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A Study in the Economic Condition of Ancient India c7: Chapter IV. Prices

A Study in the Economic Condition of Ancient India c7

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Contents

Chapter IV. Prices

I. Prices of Articles of Daily Consumption and Use

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IT is not an easy task to get an idea of the prices of different things during the early Hindu period. Owing perhaps to the difficulty of the subject no writer seems to have taken it up hitherto. The wealth and welfare of the people cannot be discussed unless we know their daily earnings in money and its purchasing power : so a knowledge of prices and wages is essential for the purpose of a study of the economic conditions in ancient India.

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As far as prices are concerned, the Southern Indian inscriptions are very important. They contain valuable material. In them the market prices are generally quoted in paddy. The difficulties connected with the weights and coins have already been removed in the section dealing with the weights and currency. To ascertain the prices current in the tenth or eleventh century A.D. in India, it is necessary to know the exchange value of other things in paddy. The comparative values may be seen from the following tables :—

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TABLE NO. XIII ARTICLES OF DAILY CONSUMPTION AND THEIR EXCHANGE VALUE AT THE BEGINNING OF THE ELEVENTH CENTURY A.D.

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| Commodities. | Quantity. | Quantity in palas. | Prices in kind or cash. | Prices in palas (of paddy). | Authorities. |
| Cardamum seeds | 1 kar. and 4 nā. | = 384 | = 1 kāśu | = 3072 | *SI.*, |
| Champaka buds. | 1 paḍakku | = 512 | = 1 kāśu | = 3072 | vol. ii, |
| Khaskhas roots . | 605 palas | = 605 | = 1 kāśu | = 3072 | parts |
| Dāla (?) . | 1 nā. 3 ura. and 1 ārakku | = 60 | = 5 nā. 1 ūri. and 1 ārak. of paddy | = 180 | 1-3, p. 18 |
| Pepper | 1 āra. 1¾ śev. | = 6 | = 5 nā. 1 ura. of paddy | = 168 | " |
| Spices | 1 āra. 1 śev. | = 5 | = 2 nā. 1 ura. of paddy | = 68 | " |
| Cummin | 3/20 3/80 śev. | = 3½ | = 1 nā. of pad. | = 32 | " |
| Sugar | 3½ palas | = 3½ | = | = 88 | " |
| Ghi . | 1 ura. 1 āra. 3¾ śev. | = 15 | = 1 karū. 7 nā. of paddy | = 480 | " |
| Tamarind . | 8 palas | = 8 | = 1 nā. of pad. | = 32 | " |
| Curds | 3 nārī | = 96 | = 1 kar. 1 nā. of paddy | = 288 | " |
| Gram | 3 śev. | = 2⅖ | = 1 ura. of pad. | = 8 | " |

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| Commodities. | Quantity. | Quantity in palas. | Prices in kind or cash. | Prices in palas of paddy). | Authori- ties. |
| Plantains . | 18 numbers | = | 5 nāri of pad. = | 160 | p. 18. |
| Bark | 1 kāśu in weight | = | ¼ = 1 nāri of pad. = | 32 | " |
| Pulse | 1 nāri | = | 32 = 3 nāri of pad. = | 96 | " |
| Husked rice | 4 nāri | = | 128 = 1 karū. 2 nā. = | 320 | *SI.*, vol. ii, part 1, p. 75. |
| | | | of paddy | | |
| Ghi . | 1 ārakku | = | 4 = 4 nā. of pad. = | 128 | " |
| Ghi . | 2½ śev. | = | 2 = 2 nā. of pad. = | 64 | " |
| Pulse | 1 ūrī. | = | 16 = 1 nā. 1 ūrī of = | 48 | " |
| | | | pad. | | |
| Sugar . | ½ pala. | = | ½ = 1 nā. 1 ūrī of = | 48 | " |
| | | | pad. | | |
| Curds . | 1 nāri | = | 32 = 3 nāri of pad. = | 96 | " |

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Note. kar.=karūni. nā. = nāri. pad. = paddy. ura.=urakku. āra. = ārakku. śev. = śeviḍu. pal. = pala.

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When we know the different prices in term of paddy, the prices of other articles may be calculated in the following way :

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TABLE NO. XIV

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TABULATED STATEMENT OF PRICES FROM THE TIME OF KAUṬALYA UP TO THE SIXTEENTH CENTURY A.D.

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| Commodities | (1) Palas | (2) Palas | (3) Barter rate between paddy and other produce | (4) 11th century | (5) Prices per maund in 11th century A.D. | (6) Prices per maund in the time of Akbar | (7) Prices per maund in the time of Kauṭalya [calculated] | (8) Prices per maund in 9th century A.D. [calculated] |
| | | | | *Kāsus.* | *Akkas.* | *Dāms.* | *Rs.* | *Dāms* | *Copper Panas* | *Akkas* |
| Paddy | 3072 | 3072 | 1:1 | 1/6 | = 2 | = 6 | | 2 | 1 |
| Cardamum seeds | 384 | 3072 | 1:8 | 4/3 | = 16 | = 48 | 78 | = 3120 | 16 | 8 |
| Champaka buds | 512 | 3072 | 1:6 | 1 | = 12 | = 36 | | 12 | 6 |
| Khaskhas roots | 605 | 3072 | 1:5 | 5/6 | = 10 | = 30 | | 10 | 5 |
| Dāla (?) | 60 | 180 | 1:3 | 1 | = 6 | = 18 | | 27 | 6 | 3 |
| Pepper | 6 | 168 | 1:28 | 4 | = 56 | = 168 | 25½ | = 1020 | 56 | 28 |
| Spices | 5 | 68 | 1:14 | 2⅓ | = 28 | = 84 | | 28 | 14 |
| Cummin | 3 | 32 | 1:4 | 2 | = 84 | = 252 | 3 | = 120 | 84 | 42 |
| Tamarinda . | 8 | 32 | 1:4 | 2 | = 8 | = 24 | | 8 | 4 |
| Curds | 96 | 288 | 1:3 | 1 | = 6 | = 18 | | 27 | 6 | 3 |
| Gram | 3 | 8(9) | 1:3 | 1 | = 6 | = 18 | | 24 | 6 | 3 |
| Pulse | 32 | 96 | 1:3 | 1 | = 6 | = 18 | | 27 | 6 | 3 |
| Salt | 12 | 12 | 1:1 | 1 | = 2 | = 6 | | 24 | 2 | 1 |
| Ghi | 16 | 480 | 1:30 | 5 | = 60 | = 180 | 4 | = 158 | 60 | 30 |
| Husked rice | 2 | 5 | 1:2 | 1½ | = 5 | = 60¾ | | 30 | 5 | 5 |
| Sugar | 3½ | 88 | 1:24 | 4 | = 48 | = 144 | 4½ | = 182 | 48 | 24 |
| Oil | | | | | | | | | 41 | |

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Note. The rate of exchange among these coins is shown below :— 3 dāms = 1 akka = 1 gold fanam = 7 copper paṇas. 36 dāms = 12 akkas = 1 kāśu = 1 Akbari Re. = 84 copper paṇas. 36 akkas = 1 kalañju or the niska of Bhāskara = 3 Akbari Rs.

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From the above table it will be clear that the price of ghī was 60 akkas per maund. According to the five Bāṇa inscriptions from Gudimallam the current rate of interest in A.D. 888 was 20 per cent per annum. The inscription No. D. records a grant of 30 kalañju of gold given by the Bāṇa queen Madevi aḍigal, from the interest of which was to be met the expenditure on account of twilight offerings and lamps at the Paraśurāmeśvara temple at Tiruvippirāmabeḍu. Inscription E registers the grant of 20 kalañju of gold; out of the interest, amounting to 4 kalañju, 180 nāli of ghī (clarified butter) was to be purchased at the rate of 45 nāli for each kalañju. The lamp required 1 ūri of ghī per day. According to the table of weights No. E, an ūri and nāli are equal to 1 8/1 and 2 1/6 lb. respectively. Multiplying 1 nāli or say 2 1/6 lb. by 45, the price of ghī comes to 36 akkas for 124 lb. or say 24 akkas per maund. It is clear from this that the price of ghī rose from the ninth century A.D. to the eleventh century A.D. from 24 akkas to 60 akkas per maund, or 2 1/2 times.

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A careful study of other inscriptions also shows that the normal gold price of ghī rose gradually during the long period concerned. Usually for one lamp, which required 1 urakku of ghī per day, the capital sum allowed was approximately 10 kalañju. On various occasions, instead of paying 10 kalañju in cash, ninety-six ewes, or forty-eight cows, or sixteen female buffaloes were given on condition that the keeper of these animals would provide 1 urakku of ghī per day for an unlimited time. The information contained in the grants mentioning ghī and oil lamps may be tabulated as below (see p. 100).

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From the table it seems that about the end of the tenth century A.D. the quantity of ghī was reduced from 1 ūri to 1 urakku and 1 ārakku per day, while the same capital sum of 20 kalañju was still granted. This reduction in quantity appears to me to be due to the reduction in the rate of interest, which came down from 20 per cent to 12 1/2 per cent, and also due to some extent to the rise in

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| In land. | Amount granted. In money. | In kind. | Quantity of oil. | Quantity of ghi. | Number of lamps. | Conditions. | Sources. |
| | (32 kāśu) | = 96 sheep | — | 1 ulakku | 1 | perpetual lamp | |
| 1000 kulis | 15 kalañju of gold | — | — | — | 1 | " | |
| | 4½ " | " | — | 1 ulakku and 1 ālakku | 1 | morning and evening only | |
| | 20 " | " | — | ¼ camphor | 2 | perpetual lamp | |
| (3 veli and | 20 " | " | — | — | 1 | " | |
| 1120 kulis | 20 " | " | — | — | 1 | " | |
| | 30 kāśu | = 90 ewes | — | 1 ulakku | 1 | " | |
| 1700 kulis | — | 96 ewes or 48 cows or 16 she-buffaloes | — | — | — | " | *SII*., vol. ii, pt. iii, pp. 250-1. |
| | 3 kāśu | = 96 ewes | — | — | 1 | " | " p. 252 |

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See also *SII*., vol. ii, pt. iv, pp. 446-58, 477-97.

