The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1894-09-08
ARGENTINE WHEAT.
Tho. South American pEodnCt
Hurting Northern Tr0dA


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, says the Providence Jonr-
nal. The great majority among us, In
fact, would doubtless be fairly startled
to learn that, omitting all considers
tion of flour, the wheat exports Of
Argentina are already actually greater
than these Of the United States. That
is the fact, however, ~ the latest sta
tistics on the subject conelusively
show. Thus in February Last our
wheat exports were 1000, 900 bushels.
those of Argentina, 1920, 900 bushels;
in March we exported 6,535, 1913 bush
els, Argentina, o,11s,o00 bushels; In
April American exports were S,O76, ,sAS
bushels, Argentina, o,3o2, ,0Q0. bushels.
Nor is the whole story told In these
figures. Not only has Argentina sl-
ready surpassed as as purveyor OF
wheat to Europe, but she has attained
to her present superiority by strides
whish, 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 dis
tressipgly falling OF during the very
time when the Argentine have been
marveloualy increasing. In February,
1894, American exports were less than
half what they were in February, 1898;
in March the loss was about 10 per
cent, in April about 90 per cent. On
the other hand, Argentine exports, in
February showed a gain Of 16 per cent, /,
in March they more than doubled and
in April the gain was 66 per cent.
Plainly the growth Of the grain trade
of the South American republic il
nothing short Of marvellous. The
United Kingdom alone, according to
English importer, is now taking s,000,-
600 bushels month from country
which year ago sent out only 4, ,400, 600
bushels, and which few years ago
sent abroad no wheat at all.
When to these portentous facts It ts
added that, notwithstanding the large
quantities already shipped, Argentina
still has left of this years crop 1T least
10000, 600 bushels for export, we begin
to get some idea of the meaning, for
our farmers and for all of us, of this
new competition. We can begin to un-
derstand better, too, why it is that the
total wheat exports from this country
for the ten months ending with April
were Only 7o,Q-c,c1s bushels, against
81, ,165, ,O47 bushels for the corresponding
ten months Of the preceding year. We
need not stop now to inquire just why
Argentina gets the better Of us in this
trade; the fact should be fully appre-
eiated first. And the fact is that Argen-
tine exports are likely to increase still
more in the near future. They would
increase, no doubt, under natural con-
ditions, but they will be specially slim
ulated by the present peculiar situa-
ton in that country. The payment OF
interest on the foreign national debt
and on the English capital invested In
private enterprises is taking SEC, ,OoQ, 600
q year out of Buenos Ayres, and the
government is at the same time con-
tinually issuing new paper notes. The
circulation, already excessive. is thus
becoming more valuelcss and the gold
premium has risen to 3o5. This decline
in the purchasing power Of the cur
rency tends, Of course, both to check
imports and to increase the volume Of
exports. Paying the cost Of produc-
tion4H deprecated paper at tlhome and
selling the product abroad for gold Il
always . rather profitable operation,
and the Argentines are likely to try TO
make the most of the opportunity
wh;1o {k Il eta