrown wheat in the prlhclpal. M" -,
kets OF England and Wales was sos' "a.
for the month OF January, Z5s. 90. ~
February, &s. Al for March, as 80. ~,
April, and 2ls. "a. for May. But last wen Wen
the average fell again TO no more 'I re
rs. I'D. per quarter Ana IN boiuo" hsor
fall during the past few weeks ia9 .,,r
even greater than I'm the country me- ms
kets. For example. Argentine VIZ ~ nor
sold In London last week a. i' ,rnot
quarter-a price which cleaIy - ~
have covered the cost OF growing anu
carriage. The New York price At w
ginning OF this week was us q puh n,ts.
IN Chicago II was only los'' anu stiIl
western markets IL was low, and
Everywhere indeed-in Russia, luu.", s..
Aus1ralla-tnere are complaints That pres
ent prices are so TuinOusiy loM ..e,td
no longer pays to grow Wheat 10 befn0
that In consequence much ldhu =. D,t.r
diverted from cereal culu 49, a mo lrot
purposes; and where there Is no ~, d ,rtad
for other kinds OF produce IL - "9S '.t ~
that land is actually goins OUT oI Sui.'' a,
ton IN some Of the newer count ~
has been stated In the city, loI ta,ilr,',
and merchants, that even "ltiin "uli .
dred miles OF the sea-cOast IL uo'9 nv
pay to cultivate wheat IN many "a - VI
Australia, and that land al lhdt uIs..,nCe
IS consequently going OUT D! Cu,.'s
In the long run this must HT~c9S1llly
bring about It's own cure. All IIc "S"SL
countries of the world have LOT a ions
time past been growing ce4cdt9 ioi ~ ~
markets of western Europe. me suiPs
has increa sed so rapidly that, great as
Is the demand In western fuIvpe, II mas
not been able 10 keep up Win Ihe sup
ply, and consequently prices nave ldlleH
in this unheard-Of manner. II tne newer
countries turn their Afternoon 10 VtneI
kinds Of culture, and 70 the production
OF other kinds OF produce than cereals,
the supply Of the latter VIII IAN OF ana
prices VIII recover. But IL Is NOT piODd
be that the falling of VIII be very great
for long time TO come. ana IN the IN
terest Of consumers II certainly is not
desirable that il should. me cuitVatOrs
OF the newer countries, we must always
remember. are peasant farmers They
grow only a portion for sale, the larger
part IS grown for the support or their
own families. Where the peasant farmer
has not heavy mortgage on ms faIH'
whatever he can dispose Of is therefore
clear profit. He must grow a certain
quantity 10 feed his family; the surplus
adds hardly anything to the cost - pro
duction, and consequently Is clear proht
70 him. II Is likely therefore, Whatever
the reports may be that reach London,
that the area under cultivation VIII be
large enough for a long time 10 come not
70 ADMIT Of material rise IN prices.
But that there Is some decrease can hard-
VIII be some falling of 30 the supply in
the carly future. and probably IN conse-
quence some recovery in prices, is also
clear. At the present moment. however,
a fall In prices seems more likely than
rise. There IS an immense quantity or
wheat on the way from the great export |
Ing countries. and already the stocks in |
this country are very large. Even, there !
fore, If the producing countries should |
'efuse 70 sell much more at present prices, |
the probability Is that for some weeks 10 |
come the large new arrivals Will send |
prices somewhat lower. And this Is all /
the more likely because the prospects for |
the coming harvest are reported 10 be- /
exceedingly good all over the Continent. /
40 home there are complaints OF damage /
done by the cold frosty nights Of May. |
But. on the other hand there has been !
ln abundant rainfall. and II is quite pos
ible. therefore, that. although the harvest |
vii Doe later by perhaps "A couple weeks /
than 10 promised o. be NJ the beginning |
)f May il viii be by no means under |
average. II is. Of course. too early yet |
10 form any definite opinion. We are /
speaking only OF present prospects. and |
hey point to so good n harvest. taking |
he whole world together. that a recovery
prices seems very unlikely and n
.Wther fan not AZ all improbable
saturday Review.