THE ECONOMIC DISTURBANCES SINCE 1873. 769 



puted, is, that no peculiarity of currency, banking, or standard of value, 

 or form of government, or incidence and degree of taxation, or mili- 

 tary system, or condition of land tenure, or legislation respecting 

 trade, tariffs and bounties, or differences in the relations between 

 capital and labor in different countries, has been sufficient to guard 

 and save any nation from the economic disturbances or trade depres- 

 sion which has been incident to such changes in prices. 



An analysis of British exports and imports for 1886, with compari- 

 sons of similar data for the previous year, 1885 (presented by the 

 "London Economist" in its issues for January 22 and 29, 1887), fur- 

 nishes, moreover, some information, almost, if not fully, in the nature 

 of a demonstration of the continued tendency of prices to decline dur- 

 ing the latest period for which accurate data are (at present) accessi- 

 ble, and also of the continued universality of such tendency. Thus, 

 looking first at exports, it appears that there was an increase during 

 the year 188G in the quantities of British and colonial commodities ex- 

 ported of 602 per cent, as compared with similar aggregates for 1885 ; 

 or Great Britain sent out 106,020 pounds, tons, or other quantities in 

 1886, in place of 100,000 in 1885. Comparing, however, the sum which 

 the quantities actually exported in 1886 would have cost at the prices 

 of 1885, a decline in price is indicated of 6*34 per cent ; or while sending 

 away 106,020 pounds, tons, or other quantities in 1886, as compared 

 with 100,000 in 1885, Great Britain received back in money value 

 only 893,660 for the same quantities w T hich in the previous year 

 brought $100,000. 



" A similar examination of British imports for 1886 also brings 

 out the further interesting fact that the average decline in the prices 

 of the goods imported was almost precisely the same as in prices of 

 goods exported. The increase in quantities of imports was less than 

 one per cent ; or the country brought in 100,796 pounds, tons, or other 

 quantities, in place of 100,000 in 1885. But the decline in prices was 

 6373 per cent ; so that the country paid only $93,627 for the same 

 quantities for which it paid $100,000 in the previous year. The de- 

 cline in the general range of prices for the year 1886, as measured by 

 the actual exports and imports of the greatest exporting and importing 

 nation of the world, would therefore appear to have been in excess of 

 six per cent ; and this decline would seem to have occurred during the 

 same period in all those countries in which Great Britain deals as a 

 seller equally with those in which she deals as a buyer; or, in other 

 words, this decline was practically universal." * 



The question which here naturally suggests itself, as to what in 

 general has been the extent of the recent fall in prices, is perhaps best 

 answered from the basis of English figures, by Mr. Augustus Sauer- 

 beck, who, as the result of an exhaustive inquiry into the price move- 

 ments of thirty-eight leading articles of raw produce since 1818-'27 



* New York Commercial Bulletin. 

 tol. xxxi. 49 



