REPORT OF THE STATISTICIAN. 173 



against $0.84.7 the previous year. The anomaly uoted in the case of 

 flour is also observable in the case of corn-meal. The margin between 

 the average values of corn in the form of meal and of corn unground is 

 gradually narrowing; probably the same causes are operative in both 

 cases. Thus, in 18G4.-'G5, the difference in the average values of corn 

 in the form of meal and as simple grain was 56 cents; or, allowing 4 

 bushels of corn to each barrel of meal, $2.24 per barrel for the expense 

 of manufacturing. Last fiscal year the margin had reached its minimum 

 of $0.22.7 per bushel, allowing only $0.90.8 per barrel for the expense of 

 manufacture. 



Compared with the entire cereal export, corn and corn-meal, during 

 the last fiscal year, represent;ed 39.84 per cent, of the quantity and 

 26.79 per cent, of the value. The largest proportion during the last 

 thirteen fiscal years, 53.96 per cent, in quantity and 43.49 per cent, in 

 value, was in 1866-'G7 ; the smallest XDroportion, 3.78 per cent, in quan-- 

 tity and 3 per cent, in value, was in 1869-'70, during which the short 

 crop of 1869 was marketed. Of the estimated crop of 1875, the exports 

 of corn and meal during the last fiscal year amounted to 3.84 per cent., 

 a proportion very nearly the same as in the four crops next preceding. 

 Of the eight crops closing with that of 1870, the average amount 

 exported was 1.3 per cent. ; of the five subsequent crops, the average 

 export amounted to 3.71 per cent. The average of the estim.ated yield 

 of the first eight crops was 768,009,545 bushels; the average yield of 

 the last five crops Avas 1,039,619,700 bushels. Thus, while the average 

 yield has greatly enlarged, the proportion sent abroad has also greatly 

 increased. These facts illustrate the great enlargement of our foreign 

 trade in corn. 



The enormous crop of 1S75, which was marketed during the last fiscal 

 year, bore such low prices in the western markets as to suggest the 

 practicability of a greatly enlarged export trade. An attempt was made 

 by parties at Chicago and other great commercial points to establish a 

 large trade with British farmers for stock-feeding. From low prices and 

 freights then prevailing it was calculated that corn could be laid down 

 in the British markets so as to be sold, with a fair margin of profit, at 26 

 shillings per quarter. But this movement partially defeated itself by 

 calling out supplies of grain in excess of a normal demand and, conse- 

 quently, by cutting down prices in England below the calculated mini- 

 mum. Some of the grain, from lack of care in shipment, was injured 

 by heating on its ocean transit, causing considerable losses. On the 

 whole, it is estimated that the i>rofits of this movement somewhat over- 

 balanced its losses. This was one of the causes that so greatly enlarged 

 the export of corn during the last fiscal year. It seems clear that such 

 an export trade is exceptional in its conditions, and that it is only an 

 accident of a period of excessive x>roduction, low prices, and low rates 

 of transportation. 



Rye. — The export of rye and rye-flour consolidated, during the last 

 fiscal year, about doubled its previous aggregate, both in quantity and 

 value ; yet it amounted to less than half of 1 per cent, of the entire 

 cereal export. In no instance during the last thirteen years has it 

 equaled 2 per cent. It is dependent upon very uncertain conditions, 

 and hence betrays great instability. The annual export since the war 

 ranged between 80,924 bushels in 1870-'71 and 1,956,675 bushels in 

 1873-'74. During the last fiscal year the average value per bushel of 

 the whole rye and rye-flour export was $0.89.3, the lowest during the 

 last thirteen years. The maximum, $l'r09;2, was in 1867-'u8. Of un- 

 ground rye, the average of last year was $0.88.3, against $0.08.8 the 



