48 H. S, JEVONS ?ha? ?he nex? maximum of prices migh? no? occur until 1924. The foregoing remarks apply ?o English prices, which vary closely wi?h ?he world's prices of ?he principal commodities. The special conditions of ?he war have broken for ?he ?ime being ?ha? close coincidence between Iadiau prices aucl ?hose of ?he world's marke?s which had gradually become established. Here prices have risen less ?han in Europe and America; bu? a permaaen? difference of level canno? be maintained, excep? by permanently altering ?he parity of ?he rupee and the sovereign. Assuming ?ha? ?he la?er course be no? adopted, ?he re-es?ablishmen? of unrestricted ?rade after ?he war, and ?he gradual lowering of ocean freight rates, must tend to raise that here they may continue to rise, nearly stationary, for 3 or 4 years prices in India; so or a? leas? remain after ?he maximum following ?he c'onclusion of ?he war has been .passed in Europe and America. change in ?he parry impossible ?o expec? any Hence, in ?he of ?he rupe.e, i? substantial fall absence of any would seem of prices in India earlier ?han 1928 or 1924, a? which ?ime a secular fall m?y perhaps b?gin. The fu?nre course of wages is perhaps easier to predic? ?han ?ha? of prices. Inspection of ?he graphs reproduced on ?he char?s opposite page 40 aud on page 41, confirmed by inspecting numerous o?her curves of wages extending over long periods, shows ?ha? ?he normal tendency is for wages-ra?es ?o rise wi?h rising pric. es, ?hough or fall in many even continue rising no? so fas?, and only slightly when prices industries and wages of slowly when ?o remain stationary are falling. Wages unskilled labor may general prices are falling. There are ?wo causes always ac?ing: (1)the ?endency of ?he money ra?e of wage to vary with ?he cost of livin 8 and thus with general prices, but in-
