THE PRICE OF WHEAT 175 
slightly above 54 million bushels, whereas the amount 
required for home consumption was more than 64 million 
bushels. Obviously, for consumption to follow its normal 
course importation must of necessity be resorted to. But 
the import statistics show an average importation of 
only some 30,000 bushels for the two years. In 1907 
Australia had experienced a bad harvest, only about 
42,000,000 bushels being produced, whereas in 1913 
production exceeded 100,000,000 bushels. Therefore, 
with no supplies to make up for the local deficiency, 
scarcity had to be contended with, and consequently 
prices rose, 6s. per bushel being reached in November, 
1907. 
The rise in the price of wheat has been greater than 
the rise in the general level of prices in this period. 
In 1893 general prices as measured by Dr. Mcllraith’s 
index number were 93, in 1894 the index number for 
wheat prices was 73, but in 1912 both stood at 107, while 
in 1914 the former had risen further to 122, and the 
latter to 168. On the whole, the circumstances respon- 
sible for this are to be found in decreased production 
of wheat and consequent scarcity in supply which, 
together with the factors operating to cause a rise in 
prices—increased gold production and more intensified 
demand—raised wheat prices relatively to most other 
prices. 
9. English and New Zealand Prices Compared. 
A comparison between English and New Zealand wheat 
prices at once-brings into prominence the fact that there 
is a high degree of resemblance in the general trend for 
the two countries. The coincidence of the periodicity in 
price movements suggests at once that causes affecting 
English prices are not, in general, inoperative in New 
Zealand, that our distance from the centre of the indus- 
