"Our work under the Food Control Act has revolved largely around the curtailment of speculation and profiteering. This act will expire at the signing of the peace with Germany, and as it represents a type of legislation only justified under war conditions, I do not expect to see its renewal. It has proved of vital importance under the economic currents and psychology of war. I do not consider it as of such usefulness in the economic currents and psychology of peace. Furthermore, it is my belief that the tendency of all such legislation, except in war, is to an over-degree to strike at the roots of individual initiative. We have secured its execution during the war as to the willing cooeperation of ninety-five per cent of the trades of the country, but under peace conditions it would degenerate into an harassing blue law. "The law has well justified itself under war conditions. The investigations of our economic division clearly demonstrate that during the first year of the Food Administration farm prices steadily increased by fifteen per cent to twenty per cent on various computations, while wholesale prices decreased from three per cent to ten per cent, according to the basis of calculation. Thus middlemen's cost and profits were greatly reduced. This was due to the large suppression of profiteering and speculation and to the more orderly trade practices introduced under the law.