PROTECTION FOR AGRICULTURE 111 



of the constant danger of heavy imports at any 

 time when the price rises to profitable levels. 

 Bankers and other financiers are not encouraged 

 to aid farmers in establishing economical pro- 

 duction if the market prospects are indefinite. 

 The war demonstrated how important the wool 

 supply is in such events through the wild 

 scramble for wool which occurred early in the 

 war period. As a measure of national protec- 

 tion a sheep industry that will produce a con- 

 siderable proportion of our requirements is 

 good public policy. 



The competition of foreign cattle and hog 

 producers has not yet become so serious as 

 with the sheep industry, but our surplus of these 

 kinds of meat is decreasing and imports offer 

 considerable menace to the market in the fu- 

 ture. Our exports of pork products were so 

 stimulated and increased during the war as to 

 detract attention from the danger of foreign 

 competition. 



It is generally true that an imported quantity 

 of the farm product exercises a depressing in- 

 fluence on the price to American producers out 

 of all proportion to the amount of the imports 

 in relation to American production. The price 

 effect of imports is even greater than the re- 



