Segar. — On the Trade and Public Debt of N.Z. 119 



general purchasing-power instead of merely the amount of 

 gold equivalent at the time. 



Exports. 



The following table indicates the application of the method 

 to the exports of New Zealand : — 



Nominal Values. 



1880 ... 



1881 ... 



1882 ... 



1883 ... 



1884 ... 



1885 ... 



1886 ... 



1887 ... 



1888 ... 



1889 ... 



1890 ... 



1891 ... 



1892 ... 



1893 ... 

 1891 ... 



1895 ... 



1896 ... 



1897 ... 



1898 ... 



1899 ... 



1900 ... 



This table is illustr 



£ 

 6,102,300 

 5,762,250 

 6,253,350 

 6,855,214 

 6,942,486 

 6,591,911 

 6,386,682 

 6,551.081 

 7,255,128 

 9,042,008 

 9,428,761 

 9,400,094 

 9.355,868 

 8,557,443 

 9,085,148 

 8,390,153 

 9,177,336 

 9,596,267 

 10,324,988 

 11,799.740 



General Exchange 



Values. 



(1880)£ 



6,102,300 



5,965,623 



6,551.128 



7,356,847 



8,038,668 



8,056,780 



8,145,334 



8,477,870 



9,120,720 



10,051,304 



11,524,040 



11,489.016 



12,120.504 



11,074,360 



12,690,392 



11,908,600 



13,239,424 



13,620,552 



14,196,864 



15,270,288 



15,318,160 



13,055,249 

 rated graphically in Plate XII. 

 It would appear that, though the nominal value of the 

 exports fell off after 1884 and did not recover until 1888, the 

 general exchange value actually increased from year to year 

 throughout this period, though not at as rapid a rate as in the 

 few previous years. Again, after 1890 there was another 

 falling-off in the nominal values of the exports, and the value 

 for 1890 was not exceeded until 1897 ; but during these same 

 years there was on the average a considerable rise in the 

 general exchange values of the exports, though this rise was 

 not steady. In two years only — 1893 and 1895 — w T ere the 

 general exchange values substantially less than in the pre- 

 ceding years, and in each case the succeeding year showed a 

 greater value than any previous year. Generally the table 

 of general exchange values represents a far more steady pro- 

 gress in the values of exports than does that of the nominal 

 values, indicating that the great unsteadiness in the latter 

 is due chiefly to the varying exchange value of gold. The 



