THE WHEAT PROBLEM.
[To THE BUTTON, OE THE " SPECTATOR."' SIR,—Your interesting article, 'The Wheat Problem," in the Spectator of October 13th, suggests a reason that I have not before seen, why the present extremely low value of wheat throughout the world is likely to continue, and may be farther depressed. I cannot agree with your pessimistic forecast of the condition of the agriculturalists of the world for the next ten years. My object in writing, however, is not to question the soundness of your conclusion, although I should not give it the importance you attach to it in influencing continued over-production; but to point out, what appears to me, the misleading value of 16s. per quarter (I suppose of 480 lbs.), that you assume as the present value of wheat in this country. It is true that in certain agricultural centres many samples are now only bringing from 15s. to 18s.; but this is owing to their bad condition, whilst fine quality in good condition is worth 20s. and upwards. The official average of English wheat the week before last was 18a. 2d. (the lowest recorded for over two hundred years), and is probably fully 2s. lower than it would have been if it had been harvested in really fine condition. If your price of 16s, is intended to include foreign wheat values on English markets, it is equally mis- leading, as the finer qualities of American, Californian, Australian, and Ruseian are worth from 20s. to 23s.; and it is only the commoner qualities of Russian, Argentine, Indian, &c., that range as low as 17s. 6d. to 20s. per quarter.—I am, [We gave the minimum price of actual sales.—En. Spectator.]
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