AVERAGE PRIMARY MARKET RECEIPTS, CROP YEARS 1920-21 To 1923-24

Somewhat similar conditions are found in Argentina, Australia, India, and other exporting countries. From this highly seasonal production and marketing by farmers commercial practice has developed a trend to uniformity in the export movement that is apparent even from the reports by customs authorities of the exports of wheat and flour by months. The average monthly exports from the principal exporting countries, expressed in bushels and as percentages of the annual total, for the four crop years 1920-21 to 1923-24 are shown in the following tables.

CUSTOMS REPORTS OF EXPORTS OF WHEAT, AVERAGE QUANTITY PER MONTH, 1920-21 To 1923-24

MONTHLY PERCENTAGES OF EXPORTS, DERIVED FROM CUSTOMS REPORTS, AVERAGE 1920-21 To 1923-24

The approach to a regular rate of export appears more clearly when the exports as reported by the customs are calculated for quarterly periods.

CUSTOMS REPORTS OF EXPORTS OF WHEAT, QUARTERLY AVERAGE 1920-21 to

1923-24

Customs authorities report as exported the quantities of wheat and flour that have left the country each month; but there is a large movement of these commodities between the United States and Canada, in both directions, that is destined for overseas ports. In recent years shipments of wheat and flour from the United States to Canada have ranged from 25,000,000 to 50,000,000 bushels a year. but only a very small amount has been consumed in Canada, while the shipments from Canada to the United States in bond have ranged from 65,000,000 to 120,000,000 bushels. Canadian shipments through the United States often remain in this country for several months before being forwarded abroad. Hence, the exports reported by the customs do not show the rate of shipment from the seaboard, which is approximately the rate at which importing countries receive their foreign supplies. Consequently, a statement of the shipments from the seaboard by the principal exporting countries will show more accurately than the preceding tables the actual rate of distribution in export trade. Such a table, compiled from Broomhall's preliminary reports of weekly shipments (subject to correction), is given below. The table shows the average "world's shipments," the amount of wheat moving by sea from the important exporting countries, by quarters of the United States crop year (July-June) from 1920-21 to 1923-24.

QUARTERLY EXPORTS OF WHEAT FROM SEABOARD, 4-YEAR AVERAGE, 1920-21 TO 1923-24

The preceding table is compiled on the basis of the United States crop year, July to June. The following table is compiled on the basis of the European crop year, August to July:

QUARTERLY Exports of WHEAT1 FROM SEABOARD, 4-YEAR AVERAGE, 1920-21 TO 1923-24

These tables exhibit a striking uniformity in the rate of shipment from seaboard quarterly during the four years under review. In fact, the small variation from equal shipments of 25 per cent per quarter is astonishing. Even the differences between the quarterly shipments during any one of the four crop years that have been averaged in the preceding calculations is remarkably small in view of the irregular intervals at which the principal harvest periods occur and the difference in production in different exporting countries and in different years. The figures for these years follow:

QUARTERLY WORLD'S SHIPMENTS OF WHEAT, 1920-21 To 1923-24

The uniformity exhibited by the aggregate shipments quarterly is due, primarily, to the relatively heavy shipments from America (United States and Canada) in the first half of the crop year and the relatively heavy shipments from Argentina and Australia in the last half of the crop year, but also to the more regular flow from America than from the Southern Hemisphere throughout the year. How the quarterly shipments fit into the annual movement and bring about a remarkably steady departure of wheat for overseas markets is indicated by the tables that follow, which show the average shipments by quarters (13-week periods) for the United States and European crop years 1920-21 to 1923-24 from each of the chief exporting areas.

QUARTERLY WORLD SHIPMENTS OF WHEAT, Average for UNITED STATES CROP YEARS 1920-21 To 1923-24

QUARTERLY WORLD'S SHIPMENTS OF WHEAT,' AVERAGE FOR EUROPEAN CROP

With respect, then, to the international movement of wheat between the principal exporting and importing countries by sea, it appears that commercial practice, as developed by many factors and variant conditions, has brought about an average rate of shipment from seaboard that is certainly a close approximation of "orderly marketing,'" using the term in the sense of even rate of flow. The international movement of wheat by land, which is chiefly between European countries, is a minor factor in world trade. Considering Europe as a unit, it may be regarded as domestic movement corresponding to the interstate movement in the United States.

As pointed out above, the steady flow of wheat in international trade is due, in part, to greater regularity in the movement from America than from other surplus-producing areas. Whereas in recent years Argentina and Australia have made, on the average, about 27 per cent of their contributions from July to December and 73 per cent from January to June, the shipments from America during the same periods have been about 56 and 44 per cent. The following table shows clearly the greater uniformity in the movement from America:

SHIPMENTS OF WHEAT FROM SEABOARD DURING SIX-MONTH PERIODS, AVERAGE 1920-21 TO 1923-24

worthy, in view of the heavy moveme harvest and certain trade considerat courage a large eastward movemer: months and, on the other, discourage until after the first of the year.

The most forceful of these factors er waterways. As a rule, the Grea 15th of April to the 15th of Decem somewhat shorter period. The strat is shown in a movement from D as large as the movement by rail from the lake shipments have exceeded t The movement from Fort Will movement in the fall and again at spring. The average shipments to 1923-24 are shown in the tabee ne

August..

September.

October.

January..

During the last three ye of the wheat shipped from The usual all-water rate f Lawrence has been about routes from 11 to 13 cente From 21 to 24 cents per ences. From Chicago For export has averaged rate; and at times the the all-rail rate to attractive early in the nadian grain.

The lake rates enc prompt loading at the For winter export. the head of the Lab until spring. In during the winter east of the Lakes nstance, 34,000 87,000,000 bushe during the su ainable is in

the winter.