THE WORLD'S WHEAT CROP.

Press, Volume LXIII, Issue 12937, 17 October 1907, Page 8

THE WORLD'S WHEAT CROP.

The qneetion of the removal of the duty on flour is again to come before Parliament, but the prices of wheat ere ruled at the present tin;e by con- ' sideratione entirely outside a mere matter of duty. The fact is that there is a prospect of a general shortage in the world's wheat supply for the current year. The Sydney "Daily Telegraph's" London correspondent, writing on September 6th, asserts that "the tone of all the European markets at that date was distinctly ' bullish, , and prioes had advanced considerably during the fortnight." Reports of crop failure in Manitoba, and very disappointing results in Russia, here, he say*, "kept sellers out of the market, and a further hardening in values seems probable." He adds that the position is well described in the following extract from "Beerbohm": — "The net imports into European countries during the past season amount to 58.800,000 quarters, in round figures, one or two items being estimated, against 63,440,000 quarters last season, and €9,265,000 quarters in

1904-05. Adding the non-European imports, we have a grand total for tbe past season of 6a,OuO,UOQ quarters, or 1.32r,000 quarters per week, against 71,940,000 quarters, or 1,380,000 quarters per week last season, and 66,465,000 quarters, or 1,2/5,000 quarters weekly in liKM-00. The prospective requirements for the ensuing season reach the enormous total of about 75,000,000 quarters, including t>5,000,000 quarters tor Europe. "Whence this immense quantity will be obtainable is not easy to foresee; for with tho apparent failure of the Manitoba crpp and tho decreased estimates of the American crop, it is difficult to imagine more than 60,000.000 quarters to be easily fort boom ing under normal conditions as to price. Under these circumstances it is not difficult to justify the bullish feeling which has somewhat suddenly come over the trade, at a somewhat unusual period of the year. The delay in the advent of new wheat upon the English and German markets has. of course, quickened the market, but it wa9, we think, inevitable in tfiis extraordinary season that prices should advance sooner or later, to a higher level, sufficient to attract the necessary supplies. The prospective deficiency will of course, be met somehow, and possibly with more ease then at present seems hkely; but it is a question Ins season of the demnmf ahvav treading upon the heels of supply. and Sve m r r S ket a e S ,' a m,P ' Sd The London wheat market has conDorJ X U '" addl . tio n to the imto lift" I, v Al,st ™ I '»n cargoes up to \3* Gd hae been pa.d. and ecoordinir o advices in another column the prices for wheat in Sydney Mcl bourne, and Adelaide are now 5s to L ?d, or nearly equal to the- prices p • n Aoir Zealand this w et -k. That 2 t? a i[ Übt Stins to kw I> the Ault out ™k m tn rk % b T ie the the sX* t? h T? Bt in all the States. . The "Sydney Mail" o f the Jth inst. gives tho following informa t.on concerning the Ailstaalian wheat crop conditions:— r O^l°!, hor chee , rlcss w «* haa to be SKf"* Week r Ot dry ' n e weeterlieo which have gone far to undo any little good which the lighc general fa/nfaU of a fortni-ht back may have done. True, some d, S tncte havo had showors in the interim the Northern e tlu S a ?f U J. faI1 « Imd somo part 6 c lv coastal division; but the I rt> of the country wh er e tho bulk o* the I.l* ??° pe are have had bo appreci'v™ 1 *"«»« wheJt St as a whole the harvest outlook to-day is worae than it has been yet. At the moment of writing it is a "touch-and-go with ,o per cent, at least of the crops of the South-western slope and ?/J£ in *ri k x i n ?" - " thou « h th * State will bo lucky, if the couth retturns half a crop. The middle weet is rePorted better, though etill suffering, and while the north may jet hope to get very fair resulte, its production is not large enough to make it much of a factor. The Queensland wheat districts ere, if anything, wore© than the worst in New South Wales, and it w now certain that the Queensland yield will be inconsiderable. Victoria is reported very bad in parte —in fact, the Northern and Northeastern districts do not seen* to be much better circumstanced in regard to moisture than ere those on the New South Wales side of the Murray. South Australia report* backward patches, but, on the whole, the crops there appear to be holding their own .pretty well, and, given average luck, the middle State can look forward with fair hope to meet an unprecedentedly favourable market with a crop very little behind, if not quite equal to, that of last year. The beet crope in the Commonwealth this year, however, soem to be those of Western Austrtlie. The distant State has c larger acreage under crop at present then at any previous period, and es lain hae come at the right time—ac it usually does in the wheat country of the West, by the way—there ie reported to be an excellent growth. Under these circumstance* it is probable that Western Australia will have an appreciable quantity for exgort."