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the prices of *ghī*. Another interesting thing is that the amount granted for *ghī* lamps or oil lamps is not very different; in some cases the amount granted for oil lamps is more than that given for a *ghī* lamp. For instance, inscription No. 44 of Mahāvali Vānarāja registers 25 *kalañju* of gold for an oil lamp which required 1 *uṛakku* and 1 *ārakku* of oil per day.¹ For the same amount of *ghī*, the amount granted was 20 *kalañju* of gold.² Does this mean that oil was dearer than *ghī* in Tanjore? It seems that the prices of oil and *ghī* were not very different, as in another inscription the sum granted for the same amount of oil is 20 *kalañju* of gold.³

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¹ *SII.*, vol. iii, pt. i, No. 44, p. 96.

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² Ibid., No. 46, p. 98; No. 48, p. 101.

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³ Ibid., No. 45, p. 97.

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According to the Indor inscription of the Bulandshahr district, a guild of Indrapura-vāsin oil makers gave 2 *palas* of oil per day for keeping a lamp burning in the temple of the Sun-god.⁴ It appears probable that the lamp had only to be lighted at twilight. According to the *Dāna-mayūkha* the lamp should be lighted at night in the hollows of trees, in temples, and on roads, and at places most frequented by men. For this purpose 800 *palas* or 1 *tulā* of oil should be granted every year.⁵ The Sāñchī inscription of Dīvānagañj records the grant of one *dināra* for a perpetual oil lamp of such kind.⁶ Other inscriptions of the same period register similar amounts.

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⁴ *Corpus Inscriptionum Indicarum*, vol. iii, by J. F. Fleet, pp. 70-1.

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⁵ Devasya dakṣiṇe pārśve deyā taila-tulā nṛpa | Phalaṣṭakayutā rājan vartti tatraiva dāpayet. Vāsasā tu samagreṇa sopavāso jitendriyaḥ | Mahāvartti-dvayam idam sakṛd datvā mahīpate. Giriśṛṅgeṣu dātavyam nadīnām pulineṣu ca | Catuspatheṣu rathyāsu brāhmaṇānām ca veśmasu. Vṛkṣamūleṣu goṣṭheṣu kāntāra-gahaneṣu ca | Dīpadānena sarvatra mahat phalam upāśnute. (*Dāna-mayūkha*, p. 250.)

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⁶ *Corpus Inscriptionum Indicarum*, vol. iii, by J. F. Fleet, p. 261.

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If the *dināra* be accepted as equal to 16 silver *paṇas* and the rate of interest as 12½ per cent the price of 800 *palas* comes to 32 copper *paṇas*. According to the table of weights (No. V, Col. E) given in Chapter III (*vide* page 77) 800 *palas* would equal about 64 lb. Thus the price of a maund of oil would come to 41 copper *paṇas*, or say approximately 6 *akkas* per maund, if we divide 41 by 7. As the price of *ghī* in the eleventh century A.D. was approximately 60 *akkas* per maund, the rise of prices from the fifth century A.D. down to the eleventh century comes to approximately ten times. (On taking the *dīnāra* as equal to 32 silver *paṇas*, the rise of prices comes to only five times.)

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As far as the rise of prices in the value of food-stuffs is concerned, we can get some idea from the inscriptions recording the amounts given for the feeding of Brāhmaṇas. For instance the inscription No. 1 of Rājokesari, dated A.D. 1000, registers 200 *kalañju* of gold for the feeding of twelve Brāhmaṇas, or say 16 2/3 *kalañju* of gold for each Brāhmaṇa.¹ The amount recorded in the Sāñchī inscription of the Gupta period is 25 *dīnāras* for providing food for ten *bhikṣus* and oil for two perpetual lamps.² At that time 1 *dīnāra* was thought sufficient for one perpetual lamp. We may therefore deduct 2 *dīnāras* from 25, and the balance, viz. 23 *dīnāras*, will represent the amount required to provide food for ten Brāhmaṇas, or say 2 3/10 *dīnāras* per head. If we divide 16 2/3 by 2 3/10, we get the purchasing power of a *dīnāra* as equal to that of 7 1/4 *kalañjus*, or in other words we find that the prices of food-stuffs rose seven and a quarter times from the fifth century A.D. to the eleventh century A.D.

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¹ *SII.*, vol. iii, pt. i, No. 1, p. 3.

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² *Corpus Inscriptionum Indicarum*, vol. iii, by J. F. Fleet, pp. 31-2.

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(The rise of prices comes to about four times if the *dīnāra* be taken to be equal to 32 silver *paṇas*.)

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An important passage of Manu appears to corroborate this view. He imposes the penalty of death in case of theft of valuables worth more than 100 copper *paṇas*, or of grain weighing more than 10 *kumbhas*.³ This would seem to indicate that the value of 10 kumbhas of grain was about 100 copper paṇas. According to Table V above (Chapter III) 1 kumbha was equivalent to 410 lb.; so 10 kumbhas would be 4,100 lb., or 50 modern standard maunds (taking the maund at 82 lb.). If then 50 maunds of grain were worth 100 copper paṇas, 1 maund would be worth 2 copper paṇas, which is exactly seven times the price of paddy as found from the Tanjore inscriptions (Table XIV, Chapter IV).¹

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³ Dhānyam daśabhyaḥ kumbhebhyo haratopyadhikam vadaḥ | Śeṣe 'py ekādaśaguṇam dāpyas tasya ca taddhanam. Suvarṇa-rajatādīnām uttamānām ca vāsasām | Ratnānām caiva sarveṣām śatād apy adhikam vadhaḥ. (*Manu-smṛti*, viii, 320-1.)

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¹ It has already been stated that by accepting the dīnāra as equal to 32 silver paṇas the increase in prices amounts to from 400 to 500 p.c. Whether the dīnāra was equal to 16 or 32 silver paṇas depends largely upon the date assigned to the Manu-smṛti and the Artha-śāstra of Kauṭalya. Dr. F. W. Thomas assigns the date of the Artha-śāstra of Kauṭalya as prior to the Christian era, while Professor Jolly holds the opinion that it was compiled much more recently. The general view appears to be that it was compiled during the Gupta Period, in which case the dīnāra would be equal to 16 silver paṇas. In the present work the writer has found it desirable to adopt the general view that the Artha-śāstra of Kauṭalya was compiled during the Gupta Period.

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The rise in the value of cows, oxen and other animals can be judged from the figures of ransom values given in the law-books. The principle followed in fixing the amount of ransom was to take from one-fifth to one-sixth of the actual value of the lost article as the king's due. For instance, Manu writes that the ruler, when the lost article is found, shall take one-sixth part of the value as his due from the owner.² According to Kauṭalya “He who proves his title to a lost or stolen biped shall pay 5 paṇas towards ransom (before taking possession of it). Likewise the ransom for a single-hoofed animal shall be 4 paṇas; for a cow or a buffalo 2 paṇas; for minor quadrupeds, one-fourth of a paṇa” (Kau. Arth., English translation, p. 233).³ Yājñavalkya, has also repeated the same amounts of ransom.⁴ If we multiply the amounts of the fines by six, the price of a single-hoofed animal comes on the average to 24 paṇas; that of a cow or buffalo to 12 paṇas; and that of a minor quadruped to 1½ paṇas. In the Mulyādhyāya-pariśiṣṭa of Kātyāyana the price of a cow is given as 10 copper paṇas.¹ According to the fines, the average price of a cow was 12 paṇas. In some books dealing with charity it is stated that a poor Brāhmaṇa who is unable to give a cow can give 1 purāṇa, or 16 copper paṇas, being the value thereof.² In the one case we see the price of a cow to have been 10 paṇas, and in other case 16 paṇas. The mean between these figures is 13 paṇas, or nearly the same amount as we deduced above from the ransom price given in the law-books. The price of a white ox appears to have been the same. According to the Vasiṣṭha-dharma-sūtra, the penalty levied for unnatural intercourse with an animal was a white ox.³ Kauṭalya gives the penalty for the same offence as 12 paṇas.⁴ He repeats the passage of the Vasiṣṭha-dharma-sūtra almost word for word. Thus it is clear that the price of a cow in the early Hindu period was from 8 to 12 copper paṇas. According to the Tanjore inscriptions the price of ninety-six ewes, or forty-eight cows, or sixteen female buffaloes was 32 kāśu or 384 akkas.⁵ On dividing 384 by 48 the price of an ordinary cow comes to 8 akkas or 56 copper paṇas. If we divide again 56 by 8 and 12, we get the rise of prices as 7 and 4⅔ times or on the average 6 times (7 + 4⅔ / 2 = 35/6).

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² Ādadīthā ṣaḍbhāgam praṇaṣṭādhigatān nṛpaḥ. (Ibid., viii, 33.)

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³ Svakaraṇena pañcapaṇikam dvipadarūpasya niṣkrayam dadyāt. Catuṣpaṇikam eka-khurasya, dvipaṇikam go-mahiṣasya, pādikam kṣudra-paśūnām; ratna-sāra-phalgu-kupyānām pañcakam śatam dadyāt. (Kau. Artha., p. 190.)

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⁴ Paṇān ekaśaphe dadyāc caturaḥ pañcamānuṣe. Mahiṣoṣṭragavām dvau dvau pādam pādam ajāvike. (Yājñavalkya-smṛti, p. 224.)

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¹ Daśa-kārṣāpaṇo dhenor aśve pañcadaśaiva tu. (Mulyādhyāya-pariśiṣṭa, MS.)

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² Dhenor abhāve dātavyam tulyam mūlyam na saṃśayaḥ. . . . Kārṣāpaṇaikamūlyā hi daridrāṇām prakīrtitā. . . . (Dāna-mayūkha).

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³ Tiryagyonivyavāye śuklam ṛṣabham dadyāt. (Vasiṣṭha-dharma-sūtra, p. 67.)

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⁴ Maithune dvādaśa paṇaḥ tiryagyonisv anātmanaḥ. (Kau. Artha., p. 236.)

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⁵ SII., vol. ii, No. 94, pp. 436-57; ibid., Nos. 63, 95.

