866 REPORT—1885. 
1883 as the unit. We have then for the last twelve years, 1884—73, 
the following actual values and their respective index numbers :— 
£ Index No. 
1884 : : : : : 232,927,575 “971 
1883 3 : F : 239,799,473 1-000 
1882 : 3 : : : 241,467,162 1-006 
1881 : ; ; : : 234,022,678 ‘975 
1880 : : : : : 223,060,446 "929 
1879 : . 5 : ‘ 191,531,758 ‘798 
1878 ; - 3 : . 192,848,914 “803 
1877 : . : ; é 198,893,065 829 
1876 5 ; : : : 200,639,204 835 
1875 : : : ; 3 223,465,963 931 
1874 , ‘ : : : 239,558,121 998 
1873 - 4 3 = ‘ 255,164,603 1-063 
Average. - : 222,781,583 928 
Stating also the values of 1865 and 1864 we get a comparison with two 
years of high prices though not of large exports. In 
PsGnel ee eee). 185,885,725 Index No. “692 
W864) on heer ois 160,449,052 2 669 
But this Index may also stand for the collected quantities of the 
goods exported in 1883, and then represents the # or unknown gailons, 
yards, cwts., &c. of the various articles, whether detailed or not in the 
trade figures ; and as already shown it may be split up into its component 
parts. Altering each one of these according to the variation of the prices 
of other years and collecting them into one total, we get a comparison 
between the bulk which the index of money in the standard one 1883 
bears to that of other years, for it needs no explanation to show that a 
given amount of money represents a greater or lesser quantity of goods 
according as the prices of these were lesser or greater. Thus (A) taking 
the index number of 1883, as standing for both money and quantity, and 
altering it for each of the four years given by way of illustration in the 
foregoing table, we get a number which enables us to estimate the growth 
in bulk at present as compared with the past. Or (B) taking the index 
number for each of those years as standing for quantity and money alike, 
and altering it to the standard of prices in 1883, we ascertain what pro- 
portion quantities in those years bear to the later one. 
A. At prices of former years B. At prices of 1883. 
1883 Index No. 1: Index No. 1: 
in 1879 wonld have swollen to 1:006 -798 would have shrunk to -798 = 1 to 1 
1875 vi Ma E207 -- "93! Pf rs 739, =1 to "794 
1873 es i 1-463 1-063 * ‘727 = 1 to “684 
1865 PF * 1:497 "692 Pe es “460 = 1 to °665 - 
The one set of figures indicating the enlarged volume of goods the money 
of 1883 would represent as compared with its predecessors, the other the 
contracted bulk of those previous years as compared with 1883. 
One more comparison is needed to show the full bearing of these num- 
bers. The actual difference betwixt the values of the trade of one or 
more years and other years is thus compounded of two elements, the 
one arising from differing quantities, the other from varying prices. The 
foregoing increases to the index numbers of 1883 do not indicate the 
additions to the value of our trade, but only what would have resulted 
