72 THE FARMER'S OUTLOOK 



two years are 15 per cent, below. Taking Russia 

 in Europe and Asia together, one year shows a 

 falling off of 13 per cent, below the maximum, 

 which is recorded as slightly over g% bushels for 

 1908, and for 1909. An analysis of the United 

 States returns shows a maximum of 14^ bushels 

 in 1906. In 1904 the yield was about nf bushels 

 or slightly under 20 per cent, below, in 1903, 17 

 per cent., and 1907, slightly over 10 per cent, 

 below the maximum yield. 



The significance of these figures is unmistak- 

 able. It is impossible to escape the conclusion 

 that the world's wheat supplies are more liable to 

 violent fluctuations than during the period in 

 which reliance on the United States was the 

 main feature of the world's wheat trade. A 

 surprise either in the shape of a large diminution 

 in the world's surplus crop, or a glut may result. 

 It may perhaps be urged that a partial crop failure 

 either in more than one of the principal exporting 

 countries, or in that of one of the important 

 consumers which rely to a large extent on home- 

 grown supplies, is unlikely to occur at the same 

 time. The objection may be answered by point- 

 ing out that as the world's imports, as we have 

 already seen, are only from 13 per cent, to 18 

 per cent, of the world's total production, it 

 requires but an inconsiderable diminution of the 

 world's total supplies to bring about a sensible 



