So THE FARMER'S OUTLOOK 



producing countries which we have reviewed, 

 there is a widespread tendency on the part of 

 farmers to grow for export the more valuable 

 products instead of wheat. Were it not that 

 wheat is the most adaptable and the hardiest of 

 cereals, the production would undoubtedly be 

 considerably less, unless prices were to rise 

 appreciably above the present level. 



In summarising the history of wheat prices 

 during the last thirty years, and assigning the 

 causes of the variations, we are met with almost 

 as great difficulties as in estimating the future. 

 From the period '7i-'74 there was a tumble of 

 ios. per quarter to the 45s. level of '75-82. 

 This may be called " the American prairie " fall ; 

 the second drop was one of 13s. from the last men- 

 tioned price to the 32s. level of '84-91, This may 

 be called the " British-Indian " fall. The third, 

 a fall of 9s., to the 23s. level of '94~'95 ; this may 

 be characterised as the " Argentine " fall. 1 With- 

 out going further into the causes of the fall which 

 were so much discussed at the time, we can point 

 to two undoubted circumstances which affected 

 the increased exports from India in the second, 

 and those of the Argentine in the third " tumble." 

 WTiile in India the fall of the rupee stimulated the 

 grain dealers to purchase corn in the country 

 districts where the rupee still held its old purchas- 

 1 Broomhall : The Corn Trade Year Book. 



