THE WORLD'S WHEAT TRADE 73 



stringency. In the cereal year from 1st August, 

 1907, to the 31st July, 1908, the world's total 

 exports dropped some 8,000,000 quarters from 

 those recorded in the previous cereal year. The 

 following crop season exports were again con- 

 siderably below those of 1906-7, on this occasion 

 to the amount of 6,000,000 quarters. That the 

 falling off in exports was due not to diminished 

 demand, but to a shortage of supply is best shown 

 by the considerable rise in price which occurred. 



During these two years Canada's crops fell 

 38 per cent, and 31 per cent, successively from the 

 yield recorded in 1902, which was the best year 

 during the decade. In the States both 1907 and 

 1908 were 10 per cent, below the best year (1906). 

 The Argentine, which may be said to have saved 

 the situation in 1907 with the best crop of the 

 period, only had a moderate crop in 1908. The 

 reserves in sight while these changes were going 

 on, are instructive. Estimated on 1st August, 

 1907, at 25,000,000 quarters, they are returned 

 at 16,000,000 on the same date of the subsequent 

 year, and 12,000,000 in 1909. It will be remem- 

 bered that it was in 1909 that the average official 

 price of wheat in the United Kingdom was re- 

 turned at 36s. 1 id. per quarter, the highest 

 recorded since 189 1, when the price was 37s. od. 



So far we have been dealing with the variations 

 in the crop returns of the exporting countries. 



