59 



and his remarkable discourse thereon). It has never 

 foeen possible to prove that, the real practical results 

 would compensate, for the financial insecurity and com- 

 mercial disadvantages which the storage of huge quanti- 

 ties of grain there would involve. It is admitted that 

 the present manner of trading is most satisfactory: the 

 merchant buys grain where most suitable to him and iu 

 the cheapest' market ruling, he receives it at the most 

 suitable moment, and disposes of it as consumption re- 

 quires, at his best interests. 



Foreign grown wheat owned by British merchants 

 ts always stored abroad; that 'purchased in Argentina by 

 the British merchants finds. its storage in the holds of the 

 ships, which, as we see, have to replace storage places in 

 the country itself: half our grain is loaded for orders, 

 without definite destination. Thus the foreign grown 

 wheat owned by British merchants is stored abroad in 

 preference to finding a place in British warehouses. This 

 has been one of the fundamental principles of trade, re- 

 cognised first by the North Americans, and turned to 

 such practical use in the erection of Elevators in the 

 places of production. 



Trade generally finds it more suitable to its interests, 

 and less risky, to buy to cover needs than to buy large 

 quantities and stock at home. 



Regarding this question of the utility of home stor- 

 age against the dangers of storage on the markets of con- 

 sTimption we have only to study the innumerable reports 

 issued by the various commissions which have been ap- 

 pointed by the British Governments at different dates, 

 11 of which finally reported in favour of the matter being; 

 left to the producing nations and that the consuming na- 

 fions (England, Scotland and Wales) should not compro- 

 mise themselves to store excessive supplies against a rainy 

 day : since actually there always existed a certain storage, 

 that of the home farmers, the home millers, etc. It was 

 ;also resolved that, in case of danger, it was more reason- 

 able to rely on the efforts of the farmers and to reduce 

 consumption for the moment. 



The fundamental reasons against the establishing iu 

 England of national granaries where more grain than 

 that -required for immediate consumption should be stor- 

 ed, are too numerous to enumerate here, but it can be 

 accepted as a fact that technical opinion is all in favour 

 of the producing country erecting storage and. thus be 

 ahle to sell only as the demand arises. 



With the aid of elevators, shipments are regulated : 

 the grain is kept till our customers call for it, whereupon 

 the ships are chartered, the goods loaded, and the article 



