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. 
AVERAGE ANNUAL PRICES OF NEW ZEALAND AND 
ENGLISH WHEATS. 
London Christchurch 
Year. Prices, Prices. 
8. d. s. d. 
1890 40 3 0 
1899 3 24 2 6% 
1900 3 4 2 64 
1901 3 4 2 8 
1904 3 6 3 61 
1905 3 8% 3 1 
1909 4 73 4 1 
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. 
