:nt of commerce an BUREAU OF STATISTICS MOVEMENT OF WHOLESALE PRICES IN GREAT BRITAIN AND THE UNITED STATES [From the Summary of Commerce and Finance for June, 1904] O. P. AUSTIN, Chief of Bureau WASHINGTON \nment printing office / 1 9 Q 4 / IB 231 U4 .904 •«py 1 4^- MOVEMENT OF WHOLESALE PEICE8 f IN GREAT BRITAIN AND THE UNITED STATES D. ofD. CO^TEIsTTS Movement of Prices in Great Britain: Page. Summary of index numbers 4670 Monthly variations of forty-five commodities 4680 Monthly fluctuations of the index numbers of forty-five commodities, 1885-190:3 47 100 100J 101ft 101 99 LOW 101} 101 98 96J 95} 90} 98 J 101 106$ 111 112J 111 107 99 i 94 94j 90} 33 2* 2} 34 1879 1880 . 18i 1 1882 3,"- 1884 1885 . 18 17 3ft 3ft 1 3& 4 ■ 189] 189 2 1893 9 1 1 i 2 o s zg r 9 i 3} 4 1901 3} 3} 190 ■ 1903 Average, 1894 1903 1SS4-.893 CO 62 66 79 81 81 85 95 53 66 6S 76 66 i 74 84 7S 70 72 73 57 59 64 71 66 66 70 81 60 65 69 76 60 67 71 79 45.3 61.0 72 . 8 82.1 107 101 101 97 102} 99 3ft aThe index number of all the groups of articles as given in the table was 100 for the years 1867-1877. This number is exactly the same as the average number for the twenty-five years from 1853 to 1877, during which time the new gold : appear to have had an effect upon prices. Therefore a comparison of thi prices of all commodities in a certain year, with the eleven years from 1SG7 to 1877, is equivalent to a comparison of the whole twenty-live year-: from 18 '•>il\vr 6ff.84d. per ounce=100. e Wheat harvest in the United Kingdom, 1878-1883, 2S bushels per acre=100; from 1884. 29 busheis=100. ^Consols and bank rate actual figures, not index numbers; consols 2j per cent from 1889, 2} per cent from April, 1903. No. 12- 4C79 4680 MOVEMENT OF WHOLESALE PIUCES LN T GEEAT BEITAIN. [June, MONTHLY VARIATIONS OF FORTY-FIVE COMMODITIES. The index number of all commodities was 69 last year, or the .same as for the preceding year, though a more exact calculation with a decimal added would have made it 69.5 in both years. It was about 31 per cent below the standard period 1867-1877, and 12£ per cent below the ten years 1878-1887, but about 5 per cent above the average of the last ten years. Minerals were on the average unchanged last year; corn, animal-food products, and sundry materials were somewhat lower, but textiles, sugar, and tea were higher. Monthly Fluctuations op the Index Numbers of Forty-five Commodities (1807-1877=100). YEAHS. .Tan. Feb. Mar. Apr. May. June. July. Aug. Si pi Oct. Nov. Dec. Year.a 1885 72 3 70.0 69. 5 70.9 72. 6 73. 2 71.1 70.0 68 I ' 60 i) 1 : 62, 8 74.0 68. S 69 72.6 70. '5 6S 5 70.0 7.;,:. 7- 7 7l! 5 70.0 69.0 65.0 60.0 61.* 61.9 65.8 75. 1 71.7 68.9 70.2 72. 5 70.1 68 3 69.9 72. 1 71.5 71.7 6'J. 1 68. 1 61 ! 60 B 60.7 61.9 65. 6 75. 7 71.0 69. 2 70. -1 72. 5 69.2 68. 1 69.8 72. 71.2 72. 4 68.9 67 1 61.7 61.5 65. 5 66. 1 75.6 70.6 69.7 69. I 73.3 09.1 68.2 68. 1 71.4 70. s 72.8 68. 8 67 4 63.1 62. 5 60.1 61.2 i 6 66.6 75.5 70. 5 70.9 69.6 72.7 68. 7 67. 9 67.4 71.6 70. 5 71.8 67.7 07. 1 63. 1 62.4 61.3 lil. 7 75. 7 69. 8 70.4 69.5 72.2 68.8 68. 1 69 ii 72.6 71.2 71.6 1,7. s 1.7.7 62.6 62. s 59. 2 61.7 64.3 67. 9 76. 2 69.5 70.0 69.5 72.2 oi!i 68.3 70, 1 71.4 72.8 71.9 67. 4 117.1 63.0 63. 3 59 7 63.2 64.0 68. 3 76. 69. 8 69.5 70.0 71.1 68. 9 68. '-' 71.9 72.1 72.2 71.7 66. 8 68.2 62.7 63.5 61.3 63.4 63.9 70.0 75.5 69.6 69 3 69. 1 70.4 68.8 I •- 7 72. 1 72.1 72. '1 70.7 7 1 68.6 i.l.T 63.3 62. 6 62.7 i 3. 6 71.5 74.7 69.6 68.8 69.0 71.1 69. s 69. 1 72.7 73.7 71.2 71.4 68.2 67.8 60.8 62. 3 62. 6 62. 1 63.9 71.6 73.9 69. 6S.6 69.0 70. S 69. 5 72. i 73. 2 7;:. 7 71.1 71.4 67.7 i,7.li 00. 1 61.2 62. 62. 4 63.8 72. S 73.4 68. 1 69. 1 70.0 72 69 1887 .. 68 1888 70 1889 72 1890 72 72 ] v> 08 1893 1S9 4 63 IV 15 62 1896 61 I sit .. 62 1898. . |>1 1899 68 1900 75 1901 70 190 ' 69 1903 69 twelve monthly figures of each year do not in all casus exactly (in the dei Loia I agree with the annual averages, the latter having been calculated in part from revised figures. Prices in the aggregate, as illustrated by the index numbers, have only experienced slight variations in the course of the year, though the movements of some particular commodities have been more important." COMPARISON OF CHANGES BY CLASSIFIED GROUPS. Taking articles of food and materials separately, the index numbers compare thus (1867-1877=100): AVERAGE. COMPARATIVE FLUCTUATIONS. GEI il PS 1S7S-18S7 1SSS-1897 1892-190] December, 1889 February, 1895 July, 1896 December, ' February, 1899 1900 De& mber, 1900 December, 1901 December, 1902 December, 1908 si 76 70 65 67 65 73.1 71,2 63 67.0 60.0 58. 6 i 65.1 1 65.8 77.6 ' 81.9 69. 2 76. 5 66.1 70.0 66. 2 7'. 3 65.3 73.4 Articles of food were at the end of the year 1-i- per cent and materials 3 per cent lower than in December, 1909. The position of the six separate groups of commodities at the end of the last three years, in comparison with former periods, is illustrated by the following index numbers (1867-1877=100): GUel'l'S i'F COMMODITIES. Vegetabli food 1 1 orn, etc.) Animal food i meat and butter). Sugar, coffee, and tea Minerals Textiles Sundry materials ATERAiiE. 1878-188! 1881-1898 1891-1903 FLUCTUATIONS. December, 1901 63.2 83.1 42.0 80.6 58. 2 71. s December, 1902 01.9 SI 7 42.2 82. 3 62. 1 70.9 1 irrrliil,, ['. 1903 Inc. (+) or dec. (— ) in 1903 61.6 80.7 45.7 82.0 70.5 70.1 +13 - 1 a In January, 1904, the index number was 70.4, and in February 70.8. ]90i.] MOVEMENT OF WHOLESALE PRICES IN" GREAT BRITAIN. 4681 REVIEW OF CHANGES IN PRINCIPAL COMMODITIES. CORN, WHEAT, ETC. Corn shows scarcely an} T change. English wheat was affected by the inferior quality of the new crop, while best flour and foreign wheat maintained their values, and ruled on the average a little higher than in the previous year. Barley, oats, and maize were all lower, but potatoes were higher. MEATS. Beef, pork, and bacon were appreciably cheaper than in the high year 1902, but mutton improved to some extent. At the close of 1903 animal-food products stood about on a par with the average of the last decade. SUGAR. ' The average price of beet sugar in 1903 was Ss. 3d. per cwt. f. o. b., against Gs. 9d. in the decade 1891-1903; of Java, 9s. 9d. per cwt., against 8s. 6d. and lis. (id.; of French loaves, lis. 9d. per cwt. f. o. b., against 10s. and 12s. 9d. respectively. At the end of the year beet sugar was worth 8s. 5d. per cwt. f. o. b., against Ss. 2d. in 1908. COFFEE. Coffee was on the average a little lower than in the previous year; the Santos standard opened at 2Gs. per cwt., touched 24s. in June, the lowest on record, improved since August, and closed at 35s. per cwt. Tea ruled about one-half pence per pound higher. IRON. Iron had only moderate fluctuations, but realized on the average less than in 1902; the closing quotations were 49s. 9d. per ton for Scotch pig against 53s. 3d. at the end of 1902, and 42s. 7d. for Middlesborough against 46s. 5d. COPPER AND TIN. Both copper and tin were dearer, the former being manipulated by America. Copper closed at .£56!- per ton. against £52f; tin at £132! per ton. against £1201 at the end of 1902. COAL. Best house coal in London declined from 19s. per ton in December, 1902, to 17s., but the average export value of coal for the whole year was only 8d. cheaper, viz, lis. 8d. per ton against 12s. 4d. in 1902, 13s. lOd. in 1901, and 16s. 9d. in 1900. MINERALS. The December index number for minerals combined was still well above the average for the last twenty-six years. TEXTILES. Among textiles there were violent fluctuations for cotton; American rose from 4.64d. per pound to 7.12cl. in June, dropped to 5.74d. in October, touched 7.50d. on December 29, the highest since 1880, and closed at 6.96d." Flax had a strong rise during the last quarter, jute sold on the average above 1902, but hemp was cheaper. "Wool, particularly the coarser qualities, and silk were dearer, on the average, owing to smaller supplies. SUNDRY MATERIALS. Among "sundry materials," 1 linseed oil and tallow were considerably cheaper; petroleum, though much higher during the last quarter than in the early part of the year, was on tin average about on a par with 1902. Indigo remained very depressed, while other sorts call for little comment. The quarterly numbers show the average of three monthly figures, and by thus eliminating minor fluctuations they give a more reliable comparison of the gradual changes of the various groups of commodities. Last year's fio-ures indicate the fall of corn and animal food in the last quarter, the gradual decline of minerals, and the steady advance of textiles and of the group of sugar, coffee, and tea. " The price reached 9d. on February 2, 1904, the highest since 1873; declined during the next few days, until it reached 6.94d. on February 10. After fresh fluctuations the closing quotation at the end of February was 8d. per pound. 