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Lyttelton Times, Volume LXXVII, Issue 9646, 11 February 1892, Page 4

The news we have received from the country during the past few days is of a very discouraging character. A week ago the farmers were gathering the most promising crops that have ever been grown in Canterbury. The fruits of their labours seemed well within their grasp; only two or three weeks of fine weather were required to ensure a rich return, and the path of the agriculturist appeared for once to be cast in pleasant places. But the prospect has changed. The rain which commenced to fall on Thursday evening, and continued with variable interruptions until Tuesday morning, has worked irreparable damage in all parts of the country. It is impossible at this stage to form even an approximate estimate of the extent of the loss, but we shall probably be well within the mark when we say that New Zealand has been made .£200,000 poorer by the recent rain. Many experts have placed the damage at a larger figure. We must, however, hope for the best, and in doing this we may remember with some satisfaction that the injury suffered by the grain crop during the wet harvest of 1877 was much less serious than at first seemed probable. It is some consolation, too, to find that the prospects of the wheat market continue favourable. The information we have been able to collect all points to a firm market, and it is not too much to hope that prices will experience a further rise before the bulk of the crop is out of the farmers’ hands. This is a question upon which it is difficult to give any definite advice, but farmers would do well to bear in mind that the world’s market is in a very unsettled condition, and that most of the surrounding circumstances suggest that values will improve. Be cent advices from Great Britain show that the early estimates of the crop will hardly be sustained. There is a heavy deficit in France. In Germany the reserves have been exhausted, and the yield of last harvest was 16 or 18 per cent, below the average. There was only a poor harvest in Central and Southern Europe, and it is quite probable that the Russian crop was 75,000,000 bushels below the average. The Indian crop was a full one, but most of the surplus has already been absorbed by the European markets. The South American and Australasian exports are of so little importance in the world’s supply that combined they would no more than furnish Europe with bread for two or three days. The crops of the United States and Canada were abundant, and may contribute as much as 180,000,000 bushels to the markets of Europe, but it is quite certain that the astute Americans will regulate supplies in a manner which will ensure the best available prices, The summary of all this is that the cereal year of 1891-92 shows a deficiency of about 600,000,000 bushels ; in short, Europe has only nine months’ supply for the twelve months. Potatoes and other substitutions • may be equal to a month’s consumption, but this will leave two months to provide for, and long before the granaries are empty there will probably be a sharp rise in prices. These are the main features of the situation as they appear on the surface; we shall not venture to say that our calculations are absolutely correct, but we think the !:-look is sufficiently encouraging to r.uord some grains of comfort to the farmers who are now deploring the partial destruction of their crops.