GIPE-PUNE-OIIOI2 - DSpace@GIPE

WORLD-CRISIS: INDUSTRIAL REVOLUTIONS 277
The export industries 1 2
of the chief manufacturing
countries have been ~everely affected by the sudden
and abrupt fall in agricultural prices throughout the world
since 1929.
The facts may be illustrated from the case of India.
With the end of July 1914, taken as 100, the price indices
at two points in 1929 and 1932 are indicated below: 13
Cereals Pulses Sugar Tea Other Oil Raw Raw All
Food seeds Jute Cotton Comarti-
modic1es
ties
Sept. 1929: 128 155 164 129 170 175 90 146 148
April. 1932: 66 83 147 59 107 71 45 89 92
The decline in price IS universaL The percentage
of decline in April 1932 compared to the index in September
1929 is registered below in the ascending order:
1. Sugar 11·4% 5. Pulses 46·5%
2. Other food articles ... 37·1% 6. Cereals 48·5%
3. "All comm~dities" . 37·9% 7 . Raw Jllte 50·0%
4. Raw Cotton 39·1% 8: Tea 54-3%
9. Oil seeds ... 59·5%
The general decline is found to be 37.9 per cent.
The tremendous decline in the purchasing power
of peoples producing pulses, cereals, raw jute, tea and
oil seeds (46.5 to 59.5%) is patent.on the surface. Likewise
has their capacity .to buy foreign -goods naturally
it cLoy: The Post-War Unemployment Problem (London. 1929). pp.
39, 82. 93: 102.
13 Indian Trade Journal. May 12, 1932. p. 381. Note the calculations
for the other dates in Review 0/ the Trade 0/ India 1930-31 (Cdculta.
1931). pp. 5-7.