Coulee City dispatch. [volume] (Coulee City, Wash.) 19??-19??, 1923-08-03

The committee of economists and
statisticians called by Secretary of
Agriculture Wallace to consider the
foreign and domestic demand for
farm products, and particularly the
wheat, corn and hog situation, issued
the following report Thursday. July
~.
Foreign Demand.
The foreign demand for American
foodstuffs during the current market
ing season will apparently not be as
great as it was year ago. Unless
the foreign situation is very speedily
cleared up and definite turn for the
better takes place in Europe, 1t ap-
pears not improbable that Europe
will have less buying power In our
markets during the next crop year
then she had during the last 1t needs
to be understood that foreign demand
is not measured merely by volume of
exports. The price at which this de-
mand will be forthcoming Is the i'm
portant consideration.
The principal reasons for the prob
able reduction in foreign demand are !:
First, European food production Is
somewhat larger than last year, due
principally to much more favorable
crop conditions this year than last,
while there is no apparent decline In
the output of producing regions that
compete with the United States for
the European market.
Second: Europe's purchasing pow
er this year is likely to be somewhat
smaller than last year. While manu-
factured exports for the first half
year have been appreciably larger
than a year ago, the prospect for the
second half year is less favorable
There has developed slight recess
sion of business in leading CONNER
cial countries, and the foreign stua-
tion has lately been producing seri-
GUS economic consequences. European
earnings from shipping and other
services show little improvement;
while credits extended to European
countries are much below those of a
year ago.
Domestic Demand.
In the United States we have had
very high level of Industrial ac-
tivity, distribution, and consumption.
With certain exceptions, there is lit
tie evidence thus far of any consid-
cradle accumulation Of goods, either
on the shelves of merchants or in the
jobbers and producers hands; and
the facts as to the high level of pro-
duction are clear. 1t seems clear that
the home demand has been near to,
If not at maximum. We can scarce
ly consume more of wheat and meat
and other farm products than we
have in the last year or more. The
farmer can hardly now expect any i'm
mediate increase in the domestic de-
mand. But with the present; full vol
ume Of employment and high wages,
there seems no prospect during the
remainder of 1923 for decrease In
domestic demand for farm produce
Furthermore, our credit position is
annually strong and more than equal
to any demands which may be made
upon it In the crop moving season.
There is no present prospect of any
money stringency, or rise in inter,
est rates sufficient to affect business
or the farmer unfavorably.
Changes in general business condi-
tions affect the domestic demand for
various agricultural products in diff
fering degrees. Should depression
develop in urban industries it fol.
lows, then, that the farmer will feel
the effects to some extent. However
the probability Of a severe depression
in tn near future seems to be slight ..