xiv CONTENTS 
Page 
4, Reactions of Price: Normal Price sa «+ 141 
5. Speculation we - 143 
(a) The Rise of the Speculative Miaviees «- 144 
(b) Speculative Functions ais as -» 146 
(c) Beneficial Effects of Speculation .. . 147 
(d) The Apeucuptiga of Risks by the Speculative 
Class . 149 
(e) Alleged Evils ae a oa ++ 151 
(f) Conelusion ‘ «. 153 
6. Influence of the Area of Benduntton on the meals 
of Price .. 7 » 155 
7. Price of English Wheat 7 +. 157 
(a) The Period of 1860-75: Rising Boies »» 159 
(b) 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 aye .. 169 
8. Price of New Zealand Wheat .. 6 .. 170 
(a) 1860-73: Slightly Rising Prices .. .. 170 
(6) 1873-94: Falling Prices ty .. 172 
(c) The Period from 1895: Rising Priges aa 174 
9. English and New Zealand Prices Compared .. 15 
10. Price Steadiness ds sa ae .. 178 
Chapter VIII.—Leading Features of the Wheat Industry in 
the Last Period (1895-1914). 
1. Retrospect ay ‘ : .. 183 
2. Reasons for Choosing 1895 as the Soaanacecasit of 
the New Period .. ie ao +» 185 
3. Land .. . . 186 
(a) Detnitiow of the Regia onal Tnvsetigation 186 
(6) Supply of Land .. as ibe .. 188 
(c) Occupation of Land - 190 
Gi.) Relation of freehold and leasehold - 190 
(ii.) Effects of 999 years land tenure system... 191 
iii.) The present land tenure system . 193 
(4) Size of Holdings .., 208 of .. 195 
