Without Russia the importing countries would have had to go short.

Since 1914 the loss of the Russian supplies has been made good, partly by drawing on reserves, partly from the bumper harvests of North America called forth by Mr.Hoover's guaranteed price, but largely by economies of consumption and by privation.

After 1920 the need of Russian supplies will be even greater than it was before the war; for the guaranteed price in North America will have been discontinued, the normal increase of population there will, as compared with 1914, have swollen the home demand appreciably, and the soil of Europe will not yet have recovered its former productivity.

If trade is not resumed with Russia, wheat in 1920-21 (unless the seasons are specially bountiful) must be scarce and very dear.

The blockade of Russia, lately proclaimed by the Allies, is therefore a foolish and short-sighted proceeding; we are blockading not so much Russia as ourselves.
The process of reviving the Russian export trade is bound in any case to be a slow one.