4682 MOVEMENT OF WHOLESALE PEICES LN GREAT BRITAIN. Quarterly Movements of Prices" — Summary op Index Numbers (1806-1877=100). [June, Quarters. FOOD. MATERIALS. Grand total. YEARS. ble food (corn, Animal food (meat, etc.). Sugar, coffee, and tea. Total food. Minerals. Textiles. Sundry materials. Total materials. Silver.6 IV I II III IV 66.3 63. 7 62 8 67 2 1.7. 1 86.0 86.3 &.0 80.6 82.0 07.2 CS.6 69.8 73.1 71.2 73.1 73.1 71.6 73.4 73.6 83.9 80.6 78.3 81.7 80.5 70.7 69.1 66.7 64.6 62. 7 68.1 68.7 67.8 69.2 69.5 73.2 72.0 70.3 71.1 70.4 73.2 72. 5 70. 8 72.1 71.7 71.4 - i 72.6 77.2 85.1 79. 6 189] - I II III IV 71.0 77.8 75.5 77.2 7S.9 80.1 83.0 80.8 74.1 72. 2 70.4 68.7 74.5 77.5 77.2 76.7 78. 1 77.7 76.6 73.9 61.2 59.2 58.4 58.6 C9.3 69.5 68. 9 69.0 C9.2 6 .( G7.7 C7.1 71. 4 72. 3 71.7 71.2 74.4 73.6 74.5 72.1 1S92 1 I II III IV 70.6 67.6 64.2 60.7 82.7 83.1 85.9 83.6 69.1 66.6 6S.2 72.7 74.8 73.0 73.0 71.7 72.2 73^4 70.7 69.5 59.2 57.0 53.2 57.3 67.1 65. S 65.6 67.4 66.0 ' 5. - 63.2 64.9 69.7 68.5 67. 3 67.7 67.4 63. 2 64.0 1S93 I II III IV 59.0 59.7 58. 9 58.6 S4.3 83.0 86. 1 83.2 75.2 78.9 74. 70.5 71.8 72.3 72. 1 70.2 67.0 63.8 C7.4 72.3 59.8 67.7 7.7. 7 58.7 70.3 68.2 67.7 67.2 CC.2 63 e 64.6 00. 68. 5 67. i 67. 7 67. 8 G3.0 6S.8 55.1 1S91 ] I II III IV 57.0 54.4 51.8 53.2 80.3 79. 7 7S.4 69.0 66.8 63. 8 60.8 68.1 66.3 66.1 64.1 65.8 C2.9 G3.0 62.3 56.8 55.3 53.0 48.2 65.1 i I 3 63.9 63.5 62.7 61.1 60. 3 58.5 65.0 ' ' 3 62.8 60.9 47.3 -17.2 48. -1 40. 6 1895 I II III IV 57.9 53.7 51.6 77.3 77.5 80.3 74.0 61.3 CO. 9 61.2 62.2 61.2 65.8 65.1 62.1 60.8 61.3 63. 5 63.8 46. 5 49.8 54.6 50. S 63. 1 65. 6 C6.1 65. 6 57. 8 69. 6 C1.9 62.4 60.3 62. 2 63.2 62.3 46.4 50.0 60.5 1S9G - I II III IV 50.-1 49.2 50.5 CO. 3 71.7 71.4 75.2 74.3 62.8 61.2 56.6 55.2 60. S 59.9 60.9 CI. 4 C3.2 62. i 62.2 65. 9 55. 5 53.7 53.2 51.1 1 ! 5 62.8 02. 1 62, 8 CI. 4 59.9 59.4 60.9 61.1 59.9 60.1 02. 4 51.1 51.1 50.6 49.1 1897 J I II III IV 57.5 66.1 62.1 65.0 77.3 80.0 80.1 78. 1 55.2 52. 61.0 50.3 64.3 64.0 66. 4 CG.K 65.8 64.0 65. 4 CG.7 r?.0 51.5 51.1 4S.8 02. 5 62.3 63.2 62.3 60.2 59.4 60.1 59.3 01.9 61.3 62.8 C2.5 4S.0 45. 7 41.5 44.7 J I II III IV 67.0 76.2 65.0 62. 1 78.0 75.0 78. 1 76.8 50.5 50.4 51.3 C7.fi 70.3 76.0 65. C 67.0 9 71.0 7.".. ii 49.4 52. 1 61.5 50.4 62.9 64.5 63.9 63.3 69. 9 62. 1 62.0 62.5 63.1 65 5 64. 1 C3.8 42.4 44.1 4.",. 1 45. 5 1S99 \ I II III IV 61.4 59.1 59.4 59.6 78.8 79.8 79. 6 77.4 53.2 54.5 53.7 53.6 66.0 65 - 65.6 64.8 83 7 89.2 96.3 52.8 54.6 57.5 68.7 62.6 62.0 61.4 68. 7 65.3 67.1 70.9 76.8 65. 6 66.5 6«.6 71.8 45, 1 46.3 44.9 1900 I II III IV CO. 2 64.0 63 7 80.2 87.5 B6.1 85.3 53.4 55.0 65.9 52.3 06.2 70.0 70.5 69.3 107.9 108.6 111.0 105.5 70. C 65. 4 64.5 60.9 72.1 71.-1 71.1 71.5 81.3 79.6 79.8 77.4 74.9 77,. 6 75. 9 7-1.0 45.3 45. 6 47.0 48.8 1901 . I II III IV 62.5 < 61.5 62.3 87. 1 85. 2 85.8 84.1 48. 6 46. 5 42,3 68.7 67.9 66.7 66.1 94.0 86.7 83.9 60.3 59. C 58. 2 70.6 70.9 71.1 72. 2 73.7 72.1 71.7 71.0 71.6 69. 45.7 41.9 44.3 42. l! 1902 | I II III IV 62.0 63.2 61.9 81.3 90 5 84.9 41.3 39.6 39 2 41.7 1 . . 1.7.7 CC.l 82. 2 83. 2 82. 6 82.3 59. 6 60.3 61.7 61.7 72. 8 7:' 7 70.3 70.1 %2 70.3 69. 6 i 41.5 39 2 37.0 1903 ] I II III IV 61 . 6 62.5 64.0 61.7 86.9 84.1 81.7 42.6 42.9 43.2 45.1 07. C6.4 67.3 65.6 85. 7 81.0 SO. 3 63.7 65.6 65.9 67.9 70.2 69. 2 68.7 69.9 72. 1 71 - 71.2 72.1 70.0 | 1 69 5 -in. 1 48. 6 a The four quarterly fjgui ear do not in all cases exactly (in the vith the annual averages, as the latter are partly calculated from Royal Statistical Society, 1893, p. 221; 1895, p. 144 I and 1 — turn 6 Silver 60.84d. per ounce=100. . 1901, p. 90.) The following figures show in each case the average index numbers of all the forty-five commodities for ten years. They give the best picture of the gradual movement of the average prices of whole periods, as the ordinary fluctuations are still further obliterated: 1818-1S27.... Ill 1S37 93 1838-1847 LS57 89 1858-1867 90 1868-1877 100 1878-1887 79 L882 1891 74 LS92 72 1884^1893 71 1885-1894 69 ! 895 68 1887-1896 6S 1888-1897 67 1889-1898 66 1890-1899 66 1900 66 1892-1901 66 1893-1902 66 1894-1903 66 From the decade 1889-1898 the average of ten years has constantly remained 6G. 1904.] MOVEMENT OE WHOLESALE PEICES EST GEE AT BRITAE*. THE PRECIOUS METALS AND RATES OF DISCOUNT. 4683 The average price was 24fd. per ounce, against 24^. in 1902 and 27 T yi. in 1901. It stood at 22id. per ounce (index number, 36.6) at the end of 1902, and touched again 21} ,\d. (index number, 35.6) in January, the lowest record of the previous years. Thanks to considerable purchases by the United Stales for the Philippine coinage (about 12,000,000 ounces), by France and her Eastern possessions (about 8,000,000 ounces), and toward the end of the year for the Indian mint (about 20,000,000 ounces), the price rose to over 24d. in April, to over 26d. in August, and touched 2S*d. in October. The metal realized about 27d. in November and closed at 26M. per ounce (index number, 42.9). It is generally expected that India will continue to buy for some time still, and the price will be kept up so long as an extra demand exists. The production in 1899 was estimated at £63,000,000; in 1900. at £52,000,000; in 1901, at £54,000,000; in 1902, at £62,500,000, and the total in 1903 was probably about £67,500,000. KATES OF DISCOUNT. The rate of discount in the three principal markets is shown in the following table (per cent and two decimals): YEARS. LONDON. PARIS. BERLIN. AVERAGE OF THE THREE MARKETS. Bank rate. Market rate. Bank rate. Market rate. Bank rate. Market rate. Bank rate. Market rate. 1895 Per cent. 2.00 2.50 2.60 3.25 3.75 4.00 3.75 3.30 3.75 Per cent. 0.80 1.40 1.80 2.00 3.25 3.70 3.14 2.96 3.24 Per a- nt. 2.10 2.00 2.00 2.20 3.06 3. 25 3.00 3.00 3.00 1.59 1.75 1.81 2.07 2.96 3.17 2.48 2.43 2.82 Per cent. 3.14 3.66 3.81 4.27 5.04 5.33 4.10 3.32 3.84 Per cent. 2. 02 2.99 3. OS ■i. 56 4.45 4.41 3.06 2.19 8.00 Per cent. 2.41 2.72 2.80 3.24 3.95 4.19 3.62 3.21 3.53 Per cent. 1.47 2.05 2.23 2. 74 3.55 3.76 2.89 2.63 3.02 1S96 1897 189S 1899 1900 1901 1902 1903... The average rates in 1895 were the lowest on record; those in 1900 were the highest since 1873. After a reduction in 1901 and 1902, last year's market rates were on the average again one-half per cent higher than in 1902. INTERNATIONAL CONDITIONS IN 1903. The year 1903 can hardly be called a satisfactory one. It was free from actual crises, but nearly all the more important industries, ■ cially in this country, found reasons for complaints. Agriculture suffered greatly from the weather, the year having been the wettest on record, and the harvest was not only generally deficient, but the product was damp and inferior, and had to be sold at lower prices, <>i was not marketable at all. The iron trade and the engineering ami shipbuilding industries were not satisfactory, and shipping freights were very depressed. The great cotton industry was seriously affected by the disturbing influence of the American speculations and the gambling in futures, and the position of manufacturers was a very difficult one in the face of constant fluctuations and high prices. The wool trade was only partly prosperous, and the total consumption showed a falling off. The linen and jute industries were unsatisfactory. Employment was still worse than in the preceding year, particularly in the second half. A re! min j feature is to be noticed in the external trade of the country. The total ■ out the precious metals 103,000,000, and was both in value and quantity far beyond any previous experience. The exports of manufactures, taken separately, also exceeded any previous record. There was an increased demand for South America, South Africa, and India, but a decrease to Australia, China, and Japan. The total compares with about 6548,000,000 last year, the record of Germany, and with about £510,000,000, the record of