"First of all I would give a few brief figures by way of calling to mind the degree to which England is dependent upon supplies of foodstuffs from overseas. "The proportion of imports in total British consumption averaged during the last years of peace as follows: "Bread-corn, close on 80 per cent. "Fodder-grain (barley, oats, maize), which can be utilised as substitutes for, and to supplement, the bread-corn, 50 per cent.; meat, over 40 per cent.; butter, 60-65 per cent. The sugar consumption, failing any home production at all, must be entirely covered by imports from abroad. "I would further point out that our U-boats, inasmuch as concerns the food situation in England, are operating under quite exceptionally favourable conditions; the world's record harvest of 1915 has been followed by the world's worst harvest of 1916, representing a loss of 45-50 million tons of bread and fodder-grain. The countries hardest hit are those most favourably situated, from the English point of view, in North America. The effects are now--the rich stocks from the former harvest having been consumed--becoming more evident every day and everywhere. The Argentine has put an embargo on exports of grain. As to the condition of affairs in the United States, this may be seen from the following figures: "The Department of Agriculture estimates the stocks of wheat still in the hands of the farmer on March 1, 1917, at 101 million bushels, or little over 21/2 million tons. The stocks for the previous year on that date amounted to 241 million bushels. Never during the whole of the time I have followed these figures back have the stocks been so low or even nearly so. The same applies to stocks of maize. Against a supply of 1,138,000 bushels on March 1, 1916, we have for this year only 789,000 bushels. "The extraordinary scarcity of supplies is nearing the panic limit. The movement of prices during the last few weeks is simply fantastic. Maize, which was noted in Chicago at the beginning of January, 1917, at 95 cents, rose by the end of April to 127 cents, and by April 25 had risen further to 148 cents. Wheat in New York, which stood at 871/4 cents in July, 1914, and by the beginning of 1917 had already risen to 1911/2 cents, rose at the beginning of April to 229 cents, and was noted at no less than 281 on April 2. This is three and a half times the peace figure! In German currency at normal peace time exchange, these 281 cents represent about 440 marks per ton, or, at present rate of exchange for dollars, about 580 marks per ton. "That, then, is the state of affairs in the country which is to help England in the war of starvation criminally begun by itself! "In England no figures are now made public as to imports and stocks of grain. I can, however, state as follows: