Manchester Memoirs, Vol. xli. (1897), No. 11. 15 



this question of variation, not the question of amount, in 

 regard to which I have desired to make inquiry. (See, 

 however, Appendix.) 



Regarding the matter from a very simple standpoint, 

 it may appear to many to need no demonstration that 

 the proportion of transportation charges to values has not 

 greatly decreased, and this for two reasons. 



The first is that, taking for argument's sake the figure 

 of 15 % as a rough average of such charges, even if goods 

 were conveyed, packed, and handled for nothing, and 

 agents gave their services freely without reward, the 

 amount of decrease thus rendered possible in values would 

 fall far short of the actual recorded decrease. The other 

 reason is that goods are nowadays sent long distances by 

 sea, whose value, compared with their bulk or weight, is 

 far below what could have profitably been sent in former 

 times, and this apart from any fall in prices, the nature of 

 the goods themselves being the point in question. Lower 

 charges per ton may easily be an even greater percentage 

 than formerly of the value of goods now entering largely 

 into international trade, but which were not then able to 

 present to dealers any hope of profit, owing to the expense 

 of carriage. For this reason, among others, a comparison 

 of the value of goods with the tonnage concerned in con- 

 veying them is of importance. 



Lowered freight charges would, we might expect, 

 operate on market values with a power not at all adequately 

 represented by the mere fall in freights themselves. By 

 increasing supplies of some articles a competition is estab- 

 lished not only between those having the increased supplies 

 from new sources to dispose of, but between these and 

 persons who struggle desperately, but, in the main, vainly, 

 to prevent the stream of productive effort from being 

 deflected from its accustomed channels, preferring lowered 