the United States in 1903. The conditions in the United State • have greatly changed, but it is astonishing that the depression after the enormous "boom" has not been more serious. In Germany business has been gradually improving, and the employment of the working classes is better, but the real improvement is probably not yet so great as the bourses would like to make people believe. As to the production of commodities, we have to mention sufficiently large corn crops of the world, the deficiency iu several European countries having been balanced by ample and even extraordinary supplies in other 4684 MOVEMENT OF WHOLESALE PRICES IN GEEAT BRITAIN. [June, quarters, and large sugar and coffee crops. The production of iron was greater than ever— in the United States, 1-8,00 1,000 tons; in Germany, 10,000,000 tons, and in the United Kingdom, about 8,500,000 tons. It is remark- able that of iron the United States alone produce now as much as the total world's supply only twenty-three years ago (1880), while in the great years 1872 and 1873 the world's production was only about 14,500,000 tons. Last year's total production must have exceeded 45,000,000 tons. The American cotton crop is estimated between under 10,000,000 and oyer 11,000,000 bales, and according to the more or less credited estimates the article is tossed about, the lower figure being an insufficient supply, the higher figure representing about the quantity required. The production of wool, which was much reduced last year, will show a further shortage. The stock exchange had a great fall for home and American rails, and a flat market for mining shares, but the feature of the year was the. continued depression of -gilt-edged securities, owing to the great increase in the debts of the State and municipalities which are not yet digested. Consols declined from 93 to 88, while French three percent rente was worth in Far is 99.5 at the end of 1902 and 97.1 at the end of 1903, the lowest price since 1894. German three per cents in Berlin, which had been so low as 84.9 in 1900, were quoted at 91.7 at the end of 1903 and 91.8 at the close of last year. Of other events there are still to be mentioned the tariff discussion in this country, which can only have been harmful to general business, the unsettled conditions in the near east, and. toward the end of the year, the clouds on the far eastern horizon. The war between Russia and Japan has since broken out, but it is as yet impossible to say what effect it will hayc on trade generally; it has no doubt caused a feeling of uncertainty, and will make people cautious, but apart from this the prospects of the year ought to be fairly good, as the large crops in Argentina, the greater purchasing power of India, and the recovery of Australia should go far to increase the demand for European manufactures. The arithmetical mean of the forty-five index numbers, which is 69 (the same as in 1902), lias, as in former years, again been subjected to two tests: First, by using the same index numbers of the separate articles, but calculating each article according to its importance in the United Kingdom on the average of the three years 1899-1901, when the mean for 1903 is 69.1, against To in 1902; or, on the average of the fiye years 1871-1875, when the mean for 1903 is 68.6, against 69 in 1902. Second, by calculating the quantities in the United Kingdom at their actual values (the production on the basis of my price tables, the imports at board of trade values, and consequently a considerable portion according to a different set of prices), and at the nominal values on the basis of the average prices from 1867-1877. In this case the mean is 71, against 71.6 in 1902. MOVEMENTS OF PRODUCTION AND IMPORT VALUES. The figures for 1902 and 1903 are higher in this calculation than the ordinary index numbers, and this is principally due to the high export price of coal, but partly also to the declared values of imports having been rather higher than market prices. Coal is an article of enormous importance in this country, and if the quantity is taken into consideration it must haye a very great influence on such calculations. In the second test the calculation was only on the basis of the export prices, while in the first test (he mean between the two index numbers lor export prices and for London house coal was taken. As the mean is lower than the number of exports only, the influence was naturally smaller in the first test. Movements op Fokty-five Commodities in the United Kingdom (Production and Imports.) AVERAGE YEARS. Estimated actual value in each period. Nominal values at average prices ol 1866-1877, showing in- crease in quantities. MOVEMENT OF QUAN- TITIES. Movement of quantities from period to period. Ratio of prices according to tliis table (IS67-1S77 =100). 1 s I <-1 '-,'.0 =100. 1871-1875 =100. 184S-1S50 and dec. 219.8 350.1 456. 6 548. 8 537.8 489.7 445.7 504. 1 453.7 562. 2 562.7 555.9 Million £'s and dec. 294.8 3S2.7 484.6 526. 3 638.4 578.5 610.1 685.2 723. 5 775. 5 785.5 783.0 100 130 164 178 183 196 207 233 245 263 206 266 66 73 92 100 102 no 116 130 137 147 149 149 74.6 91.5 94.2 104.3 99.9 84.6 73.0 73.6 62.7 72.5 f 71.6 \ 71.0 1859-1861 30 per cent over 1849. . 27 per cent over I860.. 1S69-1871 1871-1875 1874-1876 -1 19 per cent overlS70.. 1884-1886 1889-1891 18 per cent overlSSO.. 1894-1896 1899-1901 13 per cent overlS90.. Il per cent over 1900. .. 1902 1903n a 1903 subject to correction after publication of the complete mineral produce returns. 1904.] MOVEMENT OF WHOLESALE PRICES IX GREAT BRITAIN. 4685 The nominal values at the uniform prices of 1867-1877 show the exact movements of quantities in the aggregate. Last year's total is slightly less than in the previous year. The increase in 1889-1891 amounts to II per cent, and it is 19 per cent on 1S71-1875 and 166 per cent on 184S-1850. The price movements of the external trade of this country — total imports into the United Kingdom and exports of British and Irish produce — were as follows (1873 called 111 in accordance with my index number): YEARS. ToT.M. IMPORTS INTO UNITED KINGDOM AND EXPORTS OF BRITISH AND IRISH PRODUCE. RATIOS (1873 = 111). YEARS. TOTAL IMPORTS INTO UNITED KINGDOM AND EXPORTS OF BRITISH AND IRISH PRODUCE. RATIOS (1S73 = 111). Declared value. Values al |.i ices of prece Ling year. Values ill prices m British trade. My arith- metical index numbers. Values Declared at pi value. preci ding year. Values at prices in 1873. British trade. My arith- metical index numbers. Mln. £'s. 626 n i i 'i 584. 5G2.5 G20.3 675. 3 6S4.4 651.0 Mln. £'s. Mln. £'*. 626 861 844 835 858 - - 93S 1,005 1,001 1,001 999 111.0 86.0 81.9 77.7 72.8 72. 1 73.4 74.6 75.9 75.7 72.3 Ill 82 76 72 69 68 70 72 72 7° 68 Mln. £'s. 623.6 624. 7 642.9 681.7 6S5.6 704.0 749. 7 815. 1 802.7 812. 4 Mln. £'s. 635.7 666. 5 666 G 671.5 i 1 5 703.1 724.7 739. 1 836. 9 631 '.i Mln. £'s. 976 1,043 1,112 1,162 I. 173 1,201 1 , 241 1 , 22 1 1,802 1,323 70.9 r,r,. 5 64.1 65. 1 64.7 64.8 67. 1 73.9 70.9 I 1 69.9 6S 63 62 61 62 64 68 75 70 69 69 1894 1895 1896 1897 1888 609. 1 661.5 672.7 684.8 681. 1 1R98 1899 1889 . 1900 1890 1901 1891... 1902 189 ! 1903 The years 1883-1886 calculated by the board of trade (Report on Recent Changes in the Prices of Exports and Imports, 1888), 1887-1903, nominal figures in proportion with the ratio in the next column. This ratio is based on the figures in the first two columns, published by Mr. S. Bourne in the Economist, showing the trade movements and variations in value from year to year. viz. values are returned and calculated at prices of previous year (1887, 583.3 : 72.7701 = 538.6 : 72.1152; 1888, 62 1.3 : 72.1152 = 609.4 : 73.4051, etc.). In the above statement all figures previously published are repeated, as they may be of special interest for the tariff discussion. The third column at uniform prices shows the movements of quantities, and it will be seen that since 1873, a year in which the external trade was already unusually heav} r , the total quantities have more than doubled. The ratio of prices in this calculation is ('>'.).',» for 1903, against my index number of 69 (or, more exactly, 69.5). The influence of coal is much smaller in this table, which comprises only the exports — 46,600,000 tons — than in the other calculation, which comprises the total production, about 230,000,000 tons. CONSTRUCTION OF THE TABLES. The table of index numbers is based on the average prices of the eleven years 1867-1877, and the index numbers have been calculated in the ordinary arithmetical way: for instance. English wheat: Average, 1867-1877, 51s. 6d. equal 100. average point. Average, 1S55, 74s. 8d. equal 137, or 37 per cent above the average point. Average, 1903, 26s. 9d. equal 49, or 51 per cent below the average point. The index numbers, therefore, represent simple percentages of the average point. Certain articles which appear to have something in common have been grouped together, with the following result: COMMODITIES IN GROUP. INDEX NUMBERS IN GROUP. EXAMPLE l'OIl 1903. Total numbers. Average. 