Having glanced at the production of the United States, we must inquire whether this great nation is increasing its exportation of wheat proportionately, and how far such exportation may prove an obstacle to the development of the Argentine. The following figures representing the years of the largest export of wheat, will throw light upon this matter. Years. Wheat Exported. Price. (Millions of bushels.) (Per Bushel on the Dock.) 1879 145 5s. 5-1/2d. 1892 218 5s. 3d. 1898 210 5s. 0d. 1899 214 3s. 10-4/5d. 1901 209 3s. 8-3/4d. 1902 227 3s. 11-1/4d. We see that in spite of the European alarmists, who in 1876 denounced the “American Wheat Peril,” it took fourteen years for the exports to increase from 145 to 218 millions of bushels, and that the latter figure has been only four times surpassed since 1892. The production of wheat, on the other hand, increased 116 per cent, between 1875 and 1903, while the population, during the same period, increased only by 82 per cent. But we must not forget that although the increase in population is constant, that of production is not——indeed, the harvest of 1901 amounted to only 273 million bushels of wheat, as compared to 280 millions in 1877. There is a decrease in years of bad harvests, but the population naturally knows no such decrease. The consumption of wheat did not increase between the census of 1890 and that of 1900; the average remained 424·6 lb. per head, representing a deficit of 368·8 lb. below the standard allowance of 793·4 lb. On the other hand, as the population increases by about 1-1/4 or 1-1/3 millions per annum, while consumption remains stationary, we may conclude that if this country has not yet reached its maximum of wheat-production, it is very near that stage, and that the moment is approaching at which all its wheat harvest will be absorbed by internal consumption, to the detriment of the export trade. We have mentioned India as a wheat-exporting country; but it is no longer a rival to the Argentine in the conquest of the international markets. Here is the comparative table of exportation from India and the Argentine. Years. India. The Argentine. (Millions of Bushels.) (Millions of Bushels.) 1891-2 54·5 34·2 1900-1 ·9 36·8 1902-3 18·5 60·0 1905-6 26·7 109·0 1906-7 28·9 106·8