Price of Wheat , over 40 Harvest-Years , 1852-3 to 1891-2. 121 
eight years, but the fourth period of eight, 1876-7 to 1883-4, 
shows the commencement of the rapid fall ; and it was during 
that period, including the disastrous harvest of 1879, and, in all, 
six years of less, and sometimes much less, than average yield, 
that the aggregate home-crop declined so rapidly ; whilst it was 
coincidently with this that the imports began so enormously to 
increase, and prices so seriously to go down. Then as to the 
last eight years, 1884-5 to 1 891—2, notwithstanding a higher 
average yield per acre than over either of the other eight-yearly 
periods, the aggregate home-crop came down to even less thau 
over the previous eight years ; the imports were larger than ever, 
and the price, accordingly, was much lower than ever. In neither 
of those last eight years, however, was the average Gazette price 
. for the year so low as 30s. per quarter ; but it was frequently 
below it in individual months of the period. Thus, in the first 
of the eight years, 1884-5, it ranged from 31s. 2d. in December 
to 36s. 8 d. in May ; in the second year from 29s. Gd. in February 
to 32s. Gd. in August ; in the third, from 30s. in October to 
35s. 8 d. in January ; in the fourth, from 29s. Id. in September 
to 35s. in August ; in the fifth, from 35s. 10c/. in September 
to 28s. Gd. in June ; in the sixth, from 29s. 8 d. in October to 
36s. 2d. in August ; in the seventh, from 31s. in October to 
40s. 4|d. in May ; and in the last year, 1891-2, from 38s. 5 d. 
in September to 29s. Gd. in .July ; whilst in no week since the 
end of the last harvest-year — August 31, 1892 — has the price 
been so high as 30s., and in the week ending March 18, 
1893, it reached its lowest point, namely — 24s. 9 d . ! 
The third column shows the average aggregate value per 
annum, at the Gazette price per quarter, of the saleable wheat 
crop of the United Kingdom, over each eight-yearly period, and 
over the forty years ; and it is this that illustrates the most 
strikingly the reduction in value to the farmer of the crop which 
formerly constituted a very important, if not the most important, 
item of his marketable produce. The average annual value of 
the crop was nearly 38,500,000/. over the first eight years, more 
than 31,000,000/. over the second, and more than 30,500,000/. 
over the third eight years ; it then comes down to little more 
than 20,000,000/. over the fourth eight, and to little more 
than 14,000,000/. over the last eight years; whilst in 1887-8 
it was less than 12,500,000/. In other words, the aggregate 
value of the saleable wheat crop of the countiy came down 
from about 38,500,000/., over the first eight years, to little more 
than 14,000,000/. over the last eight, or to not much more than 
one-third. In fact, the value of the home wheat crop averaged 
more than 24,000,000/. less per annum over the last eight 
