78 THE FARMER'S OUTLOOK 



important factors in settling the world's wheat 

 production. At present this regulator of produc- 

 tion is more effective than in the period of low 

 prices when wheat was extensively grown at a 

 loss. To quote the United States Agricultural 

 Year Book, " the farmer has become strong as a 

 seller and able to hold his crop for fair prices." 

 This will tend to steady prices in both directions. 1 

 Two factors should be mentioned which make for 

 firmer prices. One is the better organisation of 

 farmers' credit. In Canada, legislative action 

 enabling banks to advance on wheat held in 

 farmers' stores preventing the rush of wheat 

 shipments before the close of navigation, in 

 Argentina the building of elevators, which will 

 enable advances on wheat deposited therein to 

 be obtained. The other factor is the present 

 credit famine in the financial world, which may 

 seriously curtail the extension of railway con- 

 struction. Yet another point to be remembered 

 is the diminished output from the Balkan States 

 as a result of the recent unfortunate war. The 

 outstanding feature of the world's wheat supplies 

 at the present time is the wide crop variations 

 of the principal exporting countries. All other 

 considerations are subject to this. 

 To sum up the present position of the world's 



1 If wheat prices go up farmers will grow more, and 

 vice versa. 



