TRANSACTIONS OF SECTION F. 



471 



These figures, however, fail to represent the true state of the case. In 1872-3 

 the price of coals was unduly inflated, and so of all articles in the manufacture of 

 which coal is largely consumed. The valuations, therefore, for these earlier years 

 require to be brought down to the average prices of previous and subsequent years. 

 Again, a large portion of the value of the exports is to be found in the cost of the 

 foreign materials of which they are composed, and the variations in the prices of 

 these for the respective years needs to be estimated and allowed for. Dealing thus 

 with coal, iron, and cotton, the above figures are thus reduced in every particular 

 save that of loss in quantity, and will stand thus : — 



These calculations dispose of the fallacy that in price alone has there been any 

 serious decrease in the value of our exports, establish the fact that there has 

 been a real decay in the quantity of our manufactures for sale abroad, and show 

 that this is still proceeding at an accelerated pace. 



