RELATED TOPICS 271 
bushel. Six months later this price had almost doubled. 
What were the circumstances which caused such a rise? 
Here, again, it must be remembered that the prices 
determined in the great central markets for wheat are 
reflected in the prices at which wheat sells in the 
small producing areas. According to the International 
Institute of Agriculture at Rome, between July, 1914, 
and February, 1915, wheat prices rose in several 
countries as follows :— 
Great Britain pile .. 86 per cent. 
Italy ae ite .. 57 per cent. 
Canada ee 0 -. 70 per cent. 
United States of America .. 93 per cent. 
We thus see that the rise in prices was general. Before 
enquiring into the position in New Zealand, let us con- 
sider briefly the causes of the rise in price in the world’s 
market. Several factors combined to cause an increase 
in prices over pre-war prices. 
In the first place, there is the increased cost of freight. 
war risk, and exchange. The infiuence of these factors 
is shown by the following statistics giving cost of sea- 
carriage per ton :— 
February, February, 
1913. 1915. 
From New York to Liverpool ae 15s. 343. 5d. 
From Bombay to Liverpool ns 19s. 50s. 
From Melbourne to Liverpool . 30s. 85s. 
(10d. bush.) (2s. 3d. bush.) 
Secondly, there was the obstruction of supplies caused 
by the locking up of stores in some producing countries, 
notably Russia, where, owing to the closing of the 
Dardanelles, there will soon be two years’ supply await- 
ing shipment, amounting to some 300,000,000 bushels 
now, and further increased after the present harvest. 
We notice the effect of this on the wheat market in 
February, 1915, when the British Fleet attacked the 