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As to the price of land, no definite figure can be proposed. There were two persons very greatly interested in the land, viz. the king and the sāmanta (noble). Granting land to a Brāhmaṇa was quite a different thing from the sale and purchase of land. At the time of the sale or the purchase of land, if the presence of important witnesses was required, this was only in order to settle disputes regarding the boundaries of a farm or an estate. There is no doubt that preference was given to a near relative or a neighbour as a purchaser. As the alienation of land affected the share of the king, naturally his permission was necessary. It has already been made clear that the relations between the ruler and the estate-owners were governed by agreements (*saṃdhis*). The owner of an estate was regarded as a vassal of the king. There is no doubt that before the Muhammadan conquest of India, owing to the degeneration of the old noble families, a good number of trading class people became owners of estates and enjoyed a good position in society. Titles were conferred upon them. They were allowed to use certain things and to wear certain ornaments as privileges. Taking all these distinctions into consideration, it seems but natural that a king should take a personal interest in the alienation of landed property. The presence of important witnesses and the necessity of obtaining the king's sanction have been interpreted by Mr. Pargiter in a different way. He seems to assign too great importance to the village community when he writes that " The alienation of land was an act which took place before the leading men of the village. In fact, the alienation of land and the introduction of a new owner were evidently matters which concerned the whole village, and to which the consent of the village through its leading men was indispensable from beginning to end, although the land might belong to a private owner." ¹ To my mind the presence of these witnesses was to avoid subsequent disputes, and, if such should arise, to enable them to be speedily and justly settled. Further, the permission of the king and the payment made to him, required in the case of grants of land to Brāhmaṇas, also rested on different grounds. Take, for instance, the five Dāmodara copper-plate inscriptions of the Gupta period. It appears that for a *kulya-vāpa* of land the king demanded from 2 to 3 *dīnāras*, according to the quality of land. This payment has been interpreted by Mr. Pargiter as representing the price of the land. He writes that “An interesting fact mentioned in all three plates is that there was an established rule (*maryādā*) fixing the price at which cultivated land was sold in this region . . . That rule was that the *kulya-vāpa* was priced at four *dīnāras*.” ¹ It has already been made clear that originally the land belonged to the estate-owners, though the ruler was entitled to take his share, which was from one-fourth to one-sixth of the net income. If a man wanted to make a grant of land to a Brāhmaṇa rent and tax free, naturally the ruler’s permission was required. It seems to me that the payment made to the ruler on such occasions represented compensation for the loss involved of his share. The real question is on what principles was the amount of compensation determined? I think the amount demanded by the king would be at least such a sum that the interest thereon would cover the amount of taxes, rents, and dues hitherto payable to him. Taking the rate of interest as 15 per cent, his share per acre would come approximately to one-fourteenth *dīnāra*. According to the *Upadeśa-taraṅgiṇī* of Ratnamandira Gaṇin the taxes per *grāma* were 1 gold *gadyāṇaka* (perhaps equal to 2 *dīnāras*). ² If a *grāma*, or estate, contained on the average 80 acres of land, whereof 20 acres were under cultivation, and we divide 2 *dīnāras* by 20, the taxes per acre of cultivated land would amount to one-tenth *dīnāra*.

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¹ *Indian Antiquary*, July, 1910, p 214.

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¹ *Indian Antiquary*, July, 1910, p. 214.

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² Rājñā svadeśa-pratigrāma-svarṇa-gadyāṇaka-dānam dattam. Tatas tasyāḥ prativarṣam 18 lakṣa 92 sahasra-grāma-gadyāṇakaiḥ 946 maṇa pramāṇam svarṇam militisma. . . Śrī Kumārapālanṛpeṇa 18 deśa-rājyam prāptam. (*Upadeśa-taraṅgiṇī*, p. 258.)

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Other inscriptions would seem to corroborate my view. According to the Tarpandighi grant of Lakṣmaṇasena the annual income of an area of land which required 125 *ādhakas* of seeds was 150 *kapardaka-purāṇas*.¹ Now, we already know that 1 *kulya-vāpa* of land required 32 *āḍhakas* of seed; so that 125 *āḍhakas* would suffice for about 4 *kulya-vāpas*. As 1 *kulya-vāpa* was approximately from 5 to 6 acres, 4 *kulya-vāpas* would represent at least 20 acres. If we divide 150 *kapardaka-purāṇas* by 20, we find the annual income per acre to have been about 8 *kapardaka-purāṇas*, or half a *dīnāra* (as we have already stated that 1 *dīnāra* may be taken as equal to 16 silver *paṇas*). The interest, at 15 per cent, on half a *dīnāra* would approximately be one-fourteenth *dīnāra*.

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¹ *EI.*, vol. xii, No. 3, pp. 9-10.

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If we take *pāṭaka* for the *vāṭaka* or *vāṭika* of Maya (as *pa* and *va* are often interchangeable), the annual income of 4 *pāṭakas* of land in the Puṇḍravardhana-bhukti was 200 *kapardaka-purāṇas* according to inscription No. 15 of *EI.*, vol. xv. As 4 *pāṭakas* were equal to 20 acres, the annual income per acre comes to 10 *purāṇas*, or approximately half a *suvarṇa* or half a *dīnāra*, if the exchange ratio between gold and silver at that period were as one to twenty.

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In the above paragraphs, I have sought to interpret such inscriptions and references as I have been able to find relating to the value of land. From these it would appear that the dues per acre payable to the ruler amounted to about from one-tenth to one-fourteenth of a *dīnāra*, and the income per acre to the estate-owner was about half a *dīnāra*.

II. Miscellaneous Prices

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A careful study of the Saṃskṛta and Pāli literature discloses considerable material towards ascertaining the prices of different commodities in ancient India. Caution must, however, be exercised before accepting such figures as altogether reliable. The prices in the Southern Indian inscriptions, which are of special importance in this connection, have already been dealt with above. The figures given there denoting the prices may be accepted as correct; the only doubtful factor is the value to be assigned to the coins and the weights named.

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As regards the prices of diamonds and other precious stones we find much material in the Bṛhat-saṃhitā of Varāhamihira, in the Garuḍa-purāṇa and in other purāṇas. We have some manuscripts also in Saṃskṛta and Hindī containing information on this subject. If, in addition, we collect all the material available from the authorities dealing with the Muhammadan period, sufficient material might be obtained to compile a separate treatise on precious stones and their values in ancient India.

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It may be mentioned in this connection that the Kharoṣṭhī inscriptions edited by Professor Rapson also call for special study, as containing valuable material on the subject of prices. Furthermore some of the appendices of Kātyāyana, namely the Chāga-pariśiṣṭa, the Pari-bhāṣā, the Iṣṭikā-pariśiṣṭa, the Saṃkhyā-parimāṇa, etc., are quite useful, and call for careful editing and publication. The authorities on Mathematics also mention the prices of some commodities.

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A general survey of the available material on prices is given below.

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(i) Prices of commodities according to the Saṃkhyā-parimāṇa.

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We have already drawn conclusions from the amount of fines and ransoms, from the wages and allowances paid to a day-labourer and from the inscriptions and other authorities that the price of an ox or a cow was about 12 paṇas and the wage of a labourer was from half a paṇa to one paṇa per day. The appendix of Kātyāyana on prices is very important. Unfortunately it has not yet been published. The total number of appendices attributed to Kātyāyana and referred to by Vyāḍi in his Caraṇa-vyūha is eighteen. A copy of the MS. was presented by me to Professor Bernard Geiger of Vienna. The prices given in the Saṃkhyā-parimāṇa are shown below :—

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| Commodity. | Price (in copper paṇas). |
| Cow (best) . . . . . . | 32 |
| Calf . . . . . . . | 4 |
| Ox (ordinary) . . . . . | 6 |
| Bull . . . . . . . | 8 |
| Cow (ordinary) . . . . . | 10 |
| Horse (ordinary) . . . . | 15 |
| Hiraṇya ? . . . . . . | 10 |
| Cloth (ordinary) . . . . | 1 |
| Chāga (sheep or goat) . . . | 8 |
| Sheep (best) . . . . . | 12 |
| Slave-girl . . . . . . | 50 |
| Elephant . . . . . . | 500 |
| Dolā (common kind of pālki) . | 5 |
| Chariot . . . . . . | 6 |
| House (thatched ?) . . . | 8 |

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(See Appendix No. A.)

(ii) Prices of Fragrant Woods and Spices

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The prices of fragrant woods and spices in Rome as given by Pliny and compiled by McCrindle (*Ancient India*) were as follows :—

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TABLE NO. XVII

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| Imported articles. | Denarii. | Shillings. | Pence. | Farthings. |
| Ginger . . . . | 6 a pound | 4 | 4 | 2 |
| Pepper . . . . | 6 ,, | 4 | 4 | 2 |
| Long pepper . . | 15 ,, | 10 | 11 | 1 |
| White pepper . . | 7 ,, | 5 | 1 | 1 |
| Black pepper . . | 4 ,, | 2 | 11 | 0 |
| Bdellium . . . | 3 ,, | 2 | 2 | 1 |
| Costus (white) . . | 5 ,, | 3 | 7 | 3 |
| Nard oil (spike-nard) . | 100 ,, | 72 | 11 | 0 |
| Amomum grape. . | 60 ,, | 43 | 8 | 0 |
| Cardamum . . | 3 ,, | 2 | 2 | 1 |

(iii) Prices of Pearls and Precious Stones

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(a) Prices of Pearls

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¹ Pala-daśa-bhāgo dharaṇam tad yadi muktās trayodaśa surūpāḥ Triśati sapañca-viṁśā rūpaka-saṁkhyā kṛtam mūlyam. 13. Ṣoḍaśakasya dviśati viṁśatirūpasya saptatiḥ saśatā Yat pañca-viṁśati-dhṛtam tasya śatam triṁśatā sahitam. 14. Triṁśat saptati-mūlyam catvāriṁśac-chatārdha-mūlyam ca

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TABLE NO. XVIIIA

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| Names of different strings of pearls. | Weight in guñjās. | Number of pearls in a string. | Prices in kārṣāpaṇas |
| Pikkā | 32 | 13 | 325 |
| Piccā | 32 | 16 | 200 |
| Arghā | 32 | 20 | 170 |
| Ardhā | 32 | 25 | 130 |
| Ravaka | 32 | 30 | 70 |
| Sikthā | 32 | 40 | 50 |
| Nigarā | 32 | 55 | 40 |
| Cūrṇā | 32 | 80 | 30 |
| " | 32 | 95 | 25 |
| " | 32 | 200 | 12 |
| " | 32 | 300 | 6 |
| " | 32 | 400 | 5 |
| " | 32 | 500 | 3 |

