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This means not only further progress, in overcoming the price disparity into which agriculture was plunged in 1920-21, but also increased efficiency on the part of farmers and a well-grounded confidence in the future of agriculture. The livestock industry has attained the best balance for many years and is prospering conspicuously.
The Department of Agriculture estimates the net income of agriculture for the year 1920-21 at only $375,000,000; for 1924-25, $2,656,000,000; for 1925-26, $2,757,000,000. This increase has been brought about in part by the method already referred to, of Federal tax reduction, the elimination of waste, and increased efficiency in industry.
This means not only further progress, in overcoming the price disparity into which agriculture was plunged in 1920-21, but also increased efficiency on the part of farmers and a well-grounded confidence in the future of agriculture. The livestock industry has attained the best balance for many years and is prospering conspicuously.
The present depression of 1920-21 is almost of unprecedented duration, for example. Nor should it be supposed that the state of depression must be identical with the period of price decline. Given favorable circumstances, the price decline soon leads to a search for new methods of economy in production. Raw materials are likely to fall in price. Supplementary costs are rapidly reduced.
Educ.: Eton, King's College, Cambridge, Bell Scholar and Porson Prizeman, 1880; Porson Scholar, 1881; Craven Scholar and Browne Medalist, 1882; Senior Chancellor's Medalist, 1883; 1st Class Classics, 1882 and 1883; Hare Prizeman, 1885; Assistant Master at Eton, 1884-88; Fellow of King's, 1886-88; Fellow and Tutor of Hertford College, Oxford, 1889-1904; Select Preacher at Oxford, 1893-95, 1903-5, 1920-21; Cambridge, 1901, 1906, 1910, 1912, 1913, 1920; Bampton Lecturer, 1899; Hon.
Anna B. Wicksell, who was a delegate from Sweden to Berlin in 1904, when the International Woman Suffrage Alliance was formed and is now a vice-president. Mrs. Wicksell gained international fame when her Government appointed her a delegate to the League of Nations meeting at Geneva in 1920-21 and she was placed on the Mandates Commission.
In the case of the price decline of the year 1920-21, however, wage decreases have come promptly and this is more likely to be the ordinary case. Unless industry in general becomes more efficient during the period, a continued fall in the price level tends to bring about a fall of some degree in the wage level.
The Department of Agriculture estimates the net income of agriculture for the year 1920-21 at only $375,000,000; for 1924-25, $2,656,000,000; for 1925-26, $2,757,000,000. This increase has been brought about in part by the method already referred to, of Federal tax reduction, the elimination of waste, and increased efficiency in industry.
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