1. Vegetable food (corn, etc.— wheat, flour, barley, oats, maize, potatoes, and rice). 2. Animal fund (beef, mutton, pork, bacon, and butler) With 8 index numbers Witli 7 index numbers With 4 index numbers With 19 index numbers With 7 index numbers With 8 index numbers , . With 11 index numbers With 20 index numbers With 45 index numbers 499 588 174 62 84 44 1 3 Food . . 1. 261 66 576 526 765 82 66 09 6. Sundry materials (hides, leather, tallow, oils, soda, nitrate, indigo, and timber). 1,867 72 3,128 69 The general average is drawn from all forty-five descriptions, which are treated as of equal value, and is the simple arithmetical mean as shown above. 4686 MOVEMENT OF WHOLESALE PRICES IN GEEAT BRITAIN. [JlW'B, AVERAGE PRICES OF COMMODITIES. [Note.— The annual prices are the averages of 12 monthly or 52 weekly quotations.] 1 2 3 4 S G 7 8 1-8 SILVER. VEKETA3I/E EOOD. WHEAT. FLOUR. BARLEY. OATS. MAIZE. POTATOES." RICE. YEARS. Per ounce.'' English (Gazette) ( per quar- ter). American i per quar- ter). Town- made white ! per sack, 280 pounds) . English (Gazette) (per quar- ter). English (Gazette) (per quar- ter). American mixed per quarter,). Good Eng- lish (per ton). Rangoon arrive per cwt.). Vegetable food, total. d. 52} oil BOH 45 44 4-';i *m 35 30j 27^ 28 J --,:. 24 J s. d. 44 4 45 4 45 1 41 7 35 8 32 10 31 32 6 31 10 29 9 31 11 37 SO 3 26 4 22 11 23 1 20 2 30 2 34 25 8 26 11 26 9 28 1 26 9 s. d. 51 62 48 6 45 36 6 35 35 34 37 35 35 6 40 11 33 27 6 23 G 25 6 29 34 6 37 30 31 6 30 30 6 31 8. 39 40 40 36 31 29 28 28 30 29 29 33 2g 26 22 23 25 30 33 26 i 27 1 26 26 27 s. d. S:i 1 31 11 31 2 SI 10 30 8 30 1 26 7 25 4 27 10 ■r< 10 25 8 28 2 26 2 2 i 1 24 6 21 11 22 11 23 27 2 25 6 24 11 25 2 25 8 22 8 s. d. 23 1 21 'J 21 10 21 5 20 3 20 7 19 16 3 16 '." 17 9 18 7 20 19 10 18 9 17 1 14 6 14 9 16 11 15 5 17 17 7 18 5 20 2 17 2 s. 25j 27} 31 27; 25} 23 21 '-'- . 23} 20 20 28 21} 20 20 19} 15 14} 17} 18 20} 22} 25 22 s. 130 88 95 108 75 75 80 85 SO SO 70 92 70 65 70 80 55 70 82 70 78 78 69 84 s. d. 9 1 8 4 7 5 8 1 7 8 7 6 7 6 10 7 1 7 3 7 3 7 11 7 8 6 2 5 10 5 6 C 2 G 9 7 2 7 2 7 4 6 7 6 2 7 3 271 37 50 581 29 40 54} 30 56 26} 46 24| 25} 3H 39 17} 17; 21 26 19} 20} 25 32} 74 7:; 102 117 65 6} 8 10 [In lex nunibei s (or perccn tages) of pr; ces, the ave 'age of 1S67- 1877 being 1 DO.] 85.9 85.0 M 'I 83.1 83.3 79.9 74.6 73.3 70.4 7c 'J 58. 6 4T.i'i 49. 1 60. 5 45.3 •1 :. 45.1 46. 1 •14.7 39.6 40.7 81 83 83 76 65 60 57 60 58 55 59 6S 56 48 41 J J 48 55 62 47 49 49 52 49 91 93 87 80 65 02 62 61 66 63 63 71 59 50 42 46 62 62 66 64 56 64 54 55 85 87 87 78 65 63 61 61 65 63 63 72 61 54 43 50 5-1 65 72 5S 60 5S 56 59 85 82 80 82 79 77 68 65 71 66 73 72 67 66 63 66 69 60 70 66 64 65 66 59 89 84 84 82 78 79 73 63 64 69 72 77 76 72 66 56 57 65 71 65 68 71 78 66 79 85 95 85 78 71 65 65 72 61 61 86 67 01 61 60 46 45 55 55 62 68 77 67 111 73 81 90 64 64 69 73 69 69 GO 79 60 5G GO 68 47 61 70 60 67 67 59 72 91 83 74 81 77 70 66 68 71 72 72 79 77 62 5S 55 62 67 72 72 73 60 62 72 712 670 671 654 18S4 571 ] 885 546 1886 521 516 536 518 523 604 ■ 469 439 433 125 480 5 477 499 498 504 499 toes, S monthly quotations. January to April and September to December. d Index numbers of 'silver as compared with co.sid. per ounce, being the parity between gold and silver at 1 : 15} not included in the general average. 1904.] MOVEMENT OP WHOLESALE PRICES IX GEEAT BEITAIN". 4687 Average Prices of Commodities— Continued. 9 10 11 12 J" 13 14 IS 9-15 ANIMAL FOOD. • BEEF, a MUTTON. FORK. BACON. BUTTER. YEARS. Prime (per 8 pounds) . Mid- dling (per 8 pounds) . Prime (per S pounds). Mid- dling (perS pounds). Large and small, average (per 8 pounds). Waterford (per i:\vi-). Friesland, fine to finest (per cwt.). Animal Ei tod, total. 1880 d. 68 56 CO 61 6S 52 49 43 4S 47 47 47 47 48 47 47 45 47 46 49 61 49 54 4S d. 49 48 51 51 49 44 40 36 39 39 38 40 38 39 37 37 34 36 36 40 42 42 47 42 d. 66 69 72 73 64 66 62 62 68 63 59 53 53 53 55 58 53 55 62 54 59 54 55 58 d. 54 57 60 61 53 47 60 42 47 50 45 42 42 42 42 44 39 41 37 41 45 44 44 47 d. 55 54 51 49 48 45 45 43 40 43 42 39 48 50 44 37 35 44 45 40 44 49 4S 44 s. 76 70 74 70 68 67 61 61 66 62 63 68 68 59 54 50 59 5S 51 60 63 63 60 s. 125 123 125 123 120 111 100 10S 100 102 100 106 108 106 98 93 98 94 95 103 102 105 102 100 1881 18*2 1883 1884 1885 1886 1887 .. 18S8 . . . 1SS9 1890 1891 1892 ... 1893 1894 1895 1896 1897 1899 . . 1 9 10 1901 1902 1903 Average, 1894-1903 48| 47 554 69 394 374 46 50 554 66 64i 63 42J 434 53 55 43 42 49 62 574 61 71 74 99 100 116 125 i -.'.IT 1878-1887 1S67 1877 ... 1SS0 1881 1882 ISM'. 1884 1S85 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 189S 1899 1900 1901 1902 1903 [Index numbers (or percentages) of prices, the average of 1867-1877 being 100.] 95 102 104 88 83 73 81 80 80 SO 81 80 76 80 78 83 86 83 92 81 98 102 102 80 72 78 78 76 80 76 71 68 72 72 80 84 84 94 84 105 109 114 116 102 89 98 83 92 100 94 84 84 84 87 92 84 87 84 86 94 86 S7 92 98 104 109 111 96 85 91 76 85 91 82 76 76 76 76 80 71 75 67 82 80 80 85 106 103 104 103 98 100 94 97 92 95 87 92 87 91 83 82 77 82 83 69 81 84 75 85 92 92 96 92 85 80 71 73 67 68 85 80 87 78 77 69 85 81 94 85 92 85 85 81 100 98 100 98 96 89 SO 82 80 708 709 725 722 677 61S 010 551 675 603 577 565 6S6 592 560 544 512 554 542 552 594 596 612 6SS a Meat (9-13), by the carcass, in the London meat market. No. 12- 4688 MOVEMENT OP WHOLESALE PEICES EST GEEAT BRITAIN. [June, Average Prices of Commodities — Continued. 1GA 1Gb 17 ISA 18b IS ISA 19b 19 1G-19 1-19 FOOD. SUGAR. COFFEE. TEA. Sugar, cof- fee, and tea, total. • British West Indian refining (percwt.). Beet. Ger- man, 88 per cent, f. o. b. (percwt.). Java, floating cargoes (percwt.). Ceylon plantation, low mid- dling (percwt). Bio, good channel (percwt.). Mean of ISA and 1KB. Congou, common (per pound). Average import price (per pound). Mean of 19A and 19b. Food, total s. 20} 21| 20 19 13! 13! Hi 11? 13 16 13 13! 13i 11! H! 10 10} 9! 9! 105 11! 9! 7! 8! s. 21} 22 21! 20! 13! 14! Ill 12J 13j 16! 12! 13! 13! 15 Hi 10 10! 85 9! 10 10! 8! 6J 8! e. 25} 26! 25} 24! 17! 17j 14! 14! 16 19 15} 155 16 17! 13} 12 12! 11 in 12! 12) 10} 8j 9i s. 87 80 65 76 62 60 68 90 80 95 101 101 104 103 102 98 95 95 92 90 75 70 70 70 8. 61 49 39 43 47 39 46 78 64 76 83 76 68 81 75 74 58 40 32 31 40 35 31 30 d. 8} 6! 5 5} 6! BJ 6! 6 4 4! 45 5! 45 51 4! 45 4 4 4! 55 5! 4 3} 4! d. 13.47 12.82 12. 58 12. 46 11.78 12.06 11.77 10.58 in. 99 1882 1884 1885 1SS6 1887 1888 1SS9 10. 79 10.65 10.70 10.07 9.74 9.59 9.63 1S90 1891 1892 1893 1894 1895 18( 1897 9.36 9.10 8.87 8.58 7.61 7.20 7.69 1898 1899 1900 1901 1902 1903 Average, 1S94-1903 93 12! 17 23 9! 12! 18 24 115 14} •ji .; 28! 86 97 78 87 44! 70 52 64 43 4! 6} 11! 8} 10! 12} 17! 1 1888-1S97 1878-1887 1867-1877 [Index numbers (or percentages) of prices, the average of 1867-1877 being 100.] 1880 89 92 87 84 56 59 50 52 57 69 54 57 58 62 48 43 46 39 40 44 46 38 30 36 89 93 89 86 62 62 50 61 66 67 54 54 56 61 48 42 44 39 41 43 45 38 30 34 moo 92 75 87 91 69 78 104 92 109 116 116 120 118 117 113 109 109 106 103 86 SO 80 80 a 95 77 61 67 74 61 72 122 100 119 130 119 106 127 117 116 91 64 60 48 63 55 48 47 97 84 68 77 73 65 75 113 96 114 123 118 113 123 117 115 100 86 78 75 74 67 64 63 a 78 58 45 49 56 58 58 44 36 38 40 49 43 48 38 37 36 36 40 49 47 36 33 38 a 78 76 73 72 68 70 69 62 64 63 62 62 59 57 56 56 56 54 53 51 50 44 42 44 78 66 59 60 62 64 64 53 50 50 51 66 51 53 47 47 46 45 46 50 49 40 38 41 353 335 303 307 253 250 239 269 259 300 282 285 278 299 260 247 236 209 205 212 214 183 162 174 1,773 1,711 1,699 1,0*3 1,501 1,414 1,370 1,336 1,370 1, 421 1,382 1,454 1,387 1,360 1,259 1,224 1,173 1,243 1,285 1,241 1,307 1,277 1,278 1,261 1881 1882 1883 18S4 1885 1886 1887 1888 1S89 1890 1891 1892 1893 1894 1S95 1896 1897 JS'.IS 1S99 1900 1901 1902 a Index numbers not included in the general average. 