ine 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:

"On the last date for which stocks were noted, January 13, 1917,
England's visible stocks of wheat amounted to 5.3 million quarters, as
against 6.3 and 5.9 million quarters in the two previous years. From
January to May and June there is, as a rule, a marked decline in the
stocks, and even in normal years the imports during these months do
not cover the consumption. In June, 1914 and 1915, the visible stocks
amounted only to about 2 million quarters, representing the
requirements for scarcely three weeks.

"We have no reason to believe that matters have developed more
favourably during the present year. This is borne out by the import
figures for January--as published. The imports of bread-corn and
fodder-grain--I take them altogether, as in the English regulations
for eking out supplies--amounted only to 12.6