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| Weight of pearl. | Prices in kārṣāpaṇas. |
| 4 māṣakas | 5300 |
| 3½ " | 3200 |
| 3 " | 2000 |
| 2½ " | 1300 |
| 2 " | 800 |
| 1½ " | 353 |
| 1 māṣaka | 153 |
| 4 guñjās | 90 |
| 3 " | 70 |
| 2½ " | 35 |

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Ṣaṣṭiḥ pañconā vā dharaṇaṃ pañcāṣṭakaṃ mūlyam. 15. Muktāśityā trimśac-chatasya sa-pañca-rūpaka-vihīnā Dvi-tri-catuḥ-pañca-śatā dvādaśa-ṣaṭ-pañcaka-tritayam. 16. p. 992. Pikkā piccārghārdhā ravakaḥ sikthaṃ trayodaśādyānām Samjñāḥ parato nigarāś cūrṇāś cāśīti pūrvāṇām. 17. p. 993. Māṣaka-catuṣṭaya-dhṛtasyaikasya śatā hatā tripañcāśat Kārṣāpaṇa nigaditā mūlyam tejo guṇa-yutasya. 9. Māṣaka-dala-hānyāto dvātriṃśad viṃśatis trayodaśa ca Aṣṭau ca śatāni śata-trayam tripañcāśatā sahitam. 10. Pañca-triṃśaṃ śatam iti catvārah kṛṣṇalā navati-mūlyāḥ Sārdhās tisro guñjāḥ saptati-mūlyam dhṛtam rūpam. 11. Guñjā-trayasya mūlyam pañcāśadrūpakā guṇayutasya Rūpaka-pañca-triṃśat-trayasya guñjārdha-hīnasya. 12. p. 991. (Bṛhat-saṃhitā by Varāhamihira, E. J. Lazarus and Co., Benares, 1895, part ii.)

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(b) Prices of gems.—The following prices of pure, transparent and illuminating gems are given by Varāhamihira 1 :—

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TABLE NO. XVIIIB

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| Weight of gem. | | Price in kārṣāpaṇas. |
| 1 pala (Padmarāga) | | 26,000 |
| 1/2 " " | | 12,000 |
| 3 karṣas " | | 20,000 |
| 1 karṣa " | | 6,000 |
| 8 māṣakas " | | 3,000 |
| 4 " " | | 1,110 |
| 2 " " | | 500 |

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As to the prices of diamonds the following list is given by the same authority.

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| Weight of diamond. | Price in kārṣāpaṇas. |
| 18 taṇḍulas (or grains of rice) | 150,000 |
| 20 " " | 200,000 |
| 16 " " | 133,000 |
| 14 " " | 100,000 |
| 12 " " | 66,667 |
| 10 " " | 40,000 |
| 8 " " | 12,000 |
| 6 " " | 8,000 |
| 4 " " | 2,000 |

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¹ Ṣaḍviṃśatiḥ sahasrāṇy ekasya maṇeḥ pala-pramāṇasya Karṣa-trayasya viṃśatir upadiṣṭā padmarāgasya. 7. Ardha-palasya dvādaśa karṣasyaikasya ṣaṭ sahasrāṇi Yac cāṣṭa-māṣaka-dhṛtaṃ tasya sahasra-trayaṃ mūlyam. 8. Māṣaka-catuṣṭayam daśa-śata-krayam dvau tu pañcāśata mūlyau Parikalpyam antarāle mūlyam hīnādhika-guṇānām. 9. (Ibid., p. 1000.) [Commentary.] Ardha-palasya dvādaśa-sahasrāṇi mūlyam. Ekasya karṣasya ṣaṭ sahasrāṇi. Yaś ca padmarāgo’ṣṭābhir māṣakair dhṛtas tulitas tasya sahasra-trayaṃ rūpakāṇāṃ mūlyam. 8. (Ibid., p. 1001.) Sita-sarṣapāṣṭakaṃ taṇḍulo bhavet taṇḍulais tu viṃśatyā Tulitasya dve lakṣe mūlyam dvi dyūnite caitat. 12. Pāda-tryamśārdhonam tribhāga-pañcāṃśa-ṣoḍaśāṃś ca Bhāgaś ca pañca-viṃśa śatikas sāhasrikas ceti. 13. (Ibid., p. 986-7.)

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See also Garuda-purāṇa, Adhyāyas 68-80.

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(iv) Prices of jewellery in the Cola country circa A.D. 1100.

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(a) One sacred mukuṭa (crown), containing :— 348 karañju 1/2-1/10 mañjāḍi gold 859 diamonds weighing 7 3/4 karañju 4 1/10 mañjāḍi 309 large and small rubies and other stones 125 halahalam of superior quality 122 halahalam 41 bluish rubies (nilagandhi) 10 unpolished rubies = weighing 14 3/4 karañju 7 1/10 mañjāḍi 669 large and small pearls = weighing 36 karañju 1 mañjāḍi 1 kuṉṟi. Total weight of the crown = 407 karañju 9 mañjāḍi. Price 5,000 kāśu. (SII., vol. ii, No. 7, p. 81.)

