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New Zealand Mail, Issue 889, 15 March 1889, Page 29

From a lengthy telegram in another column some idea is gained of the disastrous effects of the prolonged drought in Australia. The Government statist estimates that the wheat deficiency of Australia for the present year is 6,413,000 bushels. A member of a leading grain firm in Sydney, who has been interviewed, gives his opinions as to California entering the market with her surplus stock. With regard to the problem as to whence Australia will draw her wheat requirements for this present year, a recent London grain circular says :—“Estimates of the probable outturn of the English harvest varied considerably, but the official returns published toward the close of the year gave the yield of wheat in Great Britain as about 9,000,000 quarters. If to this quantity be added an estimate for Ireland, say 300,000 quarters, the figures for the United Kingdom, on a somewhat increased acreage, fall but little short of those for last year’s crop. In point of quality and natural weight, as well as to some extent in regard to condition, the harvest of 1888 was greatly inferior to that of the previous year, and the proportion of grain available for milling was much less than the statistics as to quantity would seem to imply. As already stated the crops generally in Western Europe were more or less deficient in quantity and quality, but in Russia a bountiful harvest was seouied. Liberal supplies from the last named country constituted one of the chief causes which led to a giving way in prices during December. The American crops, in the Eastern States; proved too deficient to admit of any large export to Europe, and English millers during the latter half of the year benefited largely by the falling off in the arrivals of flour from that quarter. A better yield in California, however, rendered possible free shipments of white wheat from the Pacific ports.” It is plain enough that Australia will he able to take all the surplus wheat we can spare from this Colony. In that case our short shipment to the English market should have the effect of keeping prices quite up to their present value, if not reaching higher rates. Russia and India have a large surplus with which to supply the English market, hut the shrinkage in exports from Australia and New Zealand will fully counterbalance any weight those countries may have in bearing the market. The pyo'-_ spect, therefore, lor Ne\y yfficat growers is a healthy one, qqd ajifiemgh big boom prices in wheat may not oaour, there Is eve£y probability of every bushel ofeur wheat finding a ready market at fully remunerative rates,