xiy CONTENTS 



Page 



4. Reactions of Price: Normal Price .. .. 141 



5. Speculation . . . . . . 143 



(a) The Eise of the Speculative Market . . 144 



(Z>) Speculative Functions . . . . . . 146 



(c) Beneficial Effects of Speculation . . . . 147 



(d) The Assumption of Risks by the Speculative 

 Class .. .. .. .. ..149 



(e) Alleged Evils . . . . . . . . 151 



(/) Conclusion . . . . . . . . 153 



6. Influence of the Area of Production on the Stability 



of Price . . . . . . . . . . 155 



7. Price of English Wheat . . . . . . 157 



(a) The Period of 1860-75: Rising Prices .. 159 



(fc) The Period 1876-95: Falling Prices . . 162 



(i.) Relation of wheat prices to the general 

 level; (ii.) Explanation of the position in 

 the period; (iii.) Expansion in production 164 

 (c) The period from 1896: Rising Prices . . 166 



(i.) Causes of the rise; (ii.) Absence of violent 

 fluctuations; (iii.) Relation of wheat 

 prices to the general level . . . . 169 



8. Price of New Zealand Wheat . . . . . . 170 



(a) 1860-73: Slightly Rising Prices .. ..170 



(5) 1873-94: Falling Prices . . . . . . 172 



(c) The Period from 1895: Rising Prices .. 174 



9. English and New Zealand Prices Compared . . 175 

 10. Price Steadiness . . . . . . . . 178 



Chapter VIII. Leading Features of the Wheat Industry in 

 the Last Period (1895-1914). 



1. Retrospect . . . . . . . . . . 183 



2. Reasons for Choosing 1895 as the Commencement of 



the New Period . . . . . . . . 185 



3. Land . . . . . . . . . . . . 186 



(a) Definition of the Region under Investigation 186 

 (ft) Supply of Land .. .. .. ..188 



(c) Occupation of Land . . . . . . 190 



(i.) Relation of freehold and leasehold .. 190 

 (ii.) Effects of 999 years land tenure system. . 191 

 (iii.) The present land tenure system . . 193 



(d) Size of Holdings . . . . .195 



