INDEX-NUMBERS AS ILHTSTEATING EXPORTS OF BRITISH PRODUCE. 539 



Althougli the object of this paper is rather to show the plan adopted 

 and to add to the details of the former paper those relating to subse- 

 quent years ; it would lack the interest to which the subject, if not the 

 method, is entitled, were there to be no allusion to the results at which 

 we are thus enabled to arrive. Comparing then the figures of the year last 

 ended with those of 1883, which has been adopted as a standard, we find 

 that, starting with 1,000 as the index-number to represent the total ex- 

 ports of the former year, 922 will be that for 1887, because the export of 

 that year fell short of those in 1883 by 7'8 per cent. ; but that having 

 regard to the quantities of the several articles exported during last year 

 and the higher prices which prevailed in 1883, we must make additions to 

 most of them, which will bring the index up to 1,062, and, therefore, thatin- 

 stead of the volume of trade having diminished in the proportion which the 

 value taken alone would indicate, it has increased by 6'2 per cent, beyond 

 that of 1888. In fact, that had the goods we thus sold in 1887 been 

 {■arted with in 1883 they would have realised 253,000,000^. instead of but 

 221,000,000L ; in other words, that our trade in this pai'ticular branch has 



been larger by "'' ^ '-, or 19 per cent., more than it appears to be, 



if we take value alone as our guide. 



Treating the intermediate years in the same way, 1886 is increased by 



- — 5 or 13'2 per cent. ; 1885, — - > or 9 per cent. ; and 1884 — --, or 41 

 'J 12 ^ '213 ^ 233 



per cent., the actual index-numbers for the values from 1883 being in 



the series of 



1,000 : 971 : 888 : 885 : 922 ; 



those for volume : 



1,000: 1,010: 967: 1,002: 1,062; 



and carrying the comparison further back it was shown in the Aberdeen 

 Paper that, whilst the value series for the years 1883, 1879, 1875, 1873, 

 and 1865 were 1,000 : 798 : 931 : 1,063 : 695, those for volume were 

 1,000 : 798 : 739 : 727 : 460 ; thus giving an accurate gauge of the con- 

 ditions as to total volume as well as to total value for the four years since 

 1883 and four selected ones between that year and 1865. The same com- 

 parison may be made at sight with any single article either in relation 

 to itself for previous years or as to its relative importance to others in 

 one or many years. 



Looking down the list of articles enumerated in the published accounts 

 it may be seen how much of our manufacturing power expended upon the 

 production of goods for export is so spent upon each one, and wherein 

 the variations in the vohime as contrasted with the value have consisted. 

 Grouping together all the textiles and all the metals and throwing all the 

 others into a third, we learn that the value of textiles is represented by the 

 index 410, the volume by 463, a difi"erence of 12'4 per cent. ; that of metals 



