68 
The Indian Wlieat Trade. 
The prices for 1887 and February 1888 are not in the 
fortnightly list, but have been supplied by the courtesy of Mr. 
Klopp, of the firm of Messrs. Kelly & Co., who are extensive 
shippers of Indian wheat. Mr. Klopp was resident in Calcutta 
during 1887, and he was the Chairman of the Calcutta Corn 
and Seed Association, so that his memory as to the general 
run of prices in that year is not likely to be at fault. The 
figures show that, although prices were higher in certain years 
of scarcity than they have been recently, there has been a rise 
rather than a fall for the end as compared with the beginning 
of the period, and that the tendency of prices has been generally 
upwards during the recent years of the greatest expansion of 
exports. Seeing that the expenses of inland transport have 
been greatly reduced, as will be presently shown, it may be 
inferred that the growers of wheat have lately received consider- 
ably better prices than they obtained at the beginning of the 
period. 
On the day of my visit to Messrs. Kelly's office, Mr. Klopp 
had received a telegi-am stating that No. 2 Club wheat was sell- 
ing at 2j's. 12a. per maund, equal to 16rs. 8a. per quarter, in 
Calcutta. At the current rate of exchange this was equivalent 
to about 23s. per quarter, and the price in London was only 
32s. Gd., or not enough to allow the wheat to be bought at the 
Calcutta quotation, low as the rate of exchange was. Indeed, 
our prices have for some time been too low for Indian wheat, 
and very little has been sent during the last few months. Mr. 
Klopp is of opinion that the ryots can profitably grow wheat to 
sell in Calcutta at 2 rupees per maund, which is equal to 12 
rupees per quarter. The price of the same class of wheat at 
Cawnpore was Ir. 13a. per maund at the same date as that 
above referred to, when 2}'s. 12a. per maund was the price at 
Calcutta. The distance from Cawnpore to Calcutta is 68 i miles, 
and the rail charge is at the rate of 8| annas per maund ; but 
there are apparently other expenses, including dealers' profits, to 
make the difference in the quotations of the two markets up to 
15 annas. Mr. Klopp, like all other authorities on India but one 
whom I have consulted, says that the purchasing power of the 
ruj^ee is greater than it was some years ago, even in relation to 
manufactured goods, such as the cotton pieces which the ryot 
buys for clothing. 
Some important evidence upon the points now under con- 
sideration was obtained last autumn by the Calcutta branch of 
the firm of Messrs. llalli Brothers, the largest buyers of Indian 
wheat in the world, and I am favoured with permission to 
publish it. The report, sent to the headquarters of the firm in 
London, was headed " Comparative Prices of Food Grains in India, 
