486 REPORT—1890 
group or groups of articles for which index-numbers are to be formed. 
Probably it may be found, as a matter of convenience, that the best way 
in which this can be done practically is to place in a particular group two 
or more closely allied articles, according to the importance intended to be 
given to the generic article under which they may be described, as is done 
in fact in the Economist Index Number, which is often referred to, by_ 
means of several kinds of cotton articles counting each as one. 
To save all question, however, we should also recommend that, in form- 
ing either a general or special index-number, the prices of a considerable 
number of articles should be obtained, for reasons which have been fully 
apparent in the previous reports and discussions that we have submitted. 
We are unable, however, to recommend at the present stage what 
particular articles or groups of articles should be included in forming 
index-numbers for use in this country. We trust that the suggestions 
made in our previous reports will be found useful by any Government in 
taking up the subject, but in the present state of information as to the 
relative importance of articles, as to the prices it may be possible to ob- 
tain, and as to the practical objects which Governments would have in 
view in forming index-numbers, we do not think it practicable to go into 
detail onthis head. At the same time, it is not in our power to make 
the requisite inquiry, which can only be carried out by Governments, 
and will not, of course, be undertaken by Governments until there is a 
sufficient body of practical opinion in favour of index-numbers. 
What we should recommend first of all would be that the importance 
of obtaining systematically and regularly more prices than are now — 
obtained should be pressed on the Government, and that the principle of 
the Corn Returns Acts, under which the prices of grain have been ob- 
tained for more than a hundred years in England, by means of records of 
actual sales systematically collected, should be more extensively applied. 
Were there more of such official prices, their practical utility in many 
ways would soon become obvious, and it would be easy for individuals to 
make index-numbers of their own, which would prepare the way for official 
index-numbers. As matters stand at present, the way is being prepared 
to some extent by the habit of using index-numbers—such as those of the 
Economist, Mr. Sauerbeck and Dr. Soetbeer—which is steadily growing, 
but the use of a larger number of official prices would conduce further to 
the same end. 
We doubt if it would be expedient at the present stage to press very 
strongly for the actual appointment of a Government Royal Commission 
or Parliamentary Committee with a view to make the necessary inquiries 
as to what statistics of prices should be obtained, in order to the imme- 
diate formation of one or moreindex-numbers. We hardly think that opinion 
generally is ripe enough for such a step being taken. But the exigencies 
of such public discussions as those engaged in by the Royal Commissions 
on Trade Depression and on Gold and Silver, and which have been going on 
with reference to the Tithe Settlement of 1836, will possibly lead before long 
to the question becoming immediately practical, and there would be room 
at present, or very soon, we believe, for a small committee, under one of 
the Government Departments, such as the Board of Trade or the Treasury, 
to prosecute an inquiry of the nature suggested. It will be expedient, 
however, to defer any further practical action until opinion is more 
ripened. The main thing to get into the public mind is the notion that a 
monetary ‘standard’ is itself a thing whose variations may require 