1004.] MOVEMENT OP WHOLESALE PKICES m GBEAT BRITAIN". 4G89 Average Prices of Commodities — Continued. Number of article . 20 21 23 24 20-26 YEARS. MINERALS. Soot ell pig (per ton). 1880 1881 1882 1883 1884 1885 1886 1SS7 1888 1889 1890 1891 1892 1893 1894 1815 1S96 1897 1898 1899 1900 1901 1902 1903 Average, 1894-1903 1888 1897 187S-1887 1867 1^77 s. d. 54 49 49 39 11 42 ?. 39 11 47 9 49 7 ■17 2 41 10 42 4 42 8 44 5 46 10 45 4 47 2 63 9 69 4 9 54 ti 62 45 46 69 mon ! pei- tou). Chile bars (per ton). 66 03 54 43 4'l 44 81 51 54 51 45 44 40 43 47 49 52 74 6 i 5! 50 55 English tough cake (per ton). Straits (per ton). 88 93 102 93 81 R7 98 112 117 93 91 91 93 85 63 63 60 62 134 118 121 127 95 83 89 105 English pig (per ton). 1*\ I ■ M 12 11J 11 13; 125 13} 13 13J 12J 10} 9} 9} 10J II j i H 15} 171 12j 11| 11* Wallsend Hetton in London (per ton). 15} 17 17 18 164 164 Hi 10 164 17 : 19 19 1SJ 191 164 15 15 I5j 16j 18i 23J 20 184 164 Average price I per ton) . 125 12 14 20J 17i l"i 16i 22 8. 95 8. 97 9.14 9.35 9, 29 .8. 95 8. 45 8.32 8. 11 10. 21 12. 02 12. 16 11.04 9.90 10.50 9.33 8, 85 9.92 10.72 16.75 12. 29 11.70 Minerals, total. Hi 10J 9 124 [Index numbers (or percentages) of prices, the average of 1867-1877 being 100.] 79 71 71 09 61 60 58 61 58 69 72 08 61 61 62 64 68 66 68 92 100 78 79 76 .82 70 76 70 62 59 56 56 59 76 77 68 66 61 69 59 61 61 67 88 109 79 74 76 84 83 88 84 72 57 53 59 10S 6S 72 68 60 59 53 57 63 65 69 99 97 88 71 77 si 89 97 89 77 83 93 107 111 89 90 87 89 81 65 60 57 59 69 117 128 112 115 121 80 74 71 63 55 67 65 63 68 63 65 61 52 48 47 52 56 62 65 75 84 62 55 57 70 77 77 82 75 75 73 73 75 80 86 86 84 89 75 68 68 72 76 84 107 91 84 75 72 72 73 75 74 72 68 67 67 82 101 97 83 SO 84 75 71 72 79 86 134 111 98 94 551 536 553 532 476 463 406 4S6 546 527 563 535 500 479 445 435 444 460 493 641 759 621 576 576 4690 MOVEMENT OP WHOLESALE PRICES IN GREAT BRITAIN". [June, Average Prices of Commodities— Continued. 2J 28 29a 29b 30a SOB 81 82a 82b S3 84 27-34 TEXTILES. COTTON. FLAX. HEMP. JUTE. WOOL. SILK. YEARS. Middling upland (per pound). Fair Dhollera (per pound). St. Peters- bur?. r_>- head, best (per ton). Russian, average import (per ton). Manila, fair roping (per ton). St. Peters- burg, clean (perton). Good medium (per ton). Merino, Port Phillip, average pound). Merino, Adelaide, average grease (per pound) . English, Lincoln, half hogs (per pound). Tsatlee (per pound). Textiles, total. 1SS0 d. 611 6ft 61 6} 6 5f 6? 5J 6ft Org 6 4H 4ft 41 313 3§J • 4H 3J» 3ft Sft 6H 4} 4H 6!'03 d. 54 4} 4ft 3j s;c 44 3ft 3ft 3} 4* m 34 3 3ft 2J 2? 3& 3A 24 2} & m 3}i 4? £ 35 324 294 30 294 34 35 32 29 2S 27 28 28 34 32 26 26 244 24 23 35 38 32 32 £ 40 33 304 304 30j 35 35 314 28 28 26 26 26 314 33 28 27 27 254 244 30 394 37 30 £ 30 43 46 46 3S 35 29 34 37 60 39 32 28 26 22 19 174 16 27 41 89 37 43 36 £ 23 24 24 26 29 29 29 29 26 26 26 24 24 24 24 25 25 25 26 27 28 27 27 27 £ 18} 184 15 144 134 12 114 4j; 13J 15 13J 13 15 13 124 11 12J 11 11 124 144 12} 124 134 d. 214 194 19} 19 184 164 15* 15} 15} 174 16 14} 13 12} 11} 12 13 124 134 174 15} 13 15 16 d. 101 94 9 84 84 6} 61 7 7 84 74 6} 6 6 5S 6J 6| 6 6* 84 74 64 74 84 d. 154 I'-s 114 10 10 94 10 204 10,= 11 11 9} 8} 104 104 12 114 94 8} 84 74 6J 64 15 15} 15} 15} 144 12} 13} 144 13 134 1S81 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1S92 124 1 10 10 10', 104 104 13 13 104 11 134 1893 1894 1895 1896 1S97 1898 1899 1900 1901 1902 1903 Average, 1894-1903... 4| 4tt 6 9 34 3ft 44 6} 294 28 33 46 304 28 34 48 294 28J 354 43 26 25 264 S5 124 13 15 19 14 14 184 214 64 64 84 94 8i 104 11} 19} 11J 12 15 23 1888-1897... 1878-1887... 1867-1877... [Index numbers (or percentages) of prices, the average of 1867-1877 being 100.] 1SS0 77 71 74 64 67 62 57 62 62 66 67 52 46 51 42 43 48 43 37 40 61 53 64 67 78 65 64 58 69 63 63 53 68 61 58 48 45 63 39 41 46 45 37 41 62 51 55 61 79 70 64 65 64 73 75 68 61 60 56 67 57 70 09 67 66 55 62 51 69 82 74 79 68 86 90 92 86 82 74 81 81 97 82 72 67 64 69 56 55 53 67 87 86 82 90 81 99 98 79 75 71 63 61 64 70 79 70 68 79 68 66 68 64 58 68 66 75 67 64 71 103 92 92 89 85 73 70 72 72 82 76 70 61 60 65 67 62 59 64 83 76 62 72 77 63 67 61 51 50 61 64 53 66 66 49 44 62 61 61 68 49 44 42 40 85 32 37 65 68 68 68 63 65 60 63 57 59 61 67 53 61 43 43 46 45 46 57 57 46 48 69 646 613 5S8 562 546 621 501 517 514 660 526 473 452 472 424 416 435 407 405 467 526 478 489 526 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 1S98 1899 1900 1901 .. 1902 1903 J I 1904.f MOVEMENT OF WHOLESALE PEICES IN GREAT BEITAIN. 4691 Average Prices of Commodities — Continued. 85a 36b 36 S7a 37b 38 39 40a 40b SUNDSY MATERIALS. YEARS HIDES. LEATHER. TALLOW. OIL. SEEDS. River Plate, dry (per pound). River Plate, salted (per pound). Crop hides, 30-45 pounds (per pound). St. Peters- burg, Y. C. (per cwt.). Town (per cwt.). Palm (per tun). Olive (per tun). Linseed (per tun). Linseed (per quarter). 1880 d. 9J 9 9 9 9 8} 8 7J 6} 6} 63 6} 5J 5} 5J 71 6i 6} 7 li Sj 7| 8 d. 7} 7 7 7 7 6i 6} 6} 4f 6 Bi 6i 4J 4i 4j 6} 51 5} 6? 6} 6} 6 6* 64 d. 15} 15} 15 15 15 15 15 15 14 13J 13 13 13 13 12} 131 13i 13} 13} 131 14 14 14 14 41 42 52 50 47 38 31 31 36 38 38 40 45 48 48 48 48 40 40 s. 36 38 44 43 371 301 26 24 28 27 26 271 27 301 25} 23 21 20 22 25 271 28 29} £ 32 32 35 41 36 SO 24 22 22 25 27 26 24 28 24J 23 22 22 23 25 271 26 271 28 £ 41 38 . 37 36 40 39 38 34 36 35 41 43 36 36 35 36 30 31 32 33 36 38 34 33 £ 27 26 23 20 20 20J 201 18} 20 23 21 181 L'll 201 20} 175 15 16} 20 301 30 28 21 s. 64 1S81 50 1882 44 1883 42 1SS4 43 1885 44 1886 42 38 39 1889 42 1S90 43 1891 42 1892 39 1»93 42 1894. . . 38 1895 37 1896 3 ; 1897 33 1898 36 Is'l'J 40 1900 51 63 39 4 8J 9 6 5j 6| 7 131 131 15 16 42 43 41 45 25; 251 35J 45 25 241 321 39 34 36 40 50 22 191 23 30 41} 1SSR-1 S 97 39 1 878-1887 46 1867 1S77 60 [Index n imbers (or ; >ercentages) of prices, the average of 1S67-1877 being 100.] 18S0 105 100 100 100 100 95 85 88 73 70 70 66 63 65 C4 84 77 75 82 85 90 84 87 91 97 95 91 94 94 94 94 94 87 84 81 81 81 81 78 84 84 84 84 84 87 87 87 87 86 89 107 103 94 76 03 61 71 72 71 75 80 87 82 79 77 67 69 56 61 62 65 82 82 90 105 92 77 61 66 56 64 69 67 61 72 63 59 56 66 59 64 71 67 71 72 82 76 74 72 80 78 76 68 72 70 82 86 72 72 70 72 60 62 64 66 72 76 68 66 90 1881 85 1882 75 68 69 i 73 69 65 63 69 73 70 04 69 65 04 56 53 59 67 94 92 87 67 4692 MOVEMENT OP WHOLESALE TRICES IN GREAT BRITAIN. [June, Average Prices of Commodities — Continued. 41 42 43 44 45A 45b 35-45 20-45 1 45 SUNDRY MATERIALS— Continued. Mate- rials, total. YEARS. PETRO- LEUM, a SODA. INDIGO. TIMBER. Sundry mate- rials, total. Grand Refined (per gallon). Crystals (per ton). Nitrate of (per cwt.). Bengal, good con- suming per pound). Hewn, average import (per load). Sawn or split, average import (per load). total. 1SS0 d. s. 7; 74 s. 154 144 134 ii; 94 104 10 94 10 94 84 Si 8} 94 94 84 8 7} 7} 73 8 9 91 9J s. 74 6} 64 04 6 54 5 a 4} 44 44 4} 44 54 5 44 s. 49 51 52 52 48 48 43 38 41 47 44 40 40 38 36 37 s. 52 60 52 48 46 45 43 42 44 49 46 43 44 43 44 42 44 47 47 49 56 52 51 51 188] 6* 64 61 63 5S ■ r >: 64 6J BJ 5 4 3; 6 5i 41 !■' 5* 6} 64 6J 64 65 63 66 65 65 49 50 48 51 61 64 66 58 42 39 42 61 54 56 62 65 64 64 1S82 18S3 1884 1885 ~ 1886 1887 1888 1889 1890 1891 1892 1893 1894 1896 1897 4 ! 41 34 ! 4') 1898 1S99 34 34 34 34 40 41 39 39 39 1900 1901 1902 1903 Average, 1891-1903 53 5j 65 a 124 54 62 62 92 84 83 124 14 3J ■■■■'>' 484 444 47 54 1888-1897 44 6 74 40J 47 60 ) 878-1887 1867-1877 [Index numbers (or percentages) of prices, the average of 1867-1S77 being 100.] 1880 (a) 60 58 48 52 62 65 47 45 52 40 45 45 40 32 31 48 44 33 41 50 54 52 50 50 80 71 69 72 71 60 53 54 52 55 66 70 72 62 46 42 46 56 59 61 67 71 70 70 111 104 95 80 68 75 71 68 71 68 61 63 63 66 66 59 57 55 55 56 57 64 70 70 100 93 90 86 83 72 69 66 66 62 69 66 62 76 69 69 59 55 48 48 48 47 45 45 89 89 91 88 82 81 76 70 74 84 79 73 74 71 70 69 74 77 7S 78 85 80 79 982 942 933 920 885 836 764 735 737 744 756 762 732 753 704 719 690 678 698 715 786 782 786 765 2,179 2,091 2,074 2, 014 1,907 1,820 1,731 1,738 1,797 1,831 1,845 1,771) 1,684 1,704 1,673 1,670 1,569 1,545 1,596 1,823 2,071 1,881 1,851 1,867 3. 