32 AMERICAN EXPORT CORN ( MAIZE ) IN EUROPE. 



LONDON CORN PRICES FOR FRAGMENTARY PERIODS. 



Table XII is supplementary to Table XI and compares the prices 

 quoted at London for American corn and those quoted for corn of 

 other corn-exporting countries, especially corn from Bulgaria, Turkey, 

 India, and North and South Africa, when the corn of tlie latter coun- 

 tries was on the market for fragmentary parts of the periods shown in 

 the prececUng table and was therefore not comparable in that table. 



The data shown in this table were derived from the same sources, 

 and the results were obtained through the same processes as were 

 those in the preceding table. The quotations shown for American, 

 Argentine, and Russian corn are necessarily duphcated, but those for 

 the other countries shown are not. 



The table shows the averages of the quotations for a total of 69 

 weeks, during 29 weeks of which the quotations for American corn 

 averaged above and during 40 weeks of which those for American 

 corn averaged below the average of all quotations for the respective 

 periods, showing a total average for the whole period of 69 weeks of 

 3.07 cents per bushel below the average of quotations for all corn 

 shown. 



Quotations for "Cinquantina" corn have been omitted from these 

 tables. This corn is similar to the pop corns of the United States, is 

 composed of small, hard, and flinty kernels, is very nnich prized, 

 especially in Great Britain, for feeding to poultry and pheasants, 

 and usually brings much higher prices than corn of the ordinary • 

 commercial classes. 



CORN PRODUCTION, EXPORTS AND DOMESTIC VALUES. 



With regard to the economic factors whicli influence corn prices, 

 those of supply and demand naturally occupy a prominent place and 

 in order to enable the reader to weigh those factors and without 

 attempting to draw elaborate conclusions therefrom, the following 

 diagram and tables, which deal with, the production, exports, and 

 domestic values of corn, are inserted. 



Figure 7 is a diagram showing the production of corn, in 10 million 

 bushels, in the United States, the exports of corn (including corn 

 meal), in 1 million bushels, from the United States, and the average 

 of the high and low prices of December "No. 2 Corn" at Chicago, in 

 cents per bushel, each year for forty years, from 1868 to 1907, inclu- 

 sive. 



The diagram shows the enormous general increase in the produc- 

 tion of corn in the United States during the past forty years, the 

 curves of export following the curves of production with remarkable 

 fidelity up to the je&r 1896. During the years from 1896 to 1900, 

 inclusive, the exports reached the highest points shown for the whole 



[Cir. 55] 



