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The European Grain Crops

The European Grain Crops image
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te fpdiipw HP& Fiooa tiK' LuodOQ Mcv.'autili Uaetto, üct. J i. lui u uie mosl ol our agricultural district favorable accounts continue to rt'iich iis in referenoe to the yiold of this viüir's erop of wheat, If wc eonsider the immense requirements of llie United Kingdom, and the ueoessity of lai'ge iinporu frorn abroad to meet tbein, we sball at once perceivo thnL wheat has long sinee seen its lowest point for the year, and that thero is tivery prospect for a iuvtlicr riso in tlio quotationri. Spring corn lias coqiü freely to baiid, but t.le quantity bos not had auy effect upon the wheat trade. The high quotations prevailing in America for wbeat aud flonr have so far rt'duced the exportn from that country, that we are now positively in want of arrivals frotu New York to meet the requirements of buyerH. We tiüd, then, tbat there is no compe tition in our markets between the Con tinental riiid American producers, tha the stocks in warehonses in the Unitec Kingdom have dimioished of late, anc thut greatly iucreused supplies will be required ti prevent a rise in the vaiue of broad. The average price of wheat in Eugland is now 41s lid per quartor, against 383 Od in 1864, 4ls in 1863, 4tis 6d iu 1862, 56s 3d in 1861. Fortunately the wheat erop in France and Germany has turned out fair, perhaps we may say a f 11 average, both as to quantiiy and quality. Within a short time, houever, the navigation of the Baltic will be closed, and we shall, consequently, be compelled to rely chiefly t upon France, Holland and Belgium for our supplies. From Hhe Black Sea ports the shiptneuts will, in all probability, increuse. JS'evertheless, the quantity of grain now on passage from that quarter is too small to have muoh effoct upon our markets. A iarge influx of food from America woukl alone keep down the quotations here But -how are we to obtuin tional supplies whilst priees at New York are much higher than at Liverpool or Mark Lucia ? It is well known that ce;ir!y everythiug in daily use and oonsutiiptiüi) n tlie States is unually high in prioo. This arises from the onormous amount of paper money still in eirculation ; and so long as the people have tlie laeaus of payment, so long wi]l all comïüocüties commaad rates ibove tbe level of ordiuary soasons. Muoh stress has boen laid upon the stated deterrninatiou of the American Government to fund Ihe whoTe of their note ourrency. Such a step, thotigh it would iucrease the dotnands upou the treasury ia the shapo of dividends, would. no doubt, reduce the prico of many commodities, especially n'lieut and flour, and enable the speoulators in produce to fonvard additioual supplie.s of grain to this country, etill, ifc is not very olear that the consequent downward movement in price would be ëo grêat as to secure large protits to the American houses. I3ut fine wheats hero at GOs. per quarter, and fine flour ai 30s. to 32s. per barrol, would open up a good profit to those engaged in the trade in the States. Let it be understood that our position as regards an adequate supply oi iood is not iufenor to most previous year3; but the increased consuuiption going on, and the uuusually high quotatiou paid for nieat, clearly' demónstrate the neceseity of enlarged iniportalions.


Old News
Michigan Argus