THE BEEF SUPPLY 



not become so small as to lose all effect upon 

 prices in the great centers. 



When Hawaii was annexed, although its 

 sugar thus let in free of duty was consider- 

 able, the price of sugar in the United States 

 did not fall. Had Hawaii been able to 

 supply our entire market, prices ought cer- 

 tainly to have fallen by about the amount 

 of our raw sugar tariff. 



The fact that in any commodity a small 

 part of your supply is produced very 

 cheaply, does not affect in the slightest the 

 general selling price. To do this, the 

 cheaper supply must be ample enough to 

 meet the entire demand. 



A few years ago the Chicago price of 

 beef cattle was fixed, mainly, by the free 

 pasture cost of production. Perhaps the 

 jump of prices during 1902 may be ac- 

 counted for by the trade then for the first 

 time becoming aware that the feed cost of 

 beef and not the free pasture cost must 

 henceforth rule. 



The production of beef cattle is cut down 

 by the spread of the dairy industry still 



161 



