A thoro study of the exports of the United States month by month from January, 1903, thru the year 1914, indicates that there is a continual tendency for hog exports to be large when hog prices are low, and vice versa. The correlation coefficient between hog prices and hog exports is minus .52. There seems to be a closer correlation between hog exports and hog prices than between receipts of hogs at central markets and hog prices. The tendency has been for hog exports to be 40 per cent above normal when hog prices are 15 per cent below normal; for hog exports to be 20 per cent above normal when hog prices are 8 per cent below normal, etc. In November of 1919, when hog exports were about 40 per cent above normal, it would have appeared, therefore, that hog prices were about 15 per cent below normal. This is a long-swing tendency, and of course there are occasional exceptions. This part of the problem may be summed up to the effect that big exports start in times of low hog prices, and that these exports after a time stimulate both corn and hog prices, with the result that after a time both corn and hogs become so high in price that exports dry up, and then corn and hog prices weaken, and the whole thing starts over again. There was a continuous series of these cycles previous to the war, and it is to be expected, now that the war is over, that the phenomena will repeat themselves, altho with some added variations. One thing we must remember is that very possibly the export trade of the United States will not count so big in the future as it has in the past. The United States has loaned something like $10,000,000,000 to foreign countries, and every year she will have hundreds of millions of dollars in interest coming her way, instead of owing hundreds of millions of dollars to countries across the water, as was the case before the war. And as long as the United States has so much money coming to her in interest charges, we must expect that eventually the United States must import more goods than she exports. This does not necessarily mean the destruction of the hog industry in the corn belt, but it may mean that it will have to shift onto a somewhat different basis. It may be that in the future we must plan on growing enough hogs only to satisfy the needs of the United States, carefully avoiding a glut which will make it essential to export any large quantity. Or it may be that the American farmer is so exceedingly efficient in the business of producing hogs that the United States will always export large quantities of pork products, even tho the balance of trade otherwise is against the United States. If we approach the problem from the standpoint of going after a large trade in hog products with foreign countries, we must put ourselves in position to produce with the utmost economy possible. “Price” talks in the export business, and we shall export large quantities of hog products whenever we are selling hogs decidedly