chart
represents the average price for the year. Below, the fluctuations in
wheat prices for 1894-5, the year of lowest prices, are shown in the same
way. At the top of the chart are given, in millions of bushels, the
receipts of wheat in New York. The shaded double column in the center
under each month gives the average receipts for twenty years. To the left,
a single column shows the receipts for 1894-5. To the right, a single
column gives the receipts for 1881-2. Since the receipts at New York are
chiefly for export, the general correspondence between receipts and prices
is rather a result of a larger application of supply and demand than an
exposition of it. The chief use of the chart is to show the fluctuation of
prices under varying local conditions. The figures on the left give the
price per bushel, and the figures on both left and right at the top
indicate millions of bushels.

CHART NO. 8

[Chart.]

Chart VIII. Prices of wheat in England, 1300-1890. Page 93.

_Prices of wheat in England for 600 years, 1300 to 1900_

_Description._--This chart is to show at a glance the history of the wheat
market in England for the past six hundred years. The record of the first
four hundred years is taken from Rogers' "Agriculture and Prices." That
for the eighteenth century, less complete, is taken from Schoenhof's
"History of Money and Prices." The nineteenth century record is from the
report of the statistician of the United States Department of Agriculture.
All are reduced with care to the basis of bushels and dollars and cents.
The figures on the right and left show the price per bushel in United
States money.

_Explanation._--The heavy horizontal lines show the average price during a
period of ten years, though in a few instances the period is longer. The
diagonal lines show the extremes of fluctuation during the period which
they cover. During the first two hundred and fifty years the coinage of
England made the shilling in which prices were reckoned a much larger
unit, practically three times as great as at present. The dots within
circles indicate where the horizontal lines might have been had the unit
been always the same. The same dots crossed cover a period of forty years
in which prices are somewhat uncertain, from transition between the old
standard and the new. The beginning of the nineteenth century shows a
remarkable condition of the wheat market, due chiefly to