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(b) One ear-ring (vāli), containing :— 1 karañju 8 4/5 mañjāḍi gold 9 pearls weighing 1 karañju 1/10 mañjāḍi Total weight of the ear-ring = 2 karañju 9 1/10 mañjāḍi. Price 15 kāśu. (SII., vol. ii., No. 7, p. 82.)

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(c) One vruṭṭu, containing :— 2 karañju and 1 kuṉṟi of gold 6 diamond crystals weighing 1/10 mañjāḍi 2 smooth rubies weighing 1/10 mañjāḍi 2 pearls weighing 9 and 1/10 mañjāḍi. Total weight of the vruṭṭu = 2 1/2 karañju and 1 7/10 mañjāḍi. Price 15 kāśu. (Ibid.)

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(d) One sacred garland (tiru-malai), containing :— 86 1/2 karañju and 4 1/20 mañjāḍi of gold 505 diamonds weighing 2 karañju 3-1/10-2/10 mañjāḍi 110 large and small rubies weighing 5 1/2-1/8 karañju 94 strung pearls weighing 9 karañju and 1 kuṉṟi. Total weight of the garland = 103 1/2 karañju and 1 mañjāḍi. Price 1,000 kāśu. (Ibid.)

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(e) One sacred armlet containing :— 89 karañju 1 1/10-1/40 of gold 441 diamonds weighing 3 karañju and 2 3/10 mañjāḍi 54 large and small rubies weighing 6 1/2 karañju 2 3/10 mañjāḍi 68 strung pearls weighing 5 3/4 karañju 3 mañjāḍi and 1 kuṉṟi. Total weight of the sacred armlet = 104 1/2 karañju and 4 mañjāḍi. Price 1,250 kāśu. (Ibid., p. 83.)

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(f) One sacred pearl ornament, containing :— 69 3/4 karañju 2 5/10-1/10 mañjāḍi of gold 309 diamonds weighing 1 1/2 karañju 4 1/10 mañjāḍi 80 large and small rubies weighing 6 karañju 7 1/10-3/4 mañjāḍi 1,462 pearls weighing 96 1/4 karañju. Total weight of the pearl ornament = 174 1/2 karañju. Price 1,500 kāśu. (Ibid.)

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(g) One poṭṭu for the arm of the goddess, containing :— 18 3/4 karañju 3 8/10 mañjāḍi of gold 1 smooth ruby weighing 1 mañjāḍi 1 kuṉṟi 137 strung pearls weighing 7 3/4 karañju 4 1/10 mañjāḍi. Total weight of the poṭṭu = 26 3/4 karañju 4 8/10 mañjāḍi. Price 80 kāśu. (Ibid., p. 83.)

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(h) One bracelet, containing :— 84¾ karañju 3 mañjāḍi of gold 675 diamonds weighing 4 karañju 4 mañjāḍi 1 kuṉṟi. 60 large and small rubies weighing 1½ karañju 3 mañjāḍi 1 kuṉṟi. Total weight = 90¾ karañju 1 mañjāḍi. Price 800 kāśu. (Ibid., p. 84.)

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(i) Ekāvali (single-string), containing :— 35 old pearls, 2 corals, 2 lapis lazuli, 1 talimbam, 1 padugan, 1 kokkuvay Total weight = 4 karañju 8 1/16 mañjāḍi. Price 11 kāśu. (Ibid., p. 73.)

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(j) One sacred girdle, containing :— 97¼ karañju 4 5/16 mañjāḍi of gold 667 large and small diamonds weighing 2 karañju 1-5/16 mañjāḍi 83 large and small rubies weighing 10¾ karañju 3 1/10 mañjāḍi 212 pearls weighing 18 karañju 2 mañjāḍi. Total weight = 129 karañju 7/16 mañjāḍi. Price 4,500 kāśu. (Ibid., No. 8, p. 87-8.)

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(k) One ring (anklet ?) for the foot of the goddess, containing :— 73 karañju 3 5/16-1/20 mañjāḍi of gold 455 diamonds weighing 1½ karañju 2-5/16-1/20 mañjāḍi. 39 rubies weighing 4 karañju 5/16 mañjāḍi. Total weight of the ring = 78¾ karañju 1 1/8 mañjāḍi. Price 500 kāśu. (Ibid., p. 88.)

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(l) One sayalam for the foot of the goddess, containing :— 37¾ karañju 3 4/16 mañjāḍi of gold 360 diamonds weighing ¾ karañju 4 mañjāḍi 72 rubies weighing 2½ karañju 2 6/16 mañjāḍi 42 pearls weighing 2 karañju 8 mañjāḍi 1 kuṉṟi. Total weight = 43¾ karañju 3 mañjāḍi 1 kuṉṟi. Price 350 kāśu. (Ibid.)

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(m) One sacred crown (mukuṭa) containing :— 270 karañju 8 1/16 mañjāḍi of gold 525 diamonds weighing 2 karañju 3 1/16-1/20 mañjāḍi 227 crystals weighing 5 karañju 4-1/16 mañjāḍi 16 strung pearls weighing 1½ karañju 4-1/16-1/20 mañjāḍi 385 strung pearls weighing 13 karañju 7 mañjāḍi Total weight = 229¾ karañju 2-7/16-1/20 mañjāḍi. Price 700 kāśu. (SII., vol. ii, No. 8, p. 90.)

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CHAPTER V

Cites (16)