June 1896.] INDIAN TRADE IS AGRICULTURAL PRODUCE. 



21 



decline was mainly a return to normal limits after an abnormal 

 year ; that the same remark may be made of another of the five 

 articles in which a decrease is shown ; that in provisions the 

 trade is relatively unimportant and the decline was small ; and 

 that Indian trade has had to contend with the existence of deep 

 depression in Europe, America, and the Australian Colonies, as 

 well as a continuous fall throughout 1894 in the prices of almost all 

 commodities ; Mr. O'Conor thinks that it is not too much to 

 suggest that the results may be regarded without dissatisfaction. 



The following table is given in the Report to show the exports 

 of wheat from India since 1881 : — 













Year. 



Toral Exports. 



Total Value. 









Cwts. 



Rx. 







1881-82 - 



19,863,520 



8,604,081 







1882-83 - 



14,144,407 



6,068,9:54 







1883-84 - 



20,956,495 



8,877,561 







1884-85 - 



15,830,754 



8,309,140 







1885-86 - 



21,060,519 



8,002,350 







1886-87 - 



22,263,320 



8,625,864 







1887-88 - 



13,538,169 



5,562,373 







1888-89 - 



17,610,081 



7,522,676 







1889-90 - 



13,799,224 



5,791,377 







1890-91 - 



14,320,496 



6,042,426 







1891-92 - 



30,303,425 



14,380,462 







1892-93 - 



14,973,453 



7,440,383 







1893-94 - 



12,156,551 



5,193,885 







1S94-95 - 



6,887,791 



2,565,271 





This table is intended to show the inaccuracy of the general 

 idea that the Indian wheat trade has expanded enormously since 

 its first commencement. The fact is that the commencement of 

 the trade dates practically from the first year of the series in 

 the table ; and it will be seen that though the trade has been 

 subject to great vicissitudes and has oscillated violently, the 

 highest level attained in any year has been but little in excess 

 of the level of 1881-82, while it has frequently been far below 

 that level. There is one striking exception in the year 1891-92, 

 an entirely abnormal year when the Russian wheat and rye 

 crops failed, while the harvests generally in Continental Europe 

 were extremely bad, and there was for some months a wild 

 speculation in wheat with an extraordinary rise in prices. 

 Leaving this year out of account, it will be observed from the 

 table that during the series of 13 years the quantity of wheat 

 exported annually only exceeded the quantity exported in 

 1881-82 on three occasions, while in nine years out of the 1 3 

 it was much below that level. 



In this connection Mr. O'Conor says, "Since 1891-92 there 

 has been a progressive decline in the exports in consequence of 

 poor to average harvests in parts of India which raised prices 

 to a point that made shipment unprofitable, while on the 



