ON BRITISH AND FORKIGN STATISTICS OF INTERNATIONAL TRADE. 815 
The bills of entry, published daily with accounts of the ships entered 
and cleared, and their cargoes, are based on the same information as that 
used by the Statistical Department in their published returns ; these 
bills are much used and valued by the merchants concerned, who are in a 
position to know the facts, and this would not be the case if they were 
not found to be substantially accurate. The bills give the values of those 
goods only whose quantities or numbers are not returned to the customs ; 
they therefore supply no check on prices declared. 
Values. 
The declared values of imports and exports are constantly tested 
at the Statistical Department by market price-lists. It is found that 
in general values of particular commodities as declared are confined 
within a small range, and agree with the lists. Directly any unusual 
price is shown on the declaration, inquiry is' made as to its cause. In 
general, then, the goods are entered at their correct value, and changes of 
price have instantly their effect on the trade returns. For this reason 
our statistics should show greater fluctuations month by month than those 
of the continental countries. There are even some cases where two 
invoices of exports are made, one pro formd for the foreign customs, and 
one of the true value for our own Statistical Department. 
While this method tends to give correct returns for the main lines of 
important and easily described commodities, it is clear that when goods 
are out of the common run, or are not capable of succinct description, 
the Department is at the mercy of the declarer. Whether values are 
official or declared, uncommon goods are likely to be valued wrongly. 
Lxports—In the case of exports, there is a tendency to give a cif. 
price instead of f.o.b. It is supposed that the export trade done on ac.if. 
basis is increasing in magnitude. Theinland manufacturer makes out his 
invoice on this basis. The exporting agent has no other information, and 
the f.0.b. price is never known. On the other hand, when goods are sent 
on consignment for sale, the price entered, whether by the agent or by the 
Statistical Department, is likely to be the market price, and not to 
include the price of placing the goods on board. Lastly, the manufacturer 
may enter his values at the inland market price, or at the value on the 
docks before lading, and this may not be corrected in all cases by the 
exporting agent. 
Imports.—Goods on consignment for sale, which form a very consider- 
able proportion of our imports, are valued in the returns at their market 
price. This includes the cost of landing and delivery. All imported 
wool is priced in this way, the basis being the prices realised at six weekly 
sales, and this price is used for the six weeks after the sale, and so lags 
behind its true rate. Again, goods may be invoiced so as to include in 
their price delivery at an inland town. Lastly, it is said that the value 
of goods sent from a foreign firm to an agent in England in some cases 
are artificially increased, so as to show no profit and escape income-tax. 
In the case of exports, there being no check except comparison with 
price-lists, entries can be filled up with any degree of carelessness so long 
as they do not show any abnormal deviation in price. In the case of 
imports, miscellaneous goods, or goods imported in small quantities, or 
those whose value is uncertain till they are sold, are valued almost by 
guess-work, 
