AGRICULTURE’S UNFAVOURABLE CIRCLE
The following passage from the report of the Indian Currency Commission could be given a very wide application: “Agriculture, which is .pre-eminently England’s greatest industry. has suffered from the world-wide effect of the war, which has been to leave the prices of agricultural produce at a lower level in relation to manufactured articles. This effect is illustrated by the marked difference between the average rise since 1914 in the prices of Ihe articles that India exports (which are mostly agricultural) and the rise in the prices of imported articles (which are mostly manufactured). The rise has been considerably greater in the latter case than in the former, and this undoubtedly constitutes an economic loss to India. But it is a loss which she shares with all other agricultural countries, and which cannot he made good by any monetary policy.” Nor could it bo made good by too easy credits tending to per- , • - ‘uate inflation.
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Bibliographic details
Manawatu Times, Volume XLIX, Issue 3492, 30 October 1926, Page 11
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157AGRICULTURE’S UNFAVOURABLE CIRCLE Manawatu Times, Volume XLIX, Issue 3492, 30 October 1926, Page 11
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