350 Cattle Industry of United States. 



p8r lb. between the prices in tlie two marlvets is about 

 sufficient, allowing for shrinkage in transit, to yield a reason- 

 able profit to the exporter. Of the cattle shipped to Eng- 

 land in 1897, about two-thirds were bought in Chicago, at 

 prices ranging from 2d. to 2y\^d. per lb., largely from 2^\d. to 

 2|d. per lb. The price of American cattle on the Deptford 

 market ranged from 4-hd. to 6Jd. : but the top price seldom 

 reached the latter figure, being more generally about 5d. to 

 5fd., so that the margin appears frequently to have fallen 

 below the 3d. necessary, according to this estimate, to furnish 

 a profit. 



It may be inferred that exporters, to keep their hold on the 

 English trade, have done some of their business at a sacrifice. 

 It may be observed, besides, that the great firms which now 

 control the export trade also do a^'large packing and dressed 

 meat business in the United States, and can afford to conduct 

 one branch of their trade for a time without return. 



In the long run, however, the export can continue only if 

 the difference between the prices on each side of the Atlantic 

 gives a fair profit ; and when the relative prices in the two 

 countries are considered, the prospect for British farmers is 

 not so disheartening as has been inferred from the increase 

 of the American exportation. The export of cattle and beef 

 to Great Britain has increased ; but the price at which they 

 can be profitably brought to the English consumer has 

 not been lowered, and there is no prospect of it. The 

 past few years have brought about a restriction in the 

 American supply which tends for the present to strengthen 

 American prices, and there has been a recovery, which still 

 continues, in the demand. The former of these conditions is 

 to be reckoned with for some time to come as the principal 

 factor influencing the American market, though the increasing 

 activity in the breeding business may be expected gradually 

 to correct it. Looking somewhat further ahead, the fact 

 principally to be noticed is that the cost of production of 

 American cattle tends on the whole to increase, as compared 

 with that of British. With the decline of ranching and the 

 substitution of dearer methods of cattle-raising*, the average 

 cost of making beef in the United States has for some years 



