GIPE-PUNE-OIIOI2 - DSpace@GIPE

278 WORLD~CRISIS : INDUSTRIAL REVOLUTIONS
d~lined. The decline in the value of India's imports14.
fr~m 1928~29 to 1930~31 is shown in the following table:
. 1928~29: Rs. 3,006,900,000
J920~30: " 2,684,000,000
1930~31 : " 1,915,300,000
This is the import story of virtually every agri~ul.
tural country.
Orders from the agricultural regions ceased' to pour
in because they were not in. a position to buy. Th~
results have been considerable stand~still in the industrial
regions and the consequent discharge of hands. But
this fall in agricultural prices was due chiefly to a freak
of nature, although to a certain extent the effect of an
extension of the cultivated area and application of
machinery (i.e. of rationalization}.15
For the United States the decline in the value of
agricultural produce is from 8,675,420,000 dollars
in 1929 to 6,274,824,000 in 1930. For Canada the
decline in the purchasing power of farmers who constitute
40% of the population is 44 per cent compared to 19i8.
In regard to 36 countries, most of which are essentially
agricultural' t the decline in imports is measured by 20
per cent and above (d. 37.9% in India).
The unemployment in industrial regions as due to
this fourth factor ,-namely the fall in agricultural prices
-may therefore be regarded as in the main temporary
and rather accidental. Altogether, the cumulative effect .
of all these four factors is voluminous. To this have to
14 Revie", of the Trade of India, 1930.31 (Calcutta, 1931), p. 8.
15 Problemes, etc.. pp. 22.26; The Course and Phases, etc.,
pp.40.43.