HISTORY OF WHEAT PRODUCTION IN NEW ZEALAND 1381 
It will be noticed that with one exception the English 
prices are considerably above the New Zealand prices in 
the ‘‘eighties.”’ The exceptional year was 1889 when 
New Zealand prices exceeded English prices by 2d., but 
the cause of this was that the New Zealand supply fell 
by nearly 700,000 bushels while the exports increased 
by 200,000 bushels, thus causing a net fall in home supply 
of some 900,000 bushels. We notice that in a year of 
abundant production in New Zealand when there is a 
large exportable surplus, the local price is very much 
lower than the English price. Such was the case in 
1899, 1888, and 1883. 
10. Conclusion. 
The outstanding influences marring and moulding 
the progress of wheat production in New Zealand have 
been considered at length for the purpose of obtaining 
suggestions as to the probable course in the future. The 
rise of the wheat industry has been traced from the 
“‘sixties’’ to its culminating point in the ‘‘eighties,’’ 
when many and various factors came into operation 
tending to render the industry relatively less important. 
At one time it was thought that the cereal would 
ultimately form New Zealand’s staple product, and 
circumstances were certainly favourable for this. The 
whole country waxed enthusiastic over the prospects 
of wheat growing, so much so that as a result of 
this, together with an ambitious borrowing policy, New 
Zealand experienced her first and most severe land boom. 
But many factors have been found to come into 
operation since 1880, and these were destined to cut 
away considerably the foundations upon which the 
production of wheat was resting. There was a period 
of great depression and a retrenchment policy on the 
part of the Government ; prices fell to an exceedingly low 
level; several other producing areas, notably Canada, 
