We may be painting the situation too black, but we can not see how our pork exports, by the year 1925, can total to more than 800,000,000 or possibly 900,000,000 pounds, which is less than one-third the 1919 volume of exports. Of course, another war may break out in the meantime, or some other extraordinary thing may happen, but in the ordinary course of events, it would seem that our pork exports must inevitably decrease until they are considerably less than the pre-war normal. And it would seem that this decrease in pork exports will have a very considerable bearing on corn prices, which will in turn have a bearing on corn land prices. Again, we wish to say, however, that we do not necessarily believe that corn land in 1925 or 1930 will be selling cheaper than it is today. Prices of all kinds doubtless will continue to be high in 1925 and 1930, for the simple reason that inflated currency the world over will still continue. The point we are trying to make is that once hog exports decline to the pre-war normal, or less, corn belt farming will cease to enjoy the unusual advantage which it had during the war. It may for a time be relatively less profitable than farming in certain other sections of the United States. There are many curious paradoxes in the hog export trade in the United States. While a heavy export of hog products sooner or later means high corn prices, high hog prices and corn belt prosperity generally, yet as a usual proposition, heavy hog exports do not start except in times of unusually low hog prices. The heavy exports of 1877–1881 did not start till hogs had declined below $5 a hundred, and reached their height while hogs were $3 to $4 a hundred. In 1882, when hog prices climbed to over $8 per hundred on the Chicago market, hog exports promptly fell off, and did not climb again until hog prices again went below $4 a hundred, in 1890. In early 1893, when hog prices on the Chicago market climbed up to nearly $8 a hundred again, hog exports dropped off very suddenly. They did not pick up at once in 1896, when hog prices went under $4 again, but did pick up very rapidly in 1897 and 1898, during both of which years hog prices on the Chicago market were under $4 a hundred most of the time. In 1902, there were heavy exports, in spite of the fact that hog prices were relatively high, but by 1903 the British apparently had had enough of buying high-priced pork on the American market, and they curtailed their importations very decidedly. Again, in 1910, the exceedingly high prices stopped the export demand. During the past three years there have been unprecedented exports in spite of unusually high prices. But as a matter of fact, hog prices in the United States have been cheaper during the past three years than any place else in the world. We have been selling hogs at a great bargain, or Great Britain would not have bought such tremendous quantities from us.