67 



of the glut of last year's crops, which would have been 

 more use to us out of the country, even if it had only 

 been to avoid the scarcity of sacks. 



Because the war has ceased in Europe, one is not 

 justified in assuming that our difficulties are at end, and 

 that as far as we are concerned- our task is just to grow 

 as much as we can to fill hungry mouths. The hungry 

 folk will go on famishing, or probably have finished fam- 

 ishing judging by the rapidity with which they are con- 

 suming our supplies, and in the meantime the rest of 

 our competitors are actively pursuing the fleeting ad- 

 vantage which the situation and their own previous sacri- 

 fices permit. 



What constitutes an exportable margin depends 

 above all on the stability of the harvest. 



THE CULTIVATION OF WHEAT FOR EXPORT. 



Foreign growers of wheat, that is, those who make 



it a business to produce in excess of their requirements 



at home, are really speculators, living in hope of there 



being a shortage elsewhere, and making their greatest 



profits when disaster overtakes their competitors. 



As far as Statistics permit us to judge, in the cycle 

 of every five years the local harvests provide sufficient 

 food for the inhabitants of every country of Europe ex- 

 cept England during three years whilst in the other two 

 years there is a shortage, and the necessity of importing 

 grain. 



. The question of the moment is what to do with our 

 previous year's surpluses. 



We are informed from official circles and confirmed! 

 from London that everything will be arranged, the ships 

 will be at hand to load before long, the prices will be 

 reasonable, the drafts for the shipments will be met 

 through the joint action of the Allied Governments, 

 ample credit will be available to aid the moving of the 

 cargoes, that everything will end by being smoothed out. 

 All will be straight sailing before long, which assertion 

 does not leave us convinced that we have solved our home 

 problems, or that we are altogether justified in confi- 

 ding in our neighbours to solve our difficulties. 



These difficulties in the meantime, have cost us 

 hundreds of millions of pesos and until we have placed 

 ourselves in a position so as not to expose ourselves to 

 a reptition of such losses we can hardly claim to have 

 advanced greatly towards sound prosperity, whatever 

 measures our well disposed neighbours are ready to 

 undertake for our benefit and theirs. 



