ABSTRACT
The low or stationary agricultural prices of the earlier decades of the century had a depressing effect on agricultural investment and indirectly on the demand for industrial goods. The rising prices over most of the second half of the century stimulated agricultural investment and led to increased demand for industrial goods; the led not so much to a shift of income between the industrial and agricultural sectors as to an increase in the income of both (cited in Deane and Cole [1962: 90]).
