192-2.] The Agricultural Index Number. 201 



Percentage Increase. 



Month . 



1919. 



1920. 



1921. 



1922. 





Per cent. 



Per cent. 



Per cent. 



Per cent. 



January 



148 



213 



186 



11 



February ... 



150 



205 



172 



83 



March 



150 



199 



158 



82 



April 



153 



199 



141 



68 



May 



132 



169 



112 





June 



128 



164 



102 





July 



141 



174 



100 





August 



138 



177 



11('» 





September... 



148 



181 



105 





October 



166 



191 



90 





November ... 



182 



197 



84 





December . . . 



207 



194 



82 





The fall in April is mainly due to the decrease in the price 

 of milk, the average price received by milk producers, after 

 allowing for the improvement in contract prices under the 

 recent agreement with distributors, being only about 21 per 

 cent, above the average of the years 1911-13, as compared 

 with 120 per cent, in March. A decline normally takes place 

 at this period, but this year it has been considerably greater 

 than usual. 



Apart from the fall in milk prices the outstanding feature 

 of the markets during April was the continued rise in the price 

 of fat sheep, which rose from 60 per cent, above the pre-war 

 value in January to 83 per cent, in February, 120 per cent, in 

 March, and 143 per cent, in April. Fat cattle and pigs, and 

 also poultry, advanced slightly in value during April. Wheat, 

 barley, oats and hay were somewhat cheaper, but potatoes 

 registered a decided advance towards the end of the month, 

 which is shown by the monthly index number at 126 per cent, 

 above the pre-war level. It is with potatoes that the greatest 

 change from April to May seems likely to occur, as the April 

 advance has since become accentuated. 



Practically all descriptions of feeding stuffs were purchas- 

 able at rather easier rates during April, milling offals being 

 about 42 per cent., maize 45 per cent., and oilcakes 62 per 

 cent, above the average of the years 1911-13. Hardly any 

 change was recorded in prices of fertilisers, although the 

 strong demand for nitrate of soda resulted in an increase in 

 price to an average of slightly over £15 10s. per ton for the 

 month, or 46 per cent, above the pre-war price. 