952 B,MI5 3, 77:> 3, 697 3,408 3,234 3,101 3,074 3,167 3,252 3,227 3, 224 3,071 3,064 2,832 2,794 2,742 2,788 2,881 3,064 3,378 3,158 3, 129 3,128 1NM 1882 1884 1885 1887 lsxs 1 889 1890 1891 ] S93 1894 . 1895 1897 ] 898 lsyj J900 1901 1902 a Petroleum as compared with, the average from 1873-1877 only. 1904.] MOVEMENT OP WHOLESALE PEICES IN GEEAT BEITAIN. 4693 WHOLESALE PRICES OF COMMODITIES, MAINLY IN LONDON AND MANCHESTER— AVERAGE SIX YEARS, 1845-1850, SELECTED DATES, 1879-1904. [From the London Economist: Commercial History and Review of 1S99, 1901, and 1903.] (II) WHEAT (ENGLAND AND WALES). POTATOES (BOROUGH ), AND (I) COLONIAL AND TROPICAL PRODUCE (FOOD). BUTCHERS' MEAT (S5IITHFIELD MAP. KET). 1 2 S 4 5 G 7 8 9 10 11 12 13 14 DATES. COFFEE. SUGAR. RUM. TEA. TOBACCO. EUTTER. WHEAT. POTATOES. BEEF. MUTTON. PORK. Jamaica. ordinary Brit. plan. Bengal gd. yellow ami white (per cwt.). Jamaica, Congou mid.com. Virginia Water- Gazette Good Inferior mid. (per 8 pounds). Prime Middling Prime Large to fine ordinary (per cwt.). (P irown er cwt. )■ 15 to 25 o. p. (per gallon). to fr. gd. (per pound). leaf (per pound). ford (per cwt). price i per quarter). English (per ton). large (per 8 pounds) . (per 8 pounds). (per 8 pounds). (per 8 pounds). s. s. s. ,1. ?. a. s. rf. s. rf. d. d. d. d. rf. s. d. s. s. d. s. d. d. d. rf. d. d. d. d. d. rf. ri. 1815-1850 44 @54 28 ii,,;. 30 o 36 i 19 Ii 34(5 38 SOtoSSo.p. 9« 4i@0 82 63 34@36 3S@40 42@46 48© 50 391.1 17 Jan. 1,1879... f,9 ,,i S2 17 0@20 6 19 0©23 75@13 1 ©0 10 103 39 7 120 42@4S 52(5156 48@56 58@64 Jan. 1,1880... 68 ©SO 20 6 .' 1 6 21 6(5 26 11 (5)15 45@0 114 117 46 11 145 36@18 44@50 Jan. 1,1831... 55 ,,, 66 18 Hi.. 21 6 19 0@23 . 7i(.i 11 i; mo 10 119 43 4 85 56@5S u,. 66©72 i ,,.. 66 Jan. 1,1882.... 13 19 III.! 22 6 21 6@25 45(8 is 6 ©104 6 ©1 3 127 44 3 85 ■l!i.. 18 54(B58 42(.i 46 .' 60 46(5 54 Jan. 1,1883... 34 ; 5 i-l U 104 25 80 44 66 62 72 54 Jan. 1,1904... 33 ©40 13 6@16 8 4i 22@30 4 © 7 5J@1 3 113 26 5 100 35 62 64 72 48 4694 MOVEMENT OE WHOLESALE PBICES IN GEEAT BEITAIN. [June, Wholesale Prices of Commodities, mainly in London and Manchester — Average Six Years, 1845-1850, Selected Dates, 1879-1901.— Continued. (III RAW MATERIALS OF MANUFACTURE 15 16 17 18 19 20 21 22 23 24 25 26 27 DATES. BILK. FLAX. LINEN YARN. HEMP. WOOL, SHEEP'S. DYES. OILS. Raw Cossimbuzar (per pound). St. Peters- burg 12-head (per ton). 60'S. Ordinary Belfast (per bundle). St. Peters- burg clean raw (per ton). English Southdown (per 240 pounds) . Port Phillip lamb's and fleece (per pound). South Australian lamb's (per pound). Logwood, Jamaica (per ton). Indigo, Bengal (per pound). Seal, pale (per 252 gal- lons). Olive, Levant, Gallipoli (pertun). Palm (pertun). Petro- leum (per gallon). s. d. s. d. £ £ 8. d. £ £ d. d. d. d. 6. 8. d. s. d. 8. d. £ £ £ d. 184.5-1850 9 0@14 11 7@14 6 41© 47 35 82 26 13 13 12 ©22 14 ©24 87© 93 112 6 2 0@5 6 5 7@7 314 28J 44 46 32 364 Jan. 1,1879.... 4 3 13 ©18 9 Jan. 1,1880 13 6@17 6 33 4 9 254 144 18 ©23 15 („ 22 132 6 7 0@8 9 304 46 36} 64 Jan. 1,1881 14 0@16 29 4 23} is; 17 ©20 18 @21 112 6 7 0@8 1 284 42 32 9} Jan. 1,1882 15 0©17 3 30 3 10-; 261 14 18 @19 17J(ii 19 105 6 7@7 8 284 40 324 5} Jan. 1,1883.... 13 6® 15 6 27 i 3 7i 234 12 is i.-'J'i 18 (..'20 105 6 6@7 354 364 37! 7 Jan. 1,1884.... 12 6(311 6 27 3 74 294 124 17 @18 17 ®18 105 6 6@6 1 324 4o; 43; 74 Jan. 1,1885 8 0@12 6 30 4 14 294 11J 16 . To 30 0® 60 26 0(B 60 30 0® 65 40 li.:.. 70 45 0® 90 16 76 i) 40 0® 80 50 0® 80 65 0® 76 60 0® 82 6 62 6® 87 6 40 0® 70 65 0® 85 60 0®105 s. d. j. d. 65 0® 71 85 0® 95 80 0@100 80 0(3)100 80 0<§ 100 70 0(3)100 60 0@ 90 70 O...105 ... 100 E 90 60 0® 80 90 o... 110 97 6@115 75 0(3)110 7.'. 0@100 60 0®100 60 o. 26 6@28 9 24 6@28 6 30 9(3 35 34 0@37 6 27 6 d. d. 13@23 191..33 18(5 33 1 ■ :: 18® 32 18 ■ 12 I - i "j 19®33 17@33 n;,,..::: 15® 33 r ■ ■ 14@33 Hi,. 33 Hi.. 33 12... ::i 12@34 1?®34 12@30 12@30 II , 16@34 lf„.,::l 16@34 13@26 13@28 13@24 13I..21 13@24 13i._. 28 13@2S s. s. d. 26@28 24 3 26 9 28 3 29 3 26 24 3 22 6 21 9 21 41 4} 21 a 21 9 21 9 21 3 21 6 20 10} 21 3 21 6 22 9 21 6 21 9 20 20 9 20 6@21 6 20 6@21 6 20 6@21 6 21 21 21 20 6 s. s. d. 31 36 S3 3 36 40 50 6 52 6 29 41 47 6 45 6 38 53 42 45 45 45 45 43 38 9 37 6 34 87 33® 34 32 33 35 36 41 39 42 £ 88 63J 71 J 66} 751 70} 62.1 63 44 42} 804 78} 56} 58} 48} 4S| 51 48 46} 43} 45J 52} 50} 69 75 76} 77 73 59 53} 693 £ 8 6j 7« 6} 6! 6 6} 6 5} 5 5i 51 8} 78 6} 0| 6! 6 6 6 6} 61 6i 6| 9? 10 71 6} 6} 6} 6} £ 118 9} 10} 9} 10} 9} £ 17} 145 198 15} 155 14} 12} m 124 12!8 15}g 13} 14ft 13J in Hi 10} 9ft m 9} lift 11} 12} 13A 165 17} 16ft 12*8 10} 11 lift £ £ 81 65} 94 94 in; 98 88} 77} 97 103} 148 101} 103 s. <(. Jan. 1,1879 5} 8} 6} 6} 5} 4} 4} 4} 4ft 4ft m 4ft 4* 4 3} 35 35 4} 43 4} 4} 7 7} 6 5} 6} 6} 4} 8 6 Jan. 1,1880 8 8 Jan. 1,1881.... Jan. 1,1882.... Jan. 1,1883.... Jan. 1,1884 36 43 43 6 42 9 35 3 26 3 27 26 3 34 6 27 27 27 9 27 9 27 9 80 6 29 9 23 23 20 9 21 6 21 6 28 3 24 3 27 6 26 9 80 6 32 9 27 6 9 1 9 3 9 6 10 Jan. 1,1885 Jan. 1,1886... 10 6 8 3 7 6 Jan. 1,1888.... Jan. 1.1S89.... Jan. 1,1890.... Jan 1 1891 7 6 8 10| 9} 8} 11 6 12 9 Jan. 1,1892.... July 1,189? Jan. 1,1893.... July 1,1893.... Jan. 1,1894.... Jan. 1,1895.... Jan. 1,1898.... Jan. 1,1897.... Jan. 1,1898.... Jan. 1,1899.... Jan. 1,1900.... July 1,1900.... Jan. 1,1901.... July 1,1901.... Jan. 1,1902.... Jan. 1,1903.... Jan. 1,1904.... 90} 106} 96 89 79} 67} 65} 63} 67} 86} 109 149 124 132} 106 118} 133} 10 9 10 8} !' 75 8 95 9 9} 12} 13 10} 9} 9} 9} Scotch pig. £2 9s. Id. 8 11 8 7 10 6 9 6 8 7 9 8 3 10 11 6 17 6 13 9 13 11 9 11 6 9 6 No. 12- 4696 MOVEMENT OP WHOLESALE PEICES IN GREAT BRITAIN. [JUXE, Wholesale Prices of Commodities, mainly in London and Manchester — Average Six Years, 1S15-1S50, Selected Dates, 1879-1901 — Continued. (VI MANCHESTER MARKETS. (VI) BANK RETURNS AND RATE OF INTEREST. 41 12 43 44 45 46 47 48 49 50 51 52 53 54 DATES. RAW COTTON. YARN. COTTON CLOTH. BANK-NOTE CIRCULATION. RATE OF INTEREST PER ANNUM. RESERVE OF BANK OF ENGLAND. Upland mid- dling pound). Upland mid- dling, fair pound). Surat, Dholl., iair pet pound). Per- 11:1111- buco, fair pi [ pound). Mule No. 40, fair, second quality. Printers' 26 in.. 66 reed, 29 yards, I pounds2 ounces. Gold-end r 1. 374 yards, 8 pounds 12 ounces. Bank of England. Country banks, Great Britain. Total. Bank of England disc rate (per cent). Lombard street (per cent). Total bullion. Banking depart- ment. i0 Jan. 1, 1879 ... Jan. 1,1880.... Jan. 1,1881.... Jan. 1,1882.... Jan. 1, Jan. 1,1884.... Jan. 1,1885.... Jan. 1,1886.... Jan. 1, Jan. 1,1 — Jan. 1, Jan. 1, i Jan. 1 Jan. 1. I- 1 ." July 1,1892 Jan. 1, : Julv 1,18 13.... Jan. 1,1894.... 1 1895 Jan. 1,1896.... Jan. 1,1897.... Jan. 1, 1 av... Jan. 1,1899.... Jan. 1,1900.... July 1,1900.... Jan. 1,1901.... July 1,1901.... Jan. 1,1903.... Jan. 1,1904.... d. 5J 51 61 6i 5} 6 6 '•; I 5i 63 5| 58 41 'It's 58 IA 48 3A 4i 4 A SJ 3| 4A 5i 58? 41; 4.54 6.96 d. 54 7. 1 7 7 6r «l 6A £A 5J 51 5A J. 1 ' ' of 4A 48 '-• 7 °33 4JJ 4 A 38 3A •1.1 5§4 -1 - i 4. 68 7.34 d. 5S 4 53 58 a 31 4 41 3f8 8A 4 A *A 3A »i 3} 3 A 2j 3A 2J5 2A 3A 48 *A 38 5A d. 8J 5} 7| J A 68 6j 0; 5| 6 6A 51 45 5 A -•I J 41 38 4? 3H 3A 48 5A 5} 5 M% 7.42 d. 91 8 J 101 101 101 91 91 91 81 • 81 91 9 94 8 71 88 B* 78 68 75 61 m 8 7A 98 s. d. 4 71 3 104 4 4 78 4 74 4 4 4 3 105 4 l; 4 li 4 4 U 4 li 4 3 9 3 3 104 3 71 :; 6 3 3 3 3 2 10J 3 3 11 4 5 4 10 4 6 4 7 4 5 all 78 s. d. 8 10 8 8 9 9 9 7 104 7 9 7 41 7 6 7 4 7 9 7 9 8 li 8 H 7 9 7 a 7 104 7 1 7 4i 6 7 6 li 6 6 SJ 7 10 8 7 9 3 7 6 7 8 7 7 7 2 £ 20, 400, 000 27,200,000 26, 100,000 26 1 i i, 25,100,000 21,501.1.1100 24,800,000 24,700,000 25, 100,000 25,700,000 27, ."' 1, 25,900,000 25, 700,000 25,9 10, j.;. :» lo.ono 211,700,000 28,100,000 ■ 30 2 i'M 3 10,000 30,800, 29,200,000 28,800, ' £ 10, 300, 000 10,300,000 9,300,000 11, ;,no,oi'0 8, 900, 000 '- 11 ' ' 0, Jim. II a.::, n i.i mo 9 9,000,000 ' 8,; ,o hi 8,700,000 9, 000, 000 8, 900, 000 8,100,000 9, 400, 000 9,600,000 9, 700, 000 9 200, 9,200,000 9,900,000 £ ... 36,700,000 35,300,000 36,100,000 ■ S3, 700, 000 33,200,000 3:1. 2i in. in "J 34,300,00 i 34,700,000 36,200,000 :, .. 100,000 31.200,000 31, ,000 35,500, ' 35, GOO, 000 36,2 i ' 000 , " 37, 900, 000 39, 900, 000 39,60 ' : -' 38, 100,000 3S, 700, 000 £ 31 5@3 2@3 3@38 5®6 5@4 3 6 4 5 4 5 6 5 38 2 3 01 i' 2 2 4 3 4 6 3 4 38 4 4 4 £ 38 r ■.