18 



of which the public has by no means fully realized. The con- 

 suming public have complained of the high cost of meats. At 

 times they have accused producers of securing too great profits 

 from the business. There should be no mistake or misunderstand- 

 ing. The present shortage is due primarily to the fact that farmers 

 have found meat production, and primarily beef production, less 

 profitable than other agricultural enterprises. Over-production 

 and cheap meat, while possible, are extremely remote. An 

 increased supply will come, not as a result of lower prices, but 

 only as a result of higher prices. Consumers generally do not 

 appreciate the fact that for a generation or more they have been 

 able to buy meat products at a price which does not cover the cost 

 of production under present-day conditions. It is obvious that 

 the conditions which have brought about the increased cost of 

 meat products will continue to operate even in greater force in 

 the future than in the past. 



"The public will ultimately come to understand that the pro- 

 ducer must receive more rather than less for his product if an 

 ample supply of meat is to be assured. In the past the price of 

 cattle has been based, so far as it has been based upon anything, 

 upon free or cheap range, cheap land and labor, and cheap corn. 

 Even the cattle feeder of the corn belt has been guilty at times of 

 relying for his profit upon sharp practice in buying feeding cattle 

 for less than the cost of production when the producer, thru 

 drouth or misfortune or possibly a lack of knowledge, has been 

 forced to sell. Few, if any, of these conditions surround the 

 industry today. 



"All will readily agree that the producer is entitled to a mod- 

 est profit in cattle production. No business which depends upon 

 sharp practice, or upon depriving some necessary factor in the 

 trade from its just proportion of the profits of the industry can 

 long survive. It may well be asked, What is a modest profit? In 

 the past, with rapidly changing conditions, it has been next to 

 impossible to answer this question. Conditions are now likely 

 to be more stable; that is, changes will be less frequent and less 

 radical. A business-like beef production which extends over 

 such a vast area of country where conditions surrounding it are 

 so variable naturally presents a most difficult problem. One 

 thing, however, is certain, and that is that if there is any con- 



i Extract fiom an address by Professor Mumford before the Illinois State Farmers' Institute 

 at Galesburg, February 18, 1914. 



