Ki;\ii;\\ s 847 



after which another sharp rise occurred (in August), and the price 

 then reached was maintained until the end of 1918. Acetic acid rose 

 sHghtly when the war started, but fell back later and began its "sky- 

 rocketing" in the spring of 191 5 and continued it until June of the next 

 year. During the next six months its price fell back to less than half 

 of that in June; then started to climb again, especially in April, 1917, 

 until it reached its maximum price in August, 19 18. Shellac declined 

 in price from the summer of 1913 to that of 191 5. since when it rose 

 fairly steadily and rapidly until March, 1918. It has tended downward 

 since. 



In Italy, pine lumber rose sharply from October, 1914, to February, 

 T916, after which it remained stationary for the remainder of the year. 

 (Later figures are lacking except for longleaf (pitch pine) timbers.) 

 Pine timber rose from October, 1914, to December, 1915. except for a 

 sharp drop in March, 1915. Pitch-pine lumber did not begin to rise 

 much above peace-time levels until the summer of 191 5. Since then, 

 up to the end of 1916, when ^he figures leave ofif, its rise was rapid. 

 Longleaf timber began to go up at about the same time and was still 

 rising rapidly at the close of 1918 (1917 quotations are missing). The 

 level reached, 1,241 per cent of the base price, was the highest reached 

 by any of the forest products in any of the countries studied. 



In Japan there was a general depression in prices of lumber and 

 other forest products, especially after the outbreak of the war, up to 

 the middle of 19 16. Then followed a more or less erratic gradual rise 

 to the middle of 191 7. when came a period of rapid rises, especially in 

 July to August and November to December, 1917. The rise was 

 checked for lumber items in March and April, 19 18, but charcoal and 

 firewood seemed to be still rising at the end of the year. Paper rose 

 late in 191 5 and early in 1916, fell back almost to pre-war levels, and 

 made its greatest rise after the middle of 19 17. The tendency was 

 sharply upward when the figures closed, in October, 1918. 



In Australia, pine prices began to rise early in 191 5 and continued 

 until the end of 1917. Another rise was started at the end of 1918. 

 These rises were less rapid and did not reach as high levels as in the 

 other countries studied, excepting the United States. Turpentine and 

 resin followed rather erratic up-and-down courses, with rises in the 

 summer of 1914, spring of 191 5, winter of 191 5-16, most of 1917, and 

 .summer of 1918. 



In the United States, southern pine, which was low in price up to 

 September, 1915, rose slowly up to April, 1917, when prices rose 

 sharply and continued to rise until early in 1918. White pine rose in 



