REPORT OF THE STATISTICIAN. 



407 



plus of 1884 125,000,000. It finds a deficiency in ]886 in countries 

 where the harvest is finished of 32,000,000, the probability of an 

 average yield in Europe, and of a j^roduction in this country of at 

 least 100,000,000 bushels more than the product of 1885: and there- 

 fore, on the basis of present conditions, a probable full supply of 

 the wants of the world for the coming year. 



It finds that there has been some increase of wheat area even in 

 Europe, and very material enlargement of breadth in the United 

 States, some in India, Australasia, and South America, which causes 

 a full supply, if not a plethora, in the markets of the world, and 

 which has reduced the price in Liverpool to a lower point than has 

 been recorded in 125 years. 



It shows the fact, which those who only look at the commercial 

 movement often fail to see, that nearly all the wheat-raising countries 

 of the world aim to produce a full supply, and usually succeed; that 

 North America, South America, Asia, Africa, and Australasia each 

 produce a supply, and generally some surplus, while Europe produces 

 34 of the 4 bushels required per capita, besides another half bushel 

 for seed, say about 105,000,000 bushels. It shows that if Great 

 Britain shall be set off from Europe, the Continent will supply itself 

 usually, or at least require only a few million bushels after its interior 

 distribution is effected. In other words, the world is striving to del- 

 uge Liverpool with wheat, and finds elsewhere, and is likely to find 

 elsewhere, despite any law except the natural laws of production and 

 self-preservation, no markets that are worth striving for, or that can 

 enrich any wheat-growing nation. 



The report of the Statistician is given in full. 



1.— (a) STOCKS ON HAND* 



In "stocks on hand" are included the estimated amount in the 

 hands of farmers and the "visible supply " of commercial authorities, 

 but not that of unenumerated wayside granaries, the unmanufact- 

 ured stocks of millers, or the manufactured product on its movement 

 from mill to mouth. 



Wheat stocks, May 1. 



Were the mill stocks, unenumerated commercial grain in obscure 

 storage, and manufactured wheat in distribution included in the 

 above aggregate the addition might suffice for the consumption of 

 two months. This portion of the visible supply will be greatly 

 reduced before the 1st of September, and will swell the above aggre- 

 gate of stocks for the year's consumption. Then the harvest will be 

 in progress in Texas during the present month, in Tennessee in June, 

 in the Ohio Valley the 1st of July, and in Michigan later in the same 



