10 WHEAT PRODUCTION IN NEW ZEALAND 
not warrant the establishment of such institutions as 
exist in the United States of America for the marketing 
of wheat. Sales are carried on in the leading provincial 
towns by samples, the producers themselves approaching 
the buyers (millers for the most part) and. endeavouring 
to secure a good price. The great disadvantage of 
the system arises from the fact that a great many 
farmers require immediate sale, and consequently there 
is generally a slump in prices in the late autumn, owing 
to the fact that millers have plenty of wheat. Reasoning 
a priori, it is obvious that the price should show little 
improvement during the winter months, but commence 
to rise slightly in the spring. In some years, on account 
of bad weather at threshing time, there may still be 
sufficient wheat on the market, owing to spring threshing, 
to stop this upward tendency or even to cause a slight 
fall. The summer months should witness a substantial 
rise owing to a general scarcity, but the approach of the 
harvest in autumn once more brings prices down. 
Turning to statistics of actual price movement, we do 
not find these deductions represented in all respects. 
From a table of monthly prices covering the period from 
February, 1898, some interesting observations may be 
made. A glance at the table will show that in four 
single years the cereal years (February to January) 
1902-8, 1909-10, 1911-12, and 1918-14, the course of 
prices from month to month followed the directions 
indicated above. But in the other 12 years the result 
is vitiated by a fall commencing in summer, just at the 
time when scarcity is acute. Taking the average for the 
16 years we get the following actual prices :— 
Average monthly prices over the cereal years from 
February 1898, to January, 1914:— 
February, 3/52; March, 3/62; April, 3/5; May, 3/54; June, 
3/6; July, 3/64; August, 3/64; September, 3/6; October, 3/74; 
November, 3/74; December, 3/63; January, 3/53. 
