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.