CONDITIONS IN PARTICULAR INDUSTRIES. 311

was North America, which took 81 per cent of the total exports.
Canada led, with 42 per cent of this quantity; Cuba took 26 per
cent and Mexico 10 per cent. Exports to South America formed 17
per cent of the total quantity exported. Shipments were almost
wholly confined to the east coast, Argentina taking 70 per cent,
Brazil 15 per cent, and Uruguay 12 per cent. Exports to Africa
formed 2 per cent of the total. There were practically no exports to
Oceania and Asia.
The largest market for fir was Oceania, which took 38 per cent of
the total exports. Australia, Tasmania, and New Zealand took over
four-fifths of this. The next largest market was Asia, which took 21
per cent of the total quantity exported. Exports to China formed
three-quarters of the exports to Asia. Shipments to South America
were 18 per cent of the total exports, 49 per cent going to Chile and
45 per cent to Peru. Canada took about 68 per cent of the exports to
North America, which formed the next largest market, with 15 per
cent of the total exports. Exports to Europe formed 6 per cent of
the total, and to Africa 2 per cent.
The other soft woods for which exports were separately reported,
are redwood, the total exports amounting to 67,000,000 feet, of
which Australia, Tasmania, and New Zealand took 74 per cent;
white pine, with total exports of 44,000,000 feet, of which Canada
took 21gper cent, and Argentina and Mexico about 20 per, cent each;
gpruce, with total exports of 18,000,000 feet, of which Argentina took
BS per cent; and cypress, with total exports of 14,000,000 feet, 65
per cent of which went to Canada.
Europe formed the principal market for hardwoods. It took 72
per cent of the total exports of oak, 86 per cent of those of gum, and
2 per cent of those of poplar. In each case the United Kingdom
was the largest single importer, taking 66 per cent of the European
shipments of oak, 51 per cent of those of gum, and 95 per cent of
those of poplar. Exports of oak to Canada, which was the next
largest market for this wood, formed 25 per cent of the total quantity
 exported.
The total quantity of lumber exported, large as it appears when
measured in millions of feet, forms but 8 per cent of the annual
cut of the forests of the United States. All of the remainder goes
to the domestic markets, whose consuming power forms the chief
factor affecting the prosperity of the lumber industry. Since the
demand for lumber is subject to severe fluctuations, and because of
sonditions inherent in the nature of the industry, as well as legal
considerations, it is difficult to readjust readily the conditions of
supply, prices are subject to frequent and wide variations, and the
industry is subject to alternating periods of prosperity and depression.
 The instability of the demand for lumber for domestic con