A NY properly balanced account of the agricultural situation at this time must give important place to activities under the Agricultural Adjustment Act, but facts as to the present condition of agriculture, such as those presented by the writer in his article in this REVIEW in January I933, are needed to furnish a perspective for these activities. The former article undertook to describe the condition of agriculture not only as of that date, but also for the pre-depression years of I925-29, in terms of production, prices, income, land values, and mortgage debt.