22 ANNUAL REPORTS OF DEPARTMENT OF AGRICULTURE. 



quent elevation of prices has sometimes carried them to about the 

 level of the earlier years under review, and sometimes higher, but it 

 may be noticed that if comparison is made between present prices 

 and the extremely and abnormally low prices of the nineties the 

 present period of high prices is made by force of the comparison to 

 occupy a relatively higher place than it does if comparison is made 

 with the higher-price periods preceding. 



FOREIGN TRADE IN AGRICULTURAL PRODUCTS. 



ANALYSIS OF EXPORTS. 

 HIGH VAIiUE or NATIONAL SURPLUS. 



Over a billion dollars is, for the fourth time, the value of the 

 exports of farm products. It is sufficient to pay the expenses of 

 the National Government. As long ago as 1878 the value of agricul- 

 tural exports reached half a billion dollars ; by 1892 the amount had 

 touched $800,000,000 ; and by 1901 it had grown to $950,000,000. The 

 billion-dollar mark was reached in 1907, when the value of agricul- 

 tural exports amounted to $1,054,000,000. That amount has not since 

 been equaled, but the exports of 1908 and 1911 exceeded a billion dol- 

 lars in value, and in 1912 the amount fell short of the record exports 

 by only $4,000,000. 



RISING QUANTITY OF EXPORTS. 



The high value is not entirely due to high prices. The trend of the 

 quantity of the exports of particular commodities can best be under- 

 stood by using index numbers. Let the quantities of the average 

 yearly exports of the 10 years 1900 to 1909 be represented by 100 and 

 convert the quantities of the exports of other groups of years and of 

 individual years into terms related to that basis. It will then appear 

 that the exports of oleo oil have increased year by year after the period 

 of 1900 to 1909 to the relative amount of 112.3 in 1912. This com- 

 modity was exported this year to the value of $13,000,000. 



Lard compounds also have increased above the average of the 

 period 1900 to 1909, the relative number for 1912 being 114.8. The 

 exports of this commodity are this year as high as $5,000,000. 

 Various animal oils, not specifically described, have increased in 

 exports during the last three years. Another commodity that is 

 increasing in exports is eggs, which have arisen to the relative num- 

 ber 359.8 in comparison with 100 as representing the 10 years 1900 

 to 1909. In 1912 the value of these exports amounted to $3,400,000. 

 The exports of mutton amount to only a few hundred thousand 



