a great relief to the country after the pinching caused by two bad harvests and diminished trade. If there had been only the greater acreable produce to rely on much would have been gained; but a great deal more than that was revealed by the publication of a summary of the agricultural returns on 19th September. The beneficent season had added 2,000,000 qrs. to the produce of an average crop, while the increased acreage under wheat swelled that addition by 1,200,000 qrs. more. Nor was this all; for the fine and heavy sample will improve the yield and quality of the flour by 2 or 3 lbs. a bushel, Of equal to one twenty-fifth part of the total produce.
The contrast between the yield of the two last harvests, 1867 and 1868, is shown in a very striking manner when all the figures are placed together.
| Years. | Acres under Wheat. | Quality. Weight per Bushell. |
Total Produce at 488 lbs. per Quarter. |
| lbs. | Qrs. | ||
| 1867 | 3,640,000 | 59 | 9,380,000 |
| '68 | 3,951,000 | 63 | 16,436,000 |
| Increase in 1868 | — | — | 7,056,000 |
Here is a difference in a single year, exceeding four months', or one-third of the total consumption. The home crop will give us within 5,100,000 qrs. of our average consumption, and if we add to that one month in consequence of the unusually early harvest, and reckon on 13 months' consumption before the next harvest may be available, we need 6,800,000 qrs. of foreign wheat and flour. In the six months since 1st September last we have imported about two-thirds of that quantity, so that, even if imports should for the current six months materially decrease, we are likely to receive quite enough to carry us on with moderate prices till next harvest.
Price and Supply.
The price is a question of great delicacy, though of first importance. In the course of the year 1868 the highest average Gazette price was in May, 73s. 8d., and the lowest in December, 50s. 1d.; the difference 23s. 7d. There is thus a fall of one-third from the highest point, which corresponds in most remarkable exactness with the increased produce of 1868 over 1867. So far as our own crop is concerned, the consumer would thus appear to have got the full benefit of the good wheat harvest.
Till next harvest the price will very much depend on the rate of foreign imports. These come to as not so much in relation to price
