Year: 1877

the misfortune which / told you
months ago was certain to happen-a
miserably short harvest. | dare say
some of your readers may remember
that in February and March I told
them that the grain-growing resources
Of the United States would be heavily
taxed this year to supply England, and
that the grain roads must necessarily
derive great advantage. At that time
I was travelling good deal about the
country, and knew that comparatively
little wheat had been SOWn in cOnSe-
quence of the almost incessant wet
weather. | merely professed to send
you opinions based upon careful obser-
vation; and in the same way might
venture to state to you to-day that the
time is not far distant when we shall
have to look to you for supplies of coal,
for great strikes of miners seem to be
impending here, and | am satisfied
that if the emergency now generally
apprehended really occurs, American
coal could be exported at a profit.
This, however, is a matter for the flu
ture. though avery near future in my
opinion; the short harvest is a thing of
the present. Just at the time when
the farmer ought to be getting in his
crops, such as they are, the weather
has again broken up, and storms and
heavy floods desolate the country.
"The most favorable estimate of the
home wheat crop which we have
seen, sayslt the Spectator to-day, ssgiyes
us barely l2,OOO,O0O quarters, or hard
ly half what we require for food and
stock purposes" We cannot look to
Russia for the usual supplies this year.
1t is upon your markets that we shall
have to fall back. If this state of af-
fairs tends to enrich the treasures of
many of the American roads, it is
much to be hoped that the share and
bondholders will get the benefit of it
and that too largea percentage will
not be taken off by directors and
rings


In addition to the above we quote
the following on the wheat crop
in England and the United States,
from the London Spectator:


Wheat is now dearer than it has
been, for many years, and there are,
of course, those who say that it must
get dearer yet. The home harvest is
said to be generally below the aver
age. We have had all through the
middle and northern parts of the
island a most tempestuous season,
crops will be exceptionally late, and on
many soils exceptionally poor, and
altogether the outlook is gloomy.


Add to the position at home the
1 fn hot hor ,I,n
bly, but barely equal to the require
tments Of the country, at the very best
view and that it is therefore not un-
likely that France may have to be a
considerable buyer abroad; that the


yield in Spain is, though showing a


surplus, not equal to expectation; that


the Russion crop, though good, is like


ly to be difficult to get at, through the


war, and that all supplies from the


valley of the Danube are cut Off


through the same cause, and we have


a serious conjunction of causes al


tending to support the view that bread


may be dear. The most favorable es


innate of the home wheat crop which


we have seen-that of Mr.. II. Kains


Jackson. no inconsiderable authority


gives us barely twelve millio1


quarters or hardly half what we re


quire for food and stock purposes; ant


if the harvests of Europe are. with tht
exception of Hungary, either indiffer


ent or inaccessible, it is evidently ;


serious problem to know whence thi


deficiency is to be supplied.


We want, it may be conceded, il
: round numbers, at least eleven million


quarters of wheat between now ant


this time next year. Where is it to b.


had. The United states alone profes
to be able to supply the whole of tn
Immense quantity. They claim t.


have surplus of exportable grain o


over twelve million quarters, and thi


they will be ready to let us have at
price. This is merely the official est


mate. it is true, and may therefore b
, falsifed, but there can be no doub


that the American surplus will b


very large in nearly all the states 0


the Union, except California.