The impact of the agricultural crisis was not confined to the European Continent; the Americas had not escaped disaster either.
As European grain prices plummeted, capitalists naturally began shipping grain abroad for sale, driving down grain prices in the Americas as well.
Advances in shipping technology had reduced maritime transport costs, and ocean-going cargo ships of ten thousand tons or more had become increasingly common. Riding this favorable wind, Austrian grain exports even crossed the seas to enter the Japanese market.
Of course, that was merely incidental. Shipping grain specifically to Japan for sale still yielded too little profit; no one had the leisure for that.
Influenced by the Meiji Restoration, Japan's imports of machinery and equipment from Europe had surged over the past few years, making trade increasingly prosperous.
The ten-thousand-ton transport ships first developed in Austria reduced freight costs, but they also came with an awkward problem—cargo holds often could not be filled.
This problem did not stump the capitalists. A few local specialties could fill up the holds. Even a mosquito was still meat; nothing could be wasted.
The Vienna Government's appeal had had some effect after all. Every major grain-exporting country announced production cuts, though no one knew how effective they would be.
In Franz's view, however, every measure adopted by the various countries was riddled with loopholes. Whether production capacity could truly be reduced depended entirely on the farmers' self-restraint.
Just after the autumn harvest, a great wave of new grain entered the market, and international grain prices continued to fall. The capitalists finally understood the danger—if prices kept falling like this, everyone would be finished.
To maintain stable grain prices, the capitalists joined forces with the large landowners and began pressuring their governments. By the end of 1872, the vast majority of European countries