PROCEEDINGS OP SECTION G. 487 



the total original, or prime cost of consignment, including the 

 proportional share of warehouseman's profit and business ex- 

 penses? The following would likely be the warehouseman's 

 answer thereto : — 



Oroiip. 



Total 



This illustration shows that the major proportion (Group IV.) 

 would have to be fixed at 8s. 8.30d. per hat, to counteract loss 

 on Group I., and on forced reductions on selling prices of Groups 

 II. and III. The eccentric prices. Groups I., II., and III. may 

 simply be regarded as " satellites " of the main Group IV., while 

 as in a planetary system the total, or combined effect, would re- 

 present the average ' ' Price Orbit ' ' of the commodity consign- 

 ment, taken as a whole. This illustration also demonstrates, con- 

 clusively, that the occurrence of variable, or satellite eccentricities 

 of price, in any commodity, may be perfectly compatible with the 

 theory " That the average number of composite labour-hours ab- 

 sorbed, and the nominal composite cost of producing agencies 

 (not demand and supply) constitute the primary law which de- 

 termines and regulates the current economic price or value in 

 exchange of each commodity." 



1. DISTRIBUTIVE JUSTICE AND PRICES. 

 By Bishop 'Mercer. 



2. THE TRANSFORMATION OF COMPETITION. 

 By Bishop Mercer. 



