178 WHEAT PRODUCTION IN NEW ZEALAND 



other years, when there has been an exportable surplus, 

 it is apparent that this is the deciding factor, for the 

 difference in all cases fluctuates about 8d. The follow- 

 ing brief table illustrates the point : 



TABLE XXVI. 



AVEBAGE ANNUAL PRICES OF NEW ZEALAND AND 

 ENGLISH WHEATS. 



London Christchurch 



Year. Prices. Prices, 



a. d. s. d. 



1890 40 30 



1899 

 1900 

 1901 

 1904 

 1905 

 1909 



32} 2 6| 



34 26} 



34 28 



36 31 



38} 31 



47} 41 



This discussion suggests an explanation of a certain 

 difference which the graphs of New Zealand and English 

 prices exhibit when a comparison is made. From 1870 

 until the " nineties " New Zealand prices are continually 

 lower than English prices, with two exceptions in the 

 years 1887 and 1889. After 1890 the curves of the two 

 price movements frequently intersect, and the decennial 

 averages approach one another closely. The explanation 

 is obviously the fact that exports of wheat from New 

 Zealand were relatively important in the earlier period, 

 while in the latter one there is a marked decline until 

 the exports are now relatively unimportant. Thus the 

 years in which the curve for New Zealand is above that 

 for England are 1897-8, 1903, 1907-8, and in all of these 

 exports are very low. 



10. Price Steadiness.* 



An interesting comparison in the graphs of the price 

 movements of wheat in New Zealand and England is the 



*For the measurement of price changes see Appendix III. 



