692 Agricultural Depression at Home and Abroad. 
high as #10 since 1883, but has been only a little over or a good 
deal under #8 in seven of the ten years ending with 1893. By 
means of a table comparing the prices of groups of articles for 
a number of years, the Committee show that, whereas the fall 
in prices generally since 1 883 had been about 10 per cent, up 
to 1893, the average fall in farm produce by itself was three 
times as great. Estimates of the cost of wheat-growing in 
several States quoted in the report are greatly in excess of re- 
turns in recent years. Among the causes of depression the 
Committee mention the competition of foreign countries and of 
“bonanza” farms in certain American States, the effect of the 
option system in lowering prices, the disproportionate taxation 
of land, the action of “ rings ” and “ combines ” of traders who 
deal in agricultural produce, the heavy indebtedness of Ame- 
rican farmers and the high interest they have to pay, and ex- 
cessive transport charges. 
The Argentine Republic. 
Although a high gold premium has enabled producers of 
wheat and meat in Argentina to increase their exports greatly, it 
must not be supposed that they have escaped depression alto- 
gether. There is but little evidence as to the condition of the 
great stockbreeders ; but that they must have felt the very low 
prices of wool and frozen mutton in recent years needs no proof. 
In all probability, however, they have paid their way at the 
worst of times, and since the gold premium became enormous, it 
may have covered the fall in prices. They are liable, however, 
to terrible losses among their flocks and herds, and they have 
suffered severely in some recent years. 
With respect to wheat production, the best Argentine autho- 
rities state that growers who are not too far from the seaboard 
or a railway can grow wheat with profit to sell in England at 
20s. a quarter. Apparently they get the equivalent of 
13s. to 14s. a quarter at the nearest station when the English 
price is 20s. ; and, when the gold premium is over 200 percent., 
that equivalent in paper money is more than three times 13s. to 
14s. Seeing that their paper dollars go as far as ever in the 
purchase or rent of land, and nearly as far as ever in the payment 
of labour, they might be supposed to do well. But one authority 
states that it is only farmers who own the land they cultivate 
who can make a profit on wheat sold at 20s. a quarter in England, 
while the Buenos Ayres Standard of September 20 says it is 
only farmers in Santa Fe and parts of other provinces within a 
moderate distance of a port who can do it. There are, however, 
