74 THE FARMER'S OUTLOOK 



Equally important are the harvests of countries 

 like France which have a large acreage under 

 wheat. The year 1910 was marked by a reduction 

 of the French crop equal to about 23 per cent, 

 on the ten-yearly average, with the result that 

 France entered the list of importing countries 

 in 1911 to the tune of 10,000,000 quarters. 

 As we have already seen, there have been crop 

 failures in Europe before, which have been met, 

 as in the late 'seventies and in 1890, by largely 

 increased imports from the United States. Is 

 the ability of the present surplus exporters of 

 wheat equal to such an emergency if it were to 

 arise ? There are many differences in the 

 situation at the present time as compared to those 

 ruling in the 'seventies or in 1890. The earlier 

 period was that, as we have already seen, when 

 the States, partly from choice and partly from 

 necessity, were throwing their whole impetus 

 into the developement of agriculture. In 1890, 

 the process was still going on in spite of low 

 prices. The failure of the Russian crop coincided 

 with the remarkably good American crop and the 

 cricis was overcome. The low prices ruling at 

 the time undoubtedly helped. Cheap wheat 

 meant large farmers reserves, and the increased 

 demand was met from invisible supplies. In fact, 

 so confident were American farmers that the 

 United States held the key of the market that a 



