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vast population at home disposed to consume more and 

 more of what she grows if the price is low enough; 

 Russia because of the disintegration her agriculture is 

 suffering, and the possibilities of eventual home con- 

 sumption ; Rumania and Hungary because they, too, 

 have, clients at their doors; the rest of producing Eu- 

 rope because the system of exploitation of the soil and 

 the heavy burden of taxation do not allow remunerative 

 exportation at all. 



WHY CAN OUR PRODUCE COMPETE? 



Because of cheap land, cheap labour, greater pro- 

 duction, easy expenses, absence of manuring and fer- 

 tilising, better climate, greater quantities with less la- 

 bour, and cost, combined with primitive living methods. 

 'When our methods become too expensive, our export 

 trade is killed automatically. 



If we increase the cost, we kill production. Cheap 

 production is the life blood of our export trade in 

 wheat as it is of every one of our competitors. Our 

 crops cannot compete effectively with the consum- 

 ing countries' home products only, when 3 r ears of boun- 

 tiful harvests affect the consuming markets. 



The secret of our success is not alone that we have 

 produced more than we consume but we have produced 

 it cheaper than our competitors. The only way to in- 

 crease our wealth, to pay off our debts, is by working 

 more, producing more and spending less, saving where 

 we have been in the habit of spending, or wasting. 



OUR TREMENDOUS ECONOMIC MARGIN. 



Therefore export we can, and do it remuneratively 

 no matter what prices rule, if we put our house in or- 

 der. 



We can face super-production, at home as well as 

 abroad, because we can produce cheaply, and because 

 we can produce cheaply we can treble our production, 

 can afford to store it away, keep it for years and yet 

 sell it profitably. We have a margin in our favour 

 greater than has any other land. 



Efficiency in farming Argentina, by bringing her 

 farming up and beyond the standards of North Amer- 

 ica, will not only increase her production but at the 

 same time permit her to undersell her competitors, and 

 yet increase her income and the total wealth of her 

 farmers . 



