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"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 million quarters, as against 19.8 and 19.2 in the two previous years.
"I would further point out that our U-boats, inasmuch as concerns the food situation in England, are operating under quite exceptionally favourable conditions; the world's record harvest of 1915 has been followed by the world's worst harvest of 1916, representing a loss of 45-50 million tons of bread and fodder-grain.
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