-. . ■ 3|@6 3i@3i 21@3 48 38 31 2 1 38 48 31 2| 8 18 18 li I 1 3 21 28 58 2A 41 21 38 3A 38 £ 14,400,000 28,101 37,1,1.0,(100 24,200, 20,300,000 100,000 21,400,000 211.700,000 20,100,000 19,300,000 20, 209, 000 19, 1 10,000 17.700,000 23, 51 ■ M '0,000 27, '.' 1 24,400,1 20, TOO, 1100 24,800,000 33,1' 0,000 45,000,000 34,21 0,000 31,20 30,801,000 32, 1' 33,600,000 28,700,000 38,400, 32, 600, 000 30, 700, 000 28,900,000 £ 8, 500, 000 10,300, J 14.80 '. i 12 3i 000 9,800,000 1 11,600,006 11,200,000 11. ."'"I 11,1 ■ . i iM 9, 300, 000 14.81 0,000 16, 400. 000 15,600,000 35, 300, 000 24,30 '. 19, 900, 000 19,400,000 21,200,000 | 20. ll M. 000 19,700,000 o 36-inch sheeting, 76 yards 19x19 32's and 40's. WHOLESALE PRICES, 1845-1903— PROPORTIONATE RESULTS. Deduced from the preceding tables on the basis of representing by the number 100 the average prices of the six years 1845-1850. The construction is as follows: The basis of 100 represents the average prices of the six years 1845-1850, and all the subsequent figures are calculated from that datum line. Thus as regards coffee (column 1), the price of 1st July. 1857, was equal to 151, or 51 per cent above the average prices of 1S45-1S50. In order to ascertain the percentage rise or fall between one date and another — as, for example, coffee — compaiing 1st July, 1S57, when the figure was 151, with 1st January, 1894, when the figure was 179, or a difference of 28, the rise per cent has to be measured with the quantity 151, and given, of course, a result of 23 per cent as the real advance. In the course of so long a period of years since 1815 some variations have inevitably arisen in the mode of quoting prices in the usual Prices Current. In all such cases the nearest approach possible has been made to a uniform quota- tion throughout the table. In raw cotton especially there have been considerable changes of qualities introduced by the large use of Indian and Egyptian kinds. In tea, sugar, and wool also changes have occurred in the kinds most usually quoted. [The column "Total index number" is the total for each date of all the percentage columns except that of the "Bank-note circulation." The "Total index number" does not, of course, present a full and accurate repre- sentation of the variations of prices, inasmuch as it can not allow for the relative importance of the different articles. Wheat, for example, reckons for no more in the "Total index number" than indigo: and during the years of the high price of cotton and cotton fabrics the total index number is, in a measure, unduly raised by that special cause. Still the total index number, read with the needful qualifications, may afford important inferences.] 1904.] MOVEMENT OF WHOLESALE PRICES IX GREAT BRITAIN". Wholesale Prices, 1845-1904 — Proportionate Results. 4697 1 2-3 5 C 8 10-13 41-44 15 16, 18 19-20 23 21 26 DAI ES. -'i.Mr. Tea. Tobacco. Wheat. Butchers' meat. Raw cotton. Silk, raw. Flax and hemp. Shi ep'a wool. Indigo. Oils. 1845-1850 100 151 134 151 106 9 85 132 166 17 J 1st; 19 ' 1. 1 17.; 185 170 179 1?.' 179 LOG 175 172 161 11 ! i l 85 Ml Ml SO ■ 75 100 123 83 70 54 37 50 38 49 50 42 44 30 39 42 36 39 50 37 37 23 SO 27 27 29 31 36 31 32 29 30 32 100 162 1112 111 '.'■2 78 93 73 64 7a 06 70 ' ) 60 59 68 67 61 54 62 55 ■la 49 7" 78 67 68 67 67 60 60 100 210 167 180 21 ' 228 216 200 21! 2J7 222 211 214 244 211 211 211 2 ; i 2:::: 2 ! 233 2 13 233 183 177 177 17U 166 170 190 100 118 88 7a 60 57 66 58 57 56 61 ill 71 70 56 4S 50 50 45 ...i 47 8 65 51 47 49 50 51 52 47 50 100 Ilia 123 119 123 122 106 112 108 100 123 125 126 134 131 124 119 122 1 1 132 140 136 ' 1 131 132 136 144 136 132 135 Hi 131 95 173 110 92 93 so ■ 20 91 92 100 182 73 73 66 83 70 CO 62 48 70 65 62 55 69 85 8 7 69 72 73 110 100 2111 171 135 117 89 93 I a 117 110 111 111 130 121 113 115 120 128 II I ' 85 77 81 93 139 122 102 96 96 11.10 108 100 121 116 78 76 78 76 79 66 ' ' 64 63 i 67 65 i 62 72 71 72 72 09 70 66 at SI 81 85 8,; 76 105 100 116 96 117 98 92 90 116 111 107 120 105 102 Kin 98 101 91 94 94 87 88 96 an '.'7 98 111 109 '.'I 92 91 111 112 100 121 161 205 151 157 153 131 129 125 120 121 ]::: 130 114 121 121 1 IS 161 l 52 136 123 119 lis 8, 11a 118 109 103 103 :<- 104 1' Julv 1.1S57 Jan. 1,1870 Jan. 1,1 ISO Jan. 1,1884 Jan. 1,1885 Jan. 1.1S8G Jan. 1,1888 Jan. 1,1889 Jau. 1,1890 Julv 1,1890 Jan. 1,189] July 1,1891 Julv 1,1892 111 .I 106 110 193 86 76 74 -2 82 SS 86 8., 8,; 62 Jan. 1,1893 .l:m. 1, 1894 July 1. 1-. '1 Jan. 1, 1895 Jan. 1,1S9G Jan. 1,1897 Jan. 1. 1899 Jan. 1. 1900 Julv 1,1900 Jan. 1 19 1 Julv 1,1901 Jan. 1. 1902 76 80 7'. 74 7.S 74 71 73 as 76 79 8 1 82 82 79 Jan. 1,1904 E I 28-29 30 31 34 35 36 37 39 44 45 46-47 Total index number. Total niiia circu- lation, 1 Brit- ain. dat;:-. Timber. Tallow. Leather. Copper. Iron. Lead. Tin. Cotton wool, Per- nambuco, only. Cotton yarn. cloth, 1845-1850 ion 105 9'.' id:, 100 102 92 86 80 111 115 101 106 l'K, 100 9'' sx 84 89 105 98 95 94 ]_•;: 127 137 116 115 103 128 134 100 147 105 102 113 87 70 60 73 87 75 77 80 82 105 107 107 101 109 103 99 91 87 91 91 119 102 116 113 12S 138 113 100 150 128 1 14 139 111 142 136 133 130 130 130 Mil 130 130 128 128 128 117 117 117 139 139 139 139 108 114 103 103 103 114 114 100 l.;: 83 81 71 60 50 48 91 89 64 68 66 66 : 66 58 54 52 46 49 52 59 57 67 85 87 87 83 67 61 68 100 121 68 92 69 75 66 62 67 70 109 100 87 75 78 78 78 72 71 71 69 73 81 77 80 110 111 93 80 80 82 79 100 1 13 109 112 70 65 72 74 90 76 82 75 76 74 66 64 58 54 55 53 56 66 67 72 74 101 101 94 73 61 63 65 100 166 138 1(9 101 90 113 120 173 118 120 US 111 113 106 125 112 101 93 87 79 77 74 79 100 110 151 145 155 124 139 I.. . 100 97 114 88 71 75 65 6 70 72 75 80 70 64 59 52 61 47 53 51 42 67 55 45 43 56 67 71 61 58 58 90 lull 126 154 110 99 100 183 86 90 93 92 100 97 S7 82 78 85 83 72 72 64 76 71 69 70 82 90 91 83 74 74 99 100 113 135 95 88 80 S'l 84 87 88 91 92 S9 85 84 79 85 81 81 75 67 76 OS 66 69 87 96 105 85 91 S9 110 2200 2689 2221 209S 2023 2059 2230 2187 2236 2259 2224 2190 2133 2120 2105 2082 1974 192 1 1999 1950 1918 21 IS 2211 2121, .'"H7 1918 2003 2197 100 Julyl, 1857 Jan. 1,1870 Jan. 1,1880 Jan. 1,1884 Jan.l.lSSo Jan 1,1886 Jan. 1,1887 101 110 120 110 112 110 110 Jan. 1, 1890 Julyl, 1S90 Jan. 1,1891 July 1,1891 Jan.l, 1892 107 108 113 112 111 Julyl, 1892 Jan. 1.1*9.5 Jan. 1,1894 Julyl,ll'J4 Jan.l,lS95 Jan. 1,1896 Jan. 1,1897 114 112 111 lis 113 111 116 11< 121 123 126 1 1 125 1 125 126 Jan. 1,1899 Jan. 1,1900 Julyl, 1900 Jan. 1,1901 July 1,1901 Jan. 1,1602 T. Jan. 1,1903 Jan. 1,1904 Relative prices in the United States for the years 1840-1903, in the tallies following, have been worked out on two different bases. For the period from 1840 to 1891, covered by the Aldrich report, prices were calculated from the level of the year 1S60 as a basis. For the period between 1890-1903, covered by the Department of Labor, the calculation was made on the basis of the average price for the period 1890-1899. In each case 100 has been taken as the starting point, to show the rise or fall from this assumed level. Each one of the results is given separately, inasmuch as each included a different number of commodities in its calculation, besides working from different bases. COURSE OF RELATIVE PRICES IN THE UNITED STATES. ALDRICH REPORT ON COURSE OF RELATIVE PRICES FROM 1840 TO 1891, INCLUSIVE. In the following- table of relative prices of groups, the prices of the year 1SG0 are taken as a basis (=100), and the rise or fall in price from this given base is expressed in form of relative prices or percentages. By this means the comparison of a large number of objects varying greatly in units of measurement as well as in price is rendered possible. The relative price of a group represents a simple arithmetical average of relative prices for all the articles constituting the particular group. Thus, for instance, in the case of group "Food" the sum of the relative prices for all the commodities constituting this group for the year 1891 — 5,507.1 — was divided by the number of articles comprised in this group — 53. The result of this division— 103.9 — represents the relative price for this group. The relative price for all articles is found in a similar manner by dividing the sum total of all relative prices by the total number of articles. Relative Wholesale Prices in Gold, by Groups of Articles, 1S40-1S91. [From Senate Report No. 1394, second session Fifty-second Congress.] GENERAL AVERAGE PRICES. YEARS. Food. Cloths ami clothing. Fuel and light- ing. Metals and imple- ments. Lumber and build- ing materials. Drugs and chem- icals. Qouse- lumishing goods. Miscella- neous. All articles. 