THE WHEAT FUTURE

Dominion, Volume 2, Issue 484, 17 April 1909, Page 3

THE WHEAT FUTURE

NEW ZEALAND 8 GOOD LUCK.

WILL THE INDUSTRY EEVIVE?

>ri. u oa i Souigjto be permanently,dearer! The wheat supplies of the world, scarcelj ever much beyond the needs of tho world, are now seriously short of its estimated requirements. It is on that account chiefly tnat the sensational gambles in wheat in America have been possible. The importincountnos of tho world require to purchase 06 million quarters of wheat in a year, and the quantity likely to bo available for that purpose this year is only 54} million quarters, fhe wondor. is not .that prices have gono up rapidly' this year, but that they navo remained so steady ,for some years past. Doubtless there is, a limit of price beyond whit* men would ceaso to eat tho foods that are made'from wheat, but that limit is not within visible' reach of any prices that now appear possible So it is \ only necessary for wheat to be sufficiently scarce for prices to soar dp' much boyond the present hgure. '. What, would, of course, prevent this would to the increased cultivation of wheat, which • d "J^tably,follow anv big, rise in prices. Ihe present year's dearnesa will no doubt stimulate production in all the wheat countries, just'as last year's good < prices for dairy produco are saio* to. have stimulated tho work's output of that commodity. It-may bo expected, if tho wheat-corners continue'and prices, remain high for an appreciable period, that the stimulated overproduction of next season will cause a reversal of conditions, such as dairy produco is. now ■experiencing. But wheat, even now I!/?* t ,?,?.i ea * from the Producing standi point linrty-hvo years ago' New Zealand wheat was worth Bs. per bushel in London, out m.rtcent years it has "been worth only 5L™ 3e3S - , B 13 , *"» ttat > >n years, ST T*'* oi i Potion and cheaper freights have made lower prices possible, but even then, the' wheat* farmers have been declaring that wheat growing is an occupation, scarcely . worth followin!'. The JSwf 8 T MSI ? g needs > however, do not permit a lessening of the areas devoted to wheat, but rather, call imperatively for, an SEE"* in ? roa . scd out P ut ««W bo acr« n d 'i eith !£ V 101 6? tho WM* Snr &« rt ««fn«S'wheat culture to'the poorer ■ lands not now, regarded as capable of profitably carrying wheat, o"r »1 fi op r g I I T^ w arcas of wheat £nM $ ? of the product could be enlarged without additional cost. iho yield per acie, for example, may f be SEW better/manuring! per bushel of wheat produced. And the SSSSW ° f ™ wv *»«»t weas is a feasible nndertaking, where settlers exist to work them. This question of settlers is, in Ausr eVer ' a ser i ous difficulty, which 51 W v S n ? of «P At present she exports less than 8 per cent of 2£i Wl "nSj "Tli «"> purcfasing coun- , toes. The.tJnited States. export' aSmt 32 'If H M f> Bm& imeriw about per cent., Canada and Russia about IS EStA + €aCb V and „ AM tra]asi a and the Balkan States about 8 per cent. each. The American internal requirements are fast increasing, and the hopes of tte fntoe for mporting countries are most likely to be «?XH Hf nada ' Russia > and Argentina. In each of these countries there are largo areas of good wheat soils available for opening 1, •?,*' alternative of growing wheat on land now considered unfit for .the* purpose, this could only bo done at increas d cost per bushel. , , Wheat hm ?° of the is not likely to-come, as has been suggested, ri/?; Kb r tmof the nitrogen of tiK *o (which, by the use of leguiniSous crops! can bo made inexhaustible), thero appears a possibility that the world's acquaSc HL cn <»P. wheat may ~bo permanently broken, and remunerative prices prevail for Eomo years to'come. , Wheat prices, howare so proverbially,.yncertain, that no 52 T £ r ? faSS with any-accur-acy the future. To Nocv Zealand wheatSZaR season bears a striking S W? thougK IIT.J lt6 ' d, £ erent Clms&s - W beat, with uZt\U TP °? locaU y- is meet i«g pnusually high prices and dairy produce, Si'« of record abundance, realised (through the high prices paid in the forward contracts), record prices also. With an mcreased wool clip and fair prices for both wool and meat, the New Zealand farmers £ JLT 5 OT !! ry . opportunity afforded them to weather what has been regarded aa a penod of financial anxiety. This old world a™? 8 to V=? ve a ,. wa y of makin g things bal-' ance up after all. fa