Page:Indian Journal of Economics Volume 2.djvu/429

 RELATIVE PRICES OP FOOD GRAINS 411 tive rise n the price of. wheat and nee n good years may be due to the export demand. It may be freely admitted that the expor deanand for wheat will tend to have that effect, but the effect is small as there was a very heavy fall' in the price relation for 1900-01, yet the export of wheat in 1901 small. Lastly, a relatively good year barley and bad year for wheat and was for gram and rice and v/c versa would affect the relation. This, however, will rarely occur to an appreciable extent ad the curve based on the kharif food grains shows that the curve of gram and barley is sufficiently accurate. An examination of the variations in the yeas 1917 and 1918 reveals much the same features as in prewous years. It may a given year there are two by the alvent of the rbi be taken generally that in seasons of plenty caused and klarif harvests. In both 1917 and 1918, prices and price relations dropped in April. In 1918 there was no drop in August owing to partial failure of the rains. The curve of price relations in 1918 differs little from the curve in 1917, until about July 15th. From that date they are divergent. The general level of prices in the first half of 1918 was decidedly higher than in 1917. I have shown that, whe.n the price relation was at 100 from 1908 to Dcember 1st, 124. In 1917, the price level stood at about March, 1918, the price level, however, was at 143, and on September 1st the price level was at 167,  which would indicate a real rise in the general level of. food grain prices by March, 1918, of 18 per cent, and by September, 1918, of 35 per cent, and that .the cultivator is 'obtaining a li[ in the general level of. food prices similar to that experienced in 1906 and 1907. In October the level of price relation stood a about x At stmitar points in the 1918 curve for 15 districts in tho Punjab the prioe levols were t 142 &ud 174 respeotivel,