Agricultural Depression at Home and Abroad. 695 
pressed much. The decline in wheat exports in recent years, 
in spite of the growth of good crops, however, proves that the 
price in Europe has been too low to enable shippers to satisfy 
the growers. Presumably the latter have eaten the wheat, after 
storing it in pits in the vain hope of a better price. It is 
believed that they have a great deal stored up at present. The 
currency advantage of India mainly created the export wheat 
trade, and kept it up for many years ; but of late the price in 
Europe has fallen too much to be covered by the virtual bounty 
on exports, which fell from 30,303,425 cwt. in 1891-92 to 
14,973,453 cwt. in 1892-93, and were much smaller, judging 
from receipts in this country, in 1893-94. 
“ Chapter and verse ” could be given for all these general 
statements relating to the Colonies and India, and it is only 
the lack of space which prevents the presentation of confirmatory 
evidence. 
Conclusion. 
The foregoing statements show that agricultural depression, 
varying in degree of intensity, has been felt recently in all the 
principal countries of the world, and in most of them for a 
number of years. Such general misfortune may be expected to 
create its own remedy sooner or later, but only, it is to be feared, 
by means of the ruin of millions engaged in the agricultural 
industry. It is for statesmen to devise, if possible, remedies 
which will involve less suffering than will be inevitable from the 
unaided operation of the barbarous law of the survival of the 
fittest as the outcome of a desperate struggle for existence. 
They have plenty of suggestions before them, but are too deeply 
occupied with party struggles to pay much heed to them, espe- 
cially in our own country ; for it is only fair to say that much 
has been done to alleviate agricultural distress in some of the 
Continental countries of Europe and in some of our colonies. 
Nothing effectual, however, has been done anywhere to arrest 
the fall in prices, which is the primary cause of depression in all 
branches of productive industry. On the contrary, much has 
been done to create and perpetuate the decline. While I have 
no doubt as to the principal remedies for the deplorable and 
world-wide catastrophe described with unavoidable inadequacy 
in this article, it is impossible to set them forth on the present 
occasion with the arguments essential to their recommendation; 
and as a bare programme would carry no conviction with it, 
this dismal article comes to an end without one. 
William E. Bear. 
Thorpe, Streatham, London, S.W. 
