H.—lB.

LVIII

for butter ; but the Commission has selected Sauerbeck's prices for the same products for comparison, inferring that the prices actually paid for New Zealand produce have varied in a manner similar to the variation shown in the table.

Table 49. —Showing Average Wholesale London Prices of Certain Commodities (Sauerbeck).

Compare also the table of prices quoted on p. xxviii, where index numbers of the prices of some of the more important primary products are given for several countries. The general trend over the last fifteen years is upward. Table 50. —Showing the Average London Market Values op New Zealand Dairy-produce. (Kindly supplied by Mr. D. Cuddie, Dairy Commissioner.) Butter. Cheese. „ Per Cwt. Per Cwt. * ear - s. d. s. d. 1900-01 .. .. .. .. 86 0 46 0 1901-02 .. .. .. .. 89 0 45 0 1902-03 .. .. .. .. 100 0 50 0 1903-04 .. .. .. .. 97 0 56 0 1904-05 .. .. .. .. 100 0 50 0 1905-06 .. .. .. .. 109 8 62 8 1906-07 .. .. .. .. 107 5 63 10 1907-08 .. .. .. .. 11l 6 62 4 1908-09 .. .. .. .. 112 9 60 2--1909-10 .. :. .. .. 117 0 58 0 1910-11 .. .. .. .. 107 0 57 6 1911-12 .. .. .. .. 120 0 68 6 6. The Commission has no doubt that the development of the export trade has been accompanied by a rise in local prices, that the increase in farmers' profits has induced keen competition for the use of land to produce these export commodities, resulting in higher land values and rents, but that it has also been accompanied by greater general prosperity and purchasing-power over commodities in general. 7. Your Commissioners have considered the allegation frequently made that New Zealand butter and meat are often sold in England at lower prices than those ruling in New Zealand at the same time. After examining the evidence tendered us and the other available material bearing on the point, we are of opinion that, taking the year as a whole, the price of butter is much the same in New Zealand as in England, and that, in regard to meat, the prices are also found to be the same when an accurate comparison is made, and not a comparison between retail prices in

Local prices and prosperity.

New Zealand prices and English prices.

Year. English Wheat, per Quarter. American Wheat, per Quarter. English Mutton (Middling), per 8 lb. -,, • , , Wool, Lmcoln, Fnesland, per ' , ' u i i • u* per pound. hundredweight.- r r i 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 s. d. 30 2 34 0 25 8 26 11 26 9 28 1 26 9 28 4 29 8 28 3 30 7 32 0 36 11 31 8 31 8 s. d. 34 6 37 0 30 0 31 6 30 0 30 6 31 0 33 6 34 0 32 6 36 0 37 6 41 6 36 6 35 0 d. 41 37 41 45 44 44 47 50 51 53 54 52 46 52 49 s. 94 95 103 102 105 102 100 102 107 110 108 114 112 114 121 d. 9f 8f 81 n. 6J 61 71 101 12| 13f 121 81 9 9| 10 Average, 1902-11 1890-99 1878-87 1867-77 30 01 28 01 40 0 54. 01 34 Of 31 01 43 01 56 0 50 411 53 55 109 100 116 125 9| 10 llf 19f