74 
Tlie Indian Wheat Trade. 
India for the production of tins grain. "When one or other of these fails, 
the mai-gln of profit, which is so slender at the best that exporters luust work 
on a very extensive scale to obtain appreciable returns, shrinks in such a degree 
that the export will be carried on either to fulfil engagements already entered 
into, or as an unavoidable alternative to paying for imports in money." 
Elsewhere lie discredits some extreme estimates as to tlie 
low cost of producing wlieat in India, and particularly one to 
the effect that it was not more than half as much as the cost in 
America, which he shows to be absurd. 
No one can tell what the average cost of producing wheat in 
either India or Amei'ica is. The only real tests as to the minimum 
are those afforded by acreage and exports when prices in Europe 
are low; and it has already been shown that, judged by those 
tests, America has admitted that she cannot grow wheat 
profitably at an average farm price of Co to 77 cents a bushel, 
or 21s. to 21,s. StZ. a quarter. On the other hand, India has 
increased her acreage and exports, with the help of low exchange, 
while the ryots have been receiving something less than 11 
rupees a quarter, costing at the present rate of exchange about 
Ihs. Qd. The expenses of getting the Indian wheat to the coast 
and across the ocean are much greater than is the case with the 
American wheat ; but we are now considering farm values in 
English money. How much less than 11 rupees per quarter the 
ryot has obtained on an average during the last three years no 
one knows ; and it is to be hoped that no one ever will know by 
means ot experience the utmost reduction below that pittance 
which he will accept and yet continue to grow wheat for 
export. But in the last " Statement of the Trade of British 
India " we are told, in reference to the increasing exports of 
Indian wheat : — 
"This advance is not an indication that Indian is displacing American 
wheat in the English market. The quantity exported to England was 
nearly 20 per cent, less (in 188G-87) than in 1 880-86, and there would have 
been an actual retrogression in the total exports had not an increased de- 
mand from Italy turned the scale. The development of trade was not at 
the expense of the United States, hut of Russia, from which Italy has 
hitherto drawn regular supplies, Sec." 
This statement is indisputable as a matter of fact ; but yet 
the inference that India is not a serious rival of the United 
States would scarcely be admitted by the unfortunate American 
farmers, who have been driven out of wheat-growing by the low 
prices, for which Indian conipetition is mainly accountable. 
But let us turn to Russia, as the most direct competitor of India. 
Most opportunely, as this portion of the subject comes to be 
dealt with, I have received, through the courtesy of the Agri- 
cultural Department, a paper on the state of Russian agriculture 
which begins thus : — 
