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In the quotation of prices in the foregoing tables the figures given are those charged in the retail shops. It is quite possible that produce of all kinds may have been bought at cheaper rates than those stated, but higher rates were also paid, and the figures will be found to represent the fair average rates, having regard to the class of goods consumed. It is of importance to take into consideration the quality of the produce consumed, for very considerable changes in the direction of improvement have taken place in this respect. Thus, the ordinary sugar now used, and obtainable for about 2d. per lb., is a good white sugar, whereas some years ago only a common quality of moist sugar was found on the tables of the people. A very material improvement has been effected in the quality of flour, a large proportion of the

present consumption being roller-made. Salt-butter still forms the bulk of the supply, but it is usually of recent make; while formerly the butter was imported from Great Britain, and was several months old before reaching the dining-table. The candles now used are made of stearine, but the time is not remote when only the common tallow candle was in general use; and so with many other articles of ordinary consumption. The retail prices are those actually paid from day to day, irrespective of the nominal wholesale rates of the commodities in the metropolitan markets.

PRICE-LEVELS OF ARTICLES OF COMMON USE.

A consideration of retail prices would not be complete without a statement of the price-level in different years. This can be given for foods; but at present the data are hardly sufficient to establish an exact series of price-levels, taking into consideration all the elements of ordinary expenditure. The information in regard to foods is given below, the assumption being made that the quantities entering into consumption were the same formerly as at the present day. This assumption, however, is in some respects erroneous; but there appear to be no other means within reach to effect a just comparison. Sugar, tea, coffee, butter, cheese, and potatoes are now more largely used than (say) prior to 1870; but bread, or other forms in which flour is used, and meat, are not consumed so largely. However, when full allowance is made on this score, the following table will still be found to approximate closely to the truth. The price-level is calculated on the prices ruling for beef, mutton, bread, sugar, rice, potatoes, tea, beer, and tobacco :

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During the past forty years prices of food stuffs have changed very slightly, such changes as there have been being in the direction of a reduction, and the average of 1896-1900 was less than at any previous period. Little practical good can be gained by comparing the prices of one period with those of another, unless regard is also paid to the earnings of labour, and as means of comparison are afforded in the chapter of this work dealing with wages, it will be unnecessary to pursue the subject further in this place.

years.

PRICE-LEVELS OF IMPORTