Previous to the war, Great Britain and Germany absorbed more of our pork exports than any other nations. Great Britain took 73 per cent of our pork exports, 86 per cent of our exports of hams and shoulders, and 36 per cent of our lard exports. Germany took 30 per cent of our lard exports and practically nothing in the way of bacon, hams or shoulders. Cuba, Holland and Belgium were the other large importers of American hog products, but these three nations together required only about one-tenth as much as Great Britain. If Great Britain cuts down her consumption of meat to two-thirds what it was before the war, she will be much more nearly self-supporting from a meat standpoint than she is now, and probably will not import from the United States more than one-half as much meat as she did before the war. Great Britain owes considerable money to the United States, and, moreover, in the future she will not get from the United States in such large measure ocean freight charges on the British merchant marine. In the old days, Great Britain had a considerable credit balance coming to her every year from the United States, and she took a large part of this in the form of pork products. Now that the situation is reversed, it is difficult to see how Great Britain can import as much in the way of hog products from the United States as she did before the war. True it is that for the year 1919 she has imported about three times as much from the United States as before the war, but once the present emergency is past, it seems obvious that Great Britain will cut her pork imports down to the minimum. In the case of Germany, the situation is even worse. Germany, which normally took 150,000,000 pounds of lard from us every year before the war, must now pay the allied nations an indemnity every year of at least $600,000,000. In order to pay this huge sum, Germany must cut her imports down to the absolute minimum, and become extraordinarily efficient in exporting. For the next two or three years, Germany may perhaps import more lard from us than she did before the war, but, as rapidly as possible, Germany will re-establish her swine industry and reduce the imports of American lard.