The Indian Wlieat Trade, 67 
Steamer Freights to the United Kingdom for Wheat. 
From 
1871 
1880 
1881 
1886 
1888 
J. 
d. 
s. 
d. 
s. 
s. 
d. 
s. 
d 
Calcutta . . 
20 c-sv-ts. 
95 
0 
62 
6 
60 
30 
0 
30 
0 
»> • • 
Per quarter 
20 
7 
13 
6 
13 
6 
6 
6 
6 
Bombay . . 
jl6 cwts. to 1887 I 
1 18 cwts. afterwards J 
57 
6 
35 
0 
40 
20 
0 
18 
9 
») • • 
Per quarter 
15 
10 
9 
G 
11 
5 
6 
4 
6 
Kurrachee . . 
18 cwts. 
39 
0 
45 
20 
0 
18 
9 
Per quarter 
9 
G 
11 
4 
lOi 
4 
6 
from Calcutta. Then tlie liigliest reduction between 1881 and 
1886 does not make up for half the 14s. 4-d. above alluded to. 
How the rest of the difference is made up I am unable to show 
in detail. As the fall in exchange does not account for the whole 
of it, it is probable that economy has been effected in loading, 
insurance, and other expenses, besides which there is every 
reason to believe that shippers' profits have been reduced, while 
heavy losses have sometimes been incurred, and, I understand, 
were unusually common in 1886. But, next to the reduction in 
freights, the greatest saving in the cost of the wheat to shippers 
was that effected by means of the fall in the gold value of the 
rupee. 
Before entering upon this branch of my subject — and no 
intelligible account of the Indian wheat trade can be given 
without discussing it — I must disclaim all intention of advo- 
cating Bimetallism, not being by any means convinced of its 
advantage to this country. Mj only desire is to state the facts 
of the case as they are — and, I may add, the conclusions I have 
arrived at are shared not only by every shipper of Indian wheat 
whom I have consulted, without exception, but also by some of 
the staunchest of Monometallists. It will be understood, then, 
that in showing the effect of the fall in exchange upon the 
shipment of wheat from India, I in no way commit myself to 
either side of the currency controversy which has of late been 
carried on with great intensity. 
Unfortunately the details for showing, with any pretence to 
exactness, the saving in the cost of Indian wheat to shijipers 
caused by the fall in exchange which took place between 1881 
and 188G are not available. The average price of No. 2 Club 
wheat at Calcutta for many years down to 1885 has been given 
in the Annual Statements of the Trade of India ; but, for some 
reason, the prices for 1886 and 1887 have not been given in the 
two latest issues. Prices for 1884 and 1885 in Calcutta and 
Bombay were lower than they had been in some previous years, 
and that fact is dwelt upon in the reports in order to show that 
F 2 
