Europe's Dependence On America

WHAT WOULD BE THE EFFECT OF A REFUSAL BY EUROPE TO PURCHASE OUR WHEAT OR OUR CORN OR MEAT OR COTTON? IT WOULD BE THE EXCLUSION FROM THE WORLD'S PRINCIPAL MARKETS OF THREE-FIFTHS OF ITS PRESENT IMPORTATION OF WHEAT, ONE-HALF OF ITS IMPORTATION OF MEATS, THREE-FOURTHS OF ITS IMPORTATION OF COTTON AND NEARLY ALL OF ITS PRESENT IMPORTATION OF CORN.

What would be the effect of this exclusion of our supply of these articles? I do not mean to intImate that Europe could not exist without our wheat or corn or meat or cotton. But what would be the effect upon prices of the limited supply that other parts of the world could furnish? Imagine the effect upon the price of wheat if one-half the amount which enters into international commerce were wiped out of existence today. Imagine the effect of the elimination of three-fourths of the corn supply. Think what would be the effect on the price of cotton tomorrow if some vast conflagration tonight should destroy three-fourths of the visible supply of the world.

COMPETITION AMONG PRODUCERS AND PLENTIFULNESS OF SUPPLY ASSURE LOW PRICES, WHILE THE ELIMINATION OF THE PRINCIPAL COMPETITOR AND LARGEST PRODUCER WOULD NATURALLY AND NECESSARILY CAUSE GREAT ADVANCES IN THE PRICE OF THE REMAINING SUPPLY OF ANY OF THESE ARTICLES.