Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1894-07-04
| Or. L. Journal contained some interest

Or. L. Journal contained some interest
ing statistics upon the subject:
Few, even of the best informed of our
people, have thorough and precise
knowledge of the extent to which the
growing volume of Argentine exports has
been cutting into the American wheat
trade. The great majority among us,
in fact, would doubtless be fairly startled
to learn that emitting all consideration of
Hour, the wheat exports of Argentina are
already actually greater than those of the
United States. That is the fact. however,
as the latest statistics on the subject con-
clusively show. Thus in February last
of Argentina 4.320,000 bushels; in March
we exported G,545, S1S bushels, Argentina
9,12S,00O; in April American exports were
0,01S,346 bushels, Argentina 9.392,OO
bushels. Nor is the whole story told in
these figures. Not only has Argentina al
ready surpassed us as purveyors of wheat
to Europe but she has attained to her
present superiority by strides which, if
kept up, must presently leave us very FAR
behind
The course of the export grain trade
of the two countries is an interesting
study in comparisons. Our exports of
wheat have been distressingly falling off
during the very time when the Argentine
have been marvelOusly increasing. In
February, 1894, American exports were
less than half what they were in Febru-
airy. 1898; in March the loss was about 10
per cent, in April about % per cent. On
the other hand, Argentine exports IN Feb
ruary showed q gain of 16 per cent, III
March they more than doubled and in
April the gain was Sc per cent. Plainly
the growth of the grain trade of the
South American republic is nothing short
of marvellous. The United Kingdom
alone, according to the recent statement
of a well-known English importer, is now
taking S,000.00 bushels a month from
country which year ago sent out only
j, 100000 bushels, and which few years
ago sent abroad no wheat at all. When
to these portentiOus facts it is added that
Notwithstanding the large quantities al
ready shipped, Argentina still has left OF
this years crop at least 100000 bush
els for export. we begin to get some idea
of the meaning, for our farmers and for
all of us, of this new competition.
I'VE can begin to understand better,
too, why it is that the total wheat eX>
ports from this country for the ten months
ending with April were only 19,0I3,21S
bushels, against 97.165, 041 bushels for
the corresponding ten months of the pre-
ceding year. We need not stop now to in
quire just why Argentina gets the better
of us in this trade; the fact should be
fully appreciated first. And the fact is
that Argentine exports are likely to in
crease still more in the near future. They
would increase, no doubt. under natural
conditions; but they will be specially
stimulated by the present peculiar situa-
ton in that country. The payment of in
terest on the foreign national debt and on
the English capital invested in private en-
terprises is taking SAO00O,000 year out
of Buenos Ayres, and the government is
at the same time continually issuing new
paper notes. The circulation. already eX-
cessive, is thus becoming more valueless
and the gold premium has risen to 80.
This decline in the purchasing power of
the currency tends, of course, both to
check imports and to increase the volume
of exports. Paying the cost of production
in deprecated paper at home and selling
the product abroad for gold is always a
rather profitable operation. and the Ar
gentines are likely to try to make the
most of the opportunity while it lasts.