New-York tribune., 1901-06-23
PARIS.
SERIOUS SHORTAGE IN THE FRENCH
WHEAT CROP.
ALARMING EXODUS OF FRENCH CAPITAL
TO OF IER COUNTRIES.
l. n. f.

TO OF HER COUNTRIES.
Copyright: 1901: BY The New-York Trioune9
IBY CABLE TO TIE TRIBCSEl
Paris June 22-French wheat this season.
besides being backward by over fortnight mas
heen already so severely damaged by the un-
favorable weather, and especially by the receh.
cold snap. that estimates at the Ministry OF
Agriculture and reports received from unofiicial
sources by leading wheat dealers indicate an
unusually short crop. The experts state that
The wheat crop OF 1901 cannot by any posi-
hilitv exceed in quantity that Of 1900. which
r,roduced 3OO000oo0 bushels and which was "a
per cent below the quantity Of the crop or 1885.
II should be remembered that the amount or
wheat required in France each year for hoihe
consunption is 340Oo00e0 bushels In the last
twelve months France has not been obliged TO
make any considerable purchases OF foreign
wheat for home consumption, because. notWlth-
standing the short crop Of 1900 there was an
abundant supply Of stored wheat on hand from
the bountiful crop of 1899. But now THIS re-
serve supnlv is being drawn upon. consequently
IL seems certain that France will be forced De-
fore the end Of the present year 10 buy wheat
from abroad.
AS 10 the exact amount Of wheat that France
must purchase. there is a difference Of opinion
among experts but, in order to obtain as
accurate a forecast as possible. / applied TOT
estimates Of this amount three firms which
have the reputation Of being the largest wheat
dealing houses in France. Each Of the firms IN
question said that owing TO the very large wheat
crop expected in the United States and the
short crops expected in Germany. Australla'
Russia and France the estimates asked TOT
were Of unusual interest this year, and that
they were already investigating the question
with thoroughness. One firm estimated that no
less than S0G0oOo0 bushels of foreign wheat
would be purchased by France in the coming
twelve months. The second firm fixed the
amount at 6O.0OO,000 bushels. and third firm
said that only 100000 bushels would be need
ed from abroad In each instance these figures
are based upon elaborate calculations and data
brought in from all the wheat producing de-
partments Of France.
The average of the three estimates, or 6o,ooo,-
600 bushels may be acceptedras the most accu-
rate forecast now obtainable,of the amount Of
foreign wheat that France will require. The
wheat harvest owing TO the backward condi-
ton Of the crop VIII not begin this year before
July IL or August >. according TO locality. The
present indications are that the quality Of the
wheat is considerably below the average In
the course Of a brief trip through Normandy a
few days ago ] noticed that the wheat was very
short in the stalk and the grains had a rather
leading TO judge from the growth OF any par
ticular district. Should there be any steady
rainfall in the next fortnight the injury to
\ the wheat would be serious greatly 10
n lower the estimates. to quantity and quality,
but the weather just now is favorable. for
Friday warm weather set in, with good prospect
OF continuing.
The balance sheet issued by the Bank OF
France shows that on June Is the value Of
French securities on deposit in the Bank Of
France and at its branch establishments
throughout the country S99O00000. as
against S2200o0o00 on January 3. VI. Pallain,
Governor Of the Bank of France, is said TO have
figures disclosing the alarming exodus Of
French capital TO Germany. Russia and Switzer-
land.
The reactionary press. notably the Catholic
"Gaulois." the Royalist "Soleil" and the military
Echo de Paris" have begun violent attacks on
the present Republican financial policy, 10 which
they attribute this withdrawal OF capital
amounting 10 S12l 600 900 in the period of five
months. The "Soleir' calls attention to the fact
that the French 3 per cent 'rentes." which at
the time OF the Meline Cabinet stood at 105
francs, quoted at $3.50. Investigations
made by the Echo de Paris" at the Chamber
of Notaries. at the Chamber of Commerce and
at the leading agents de change, who administer
trust property. show that steady stream of
French capital is flowing across the eastern
frontier into Germany. The "Gaulois' declares