1840 96.6 94. 4 82.9 79.3 81.6 87.3 94.6 91.7 83.5 79.0 85.5 90.6 8s. 7 101.2 105.9 111.8 110.4 117.5 94.6 98. 8 100.0 95.8 107.7 91.7 106. 6 100.1 124.1 121. S 118.6 120.1 126. S 152.9 122. 2 lift. 2 118.0 116.0 109.1 113.S 105. ft 97.6 107.6 110.9 118.8 118. S 108. 9 98.7 99.5 104.2 109.4 111.9 104.6 101.9 110.7 113.4 100.9 99.9 105.0 97.1 95.3 97.6 87.5 82. 2 91.3 94.7 88.7 98.6 97.4 94.7 100.6 106.0 98.0 101.1 100.0 94.9 121.1 132.0 167.7 138.4 161.7 1S3.7 106.0 108. S 114.9 120. 4 131.1 121. 5 114.8 106.8 95.3 95.9 91.9 91.1 104.5 99.9 98.7 94.8 88.9 84.8 85.1 84.7 84.7 83.6 82.4 81.1 395.8 208.9 202.0 187.5 119.7 239.6 143.8 110.7 106.1 100.0 102. G 97.3 93.5 101.6 106.8 121.1 126.4 113.3 1U.4 98.8 100.0 103.5 94.8 73.8 115.9 110.0 200.2 145.8 157.9 152.5 162.0 130.2 136.8 119.4 134.3 139.1 128.2 101.7 91.7 95.3 100. 2 113.7 110.1 114.2 102.4 89.6 86.2 88.6 94.9 95.3 92.5 91.0 123. 5 123.7 US. 7 111.7 133. 3 110.8 llfi. 9 120.6 119.7 121.9 114.8 119.2 117.7 122.8 125.6 117. S 115.3 110.4 101.3 100.1 100.0 102.5 114.3 96.5 115.6 88.5 122.1 119.8 10S.7 104.2 105.4 110.4 117.3 115.2 108.7 101.4 96.1 94.2 90.8 88.4 96.3 91.1 91.2 87.5 81.0 77.4 75.8 74.9 74.9 72.9 73.2 74.9 110.0 111.8 108.8 105.4 103.0 106.7 106.2 108.2 105.3 97.6 102.2 97.2 100.4 103.2 114.1 103.4 102.8 105.0 103.8 98.7 100.0 108.9 14ft. 6 122.1 142. 3 84.2 133.4 132.8 125. 8 122.3 122.3 136.8 153.0 152. 5 139.0 127.7 121.7 118.5 lift. 2 lift. 1 130.9 131.3 137.5 134.3 129.5 126.6 128. 5 126. 5 124.8 124.0 123.7 122. 3 145. S 141.3 131.6 121.4 119.7 121.0 123.9 112.5 113.0 111.0 123.6 125. 8 111.8 107.0 110.7 129.2 135.5 126.8 116.0 104.2 100.0 101.3 113.6 10L0 109.5 125.6 164.3 156. 9 128.4 118.7 123.3 125. 9 122.8 125.6 131.8 128.2 10S.0 lift. 2 112.6 110.9 113.1 110.4 107.6 98.1 95.7 86.9 83.9 83.6 86.0 8s, 8 87.9 86.3 116.4 116.4 lit;. 4 100.3 102.3 102.3 111.0 120.3 121.7 120.5 125.6 120.0 111.9 lis. 7 121.2 121.2 115.5 11G.8 ins. 7 103. 2 100.0 96.8 87.3 84.8 105.9 83.8 132.3 IIS. 2 97.4 89.0 100. 2 116.1 112.9 96.8 98.3 84.4 77.3 74.4 73.3 68.6 85.2 77.6 78.1 77. 5 76.3 70.1 68.4 66.4 66.9 70.0 69.5 70.1 147.1 147.1 170. 6 23. 5 129. 5 111.8 111.0 121.7 12.5.6 11.19 s 107.7 102.7 n» i. :. 109.2 108. 4 ns.a 121.6 110.0 97.1 Km, s 100.0 105.7 11. VI . 2 89.0 99.3 93.8 122. 1 119.9 118.5 119.7 122.6 134.4 121.6 117.5 110.5 109.2 101.2 111.3 110. 2 102. 1 109.8 108.8 114.6 117.3 111.9 97.5 91.3 88.6 89.3 88.8 S9.7 95.1 116.8 1841 115.8 1842 107.8 1843 . 101.5 1844 101.9 1845 102.8 1846 106. 4 1847 106.5 1848 101.4 1849 '.i-.. 7 102.3 1851 105. 9 1852 102.7 1853 109. 1 1854 112.9 1S55 113.1 1856 . 113.2 1857 112.5 101.8 100.2 100 o 100.6 114.9 102 1 122.5 1865 . 100.3 130.3 127.9 115.9 113.2 117.3 122. 9 127.2 122.0 119.4 113.4 101.8 114 4 99.9 96.6 100.9 105.7 10S. 5 106. 99.4 93.0 91.9 92.6 94.2 94.2 92.3 92.2 4698 [June, 1904.] MOVEMENT OF WHOLESALE PHICES IN THE UNITED STATES. 4699 BUREAU OF LABOR REPORT ON COURSE OF RELATIVE PRICES, 1890-1903. Iii the following table similar commodities have been grouped and the, average of the relative prices .shown for the commodities in each subgroup and in each of the nine general groups. The averages in all cases were found by dividing the sum of the relative prices by the number of commodities in the group under consideration. It should be borne in mind constantly that the term "commodity" as a unit is used here in a specific sense, "native" and "Western" sheep, for example, being considered different commodities. The method of securing a\ erage relative prices in this and other tables was as follows: The average relative price of cattle was found by adding the relative prices of the two grades of cattle and dividing the sum by 2. The average for hogs was found in the same manner, and also the average for sheep. The average for live stock was found by dividing the sum of the relative prices of the two grades of cattle, the two grades of hogs, and the two grades of sheep by 6, the total number of different descriptions of commodities or series of quotations in the live-stock group. The aver- age relative prices of each of the nine general groups were found by dividing the sum of the relative prices of the different descriptions of commodities for each year by the number of these commodities or series of quotations considered in that year. The sum of the relative prices in 1890 of the commodities shown under the general group, "Food, etc.," for example, is 5,958.2, which amount divided by 53, the number of different descriptions of commodities or series of quotations considered that year, gives 112.4 as the average for the group "Food, etc.," for 1890. For 1893 to 1903, fiftj^-four commodities are quoted in this group, and that number is accordingly the divisor for each of those years. The average relative prices of each of the nine general groups for each year of the period, and the average relative prices of all commodities for each yeav, are shown in the following summary: Summary of Eelative Prices of 261 Commodities, 1890-1903, by Groups. [Average price for 1890-1E03=100.] RELATIVE PRICES. YEARS. Farm products. Food, etc. Cloths a nd clothing. Fuel nnd lighting. Metals and imple- ments. Lumber and building mate- rials. Drills and chemic- als. House- furnish- ing goods. Miscel- laneous. All com- modities. 1S90 110.0 121.5 111.7 107.9 95.9 93. 3 78.3 85. 2 '.v.. 1 100.0 in:..;, 116.9 130.5 118.8 112.4 115.7 103. 6 110.2 99.8 94.fi 83.8 87.7 94.4 98.3 104.2 105.9 111.3 107.1 113. 5 111.3 109.0 107. 2 90.1 92.7 91.3 91.1 93.4 96.7 10c. s 101.0 102. 106.6 104.7 102. 7 101.1 100. 92 i 98.1 101.3 96.4 95.4 105.0 120.9 119.5 134.3 149.3 119.2 111.7 106.0 100.7 90.7 92.0 93.7 86.6 86.4 114.7 120. 5 111.9 117.2 117.6 111.8 108.4 102.8 101.9 96.3 94.1 93.4 9H.4 95.8 105.8 115.7 110.7 118.8 121.4 110.2 103.6 102.9 100.5 89.8 87.9 92.6 94.4 106.6 111.3 115. 7 115.2 114.2 112.6 111.1 111). 2 106 5 104.9 100.1 '.1.;. 5 91.0 89.8 92.0 95. 1 100. 1 112.2 113.0 110.3 109.4 106.2 in. 9 99 8 91.5 '.'1.4 92.1 92.4 97.7 109. S 1(17.4 114.1 113.6 112.9 1891 111.7 1892 106.1 1893 . 105. 6 1894 '. 96.1 1 8! 15 93.6 1896 90.4 ]V>7 SO. 7 1898 93.4 101.7 1900 110.5 1901 ins 5 1902 112. 9 113.6 In this table the average relative prices of farm products are based on 16 articles.; of food, etc., on 53 articles from 1890 to 1892, and 51 from 1893 to 1903; of cloths and clothing, on 70 articles in 1890 and 1891, 72 in 1892, 73 in 1893 and 1894, 75 in 1895 and 1896, and 76 from 1897 to 1903; of fuel and lighting, on 13 articles; of metals and implements,' on 37 articles from 1890 to 1893, 38 in 1891 and 1895 and from 1899 to 1903, and 39 from 1896 to 1898; of lumber and building materials, on 26 articles from 1S90 to 1891, and 27 from 1895 to 1903; of drugs and chemicals, on 9 articles; of house furnishing goods, on 11 articles, and of miscellaneous, on 13 articles. The average relative prices of all commodities are based on 251 articles in 1890 and 1891, on 253 in 1892, on 255 in 1893, on 256 in 1891, on 259 in 1895, on 260 in 1S96 and from 1899 to 1903, and on 261 in 1S97 and 1898. A study of the table shows that the group of farm products reached the lowest average in 1896 and the highest in 1902; that of food, etc., the lowest in 1896 and the highest in 1891; that of cloths and clothing, the lowest in 1897 and the highest in 1890; that of fuel and lighting, the lowest in 1891 and the highest in 1903; that of metals and implements, the lowest in 1898 and the highest in 1900; that of lumber and building materials, the lowest in 1S97 and the highest in 1903; that of drugs and chemicals, the lowest in 1895 and the highest in 1900; that of house-furnishing goods, the lowest in 1897 and the highest in 1903, while in the miscellaneous group the lowest average was reached in 1896 and the highest in 1902. The average for all commodities combined was the lowest in 1897 and the highest in 1903. Of the nine groups it is seen that one reached its lowest point in 1894, one in 1895, three in 1896, three in 1897, and one in 189S. The highest point was reached by one group in 1S90, by one in 1891, by two in 1900, by two in 1902, and by three in 1903. LIBRARY OF CONGRESS 013 718 755 3 * I fr