THE PRICE OF WHEAT 181 
ENGLISH PRICES. 
STANDARD DEVIATION = V 374.663 
= 19.35 
Ss. D. 100 
CO-EFFICIENT OF VARIATION =e 4 
19.35 100 
= 168 ok 
= 16.6 
MEAN YEARLY MOVEMENTS IN os 
INDEX NUMBERS 
4.3d. per bushel 
8.6% of mean 
ol 
annual price 
NEW ZEALAND PRICES 
STANDARD DEVIATION = 401.4706 
= 20.04 
2 BED. 100 
CO-EFFICIENT OF VARIATION Sa a 
20.04 100 
=10.5  * 2 
— 19.0 
MEAN YEARLY MOVEMENT IN 3 aes 
INDEX NUMBERS 
6.6d. per bushel 
15.2% of mean 
annual prica 
Ill 
In general, the above observations confirm the con- 
clusion reached earlier in the chapter, that a wide area 
of production adds materially to price steadiness. 
A closer examination of the price statistics of New 
Zealand and English wheat confirms the conclusion we 
have arrived at from a study of the corresponding 
graphs. Taking the period 1881 to 1914, I have calcu- 
lated the standard deviations for the index numbers of 
wheat prices for England and New Zealand. For 
English wheat the calculation gave a standard deviation 
of 19:35, and for New Zealand wheat one of 20-04. 
