THE WORLD'S WHEAT TRADE 75 



considerable amount of wheat was held up by 

 them during the winter of 1891 in the belief that 

 still higher prices would be obtainable. High 

 prices drew out invisible supplies all over the 

 world and those American farmers who had held 

 on to their stocks suffered. 



The higher prices ruling for wheat at the 

 present time is the most important difference 

 between the situation now and that of 189 1. It 

 is unlikely that invisible stocks in the aggregate 

 are so extensive. Another feature is the high 

 values ruling for cereal feeding stuffs at the 

 present time. A deficiency in wheat cannot be 

 so cheaply met by the use of alternative cereals. 

 Reviewing the position as a whole, it is impossible 

 to avoid the conclusion that a serious wheat 

 shortage would under present conditions be 

 accompanied by a marked increase in prices. 



That wheat is a pioneer crop is a matter of 

 common knowledge, but it is doubtful whether 

 the full significance of this is sufficiently realised. 

 The passage from the U.S.A. Agricultural Year 

 Book already quoted in reference to wheat grow- 

 ing when the Western prairies were being opened 

 up cannot afford to be forgotten. " The wheat 

 farmer is far less a farmer than a speculator." 

 The observation cannot be held to be equally true 

 wherever new lands are being developed. It 

 applies probably with equal truth to Canada at 



