I’.— ECONOMICS. 147 
TABLE III. 
RELATIVE MovEMENTS IN WHOLESALE Pricus. 
Board of Trade Index. 
| | As percentages of all | 
All | Meat &| Coal | articles (Col. 1) 
Articles | Corn Dairy & Meat & 
Products| Metals | Corn | Dairy | Coal & | 
Products) Metals | 
} | | 
(1) Sees 1G) (3) (4) (5) (6) 1) 
1871-80 2 | 6738 166 119 81 126 "| g6 | 59 | 
1881-90 loliie re 129 108 60 116 97 54) | 
1891-00 ; 95 108 96 65 113 101 67 | 
1901-10 as 201 106 104 17 106 103 76 | 
1911-13 cyl Neyer b 116 115 84 102 101 74 
Sauerbeck Index. 
As percentages of | 
all articles 
oe be ee Minerals (Col. 1) 
Vegetable | Minerals | 
Food 
(1) (2) (3) (4) (5) | 
1851-60 . 7 - 94 98 99 104 105 
1861-70 . : : 100 95 90 95 90 
1871-80 . a ; 96 96 98 100 101 | 
1881-90 . ; : 75 71 73 95 98 | 
1891-00 . : 7 66 61 73 92 110 
1901-10. tt 73 65 89 Ur eal pai 
1911-13 . 2 H 83 72 | 105 87 126 } 
1919 : j 3 206 179 220 87 107 
1920 £ ; : 251 | cs cag 295 90 Fame 
1921 : : ; 155 143 181 92 1 Ue | 
1922 5 c A 132 108 137 2 104 
Board of Trade and that of Sauerbeck. Both indices refer formally to 
the United Kingdom only, but there can be littie danger in taking 
them as an indication of world conditions; United Kingdom prices 
from 1871 to 1918 must have followed world prices in all important 
movements. 
From the early ’seyenties prices generally first fell heavily to about 
1896 and then rose, though not to the height from which they had 
fallen ; that is to say, the value of money in relation to commodities first 
rose and then fell. Through this complete reversal in the movement 
of prices generally, the price of corn in relation to other articles has 
moved steadily—and downwards. Decade by decade from 1871 and 
to the last three years before the War the price of corn, as recorded by 
the Board of Trade, has fallen relatively to prices as a whole (column 5); 
with less regularity, but even more markedly, the relative price of coal 
and metals has risen (column 7). The result of these two movements 
is startling ; to get in 1911-13 the same amount of corn as in 1871-80 
or 1881-90, it would have been necessary to offer, not more coal and 
