88 BULLETIN OF THE 



Comparative Statement of Wholesale Prices in London and 

 Manchester for a series of years, to wit : TJie averages for 

 the six years 1845-50, and selected years from 1851 to Jan. 

 1st, 1876, from the "London Economist,''^ under the head of 

 Commercial History and Review, March 11th, 18*76, page 37. 



The table shows an increase in 1858 of 18 or 19 per cent.; in 

 1868, 1869, 1870, and 1871, years of minimum prices, an increase 

 of from 18 to 22 per cent.; in 1875, another year of minimum 

 prices, an increase of 22 to 23 per cent, above the average prices 

 in 1845-1850. In some intervening years there were remarkable 

 fluctuations upwards, notably in 1857, 1865, 1866, and 1873. 



Mr. Elliott argued that these fluctuations were chiefly changes 

 in the values of commodities due to excessive speculative activity,, 

 while the value of gold continued nearly uniform, as indicated 

 by the years of normal or minimum prices. He claimed, however, 

 that the rise from 1845-50 to 1858 was due to the greatly in- 

 creased production of gold, and consequent diminution of its value. 



He gave also a comparison of the relative prices of gold and 

 silver, showing a relative advance of the latter from 1845-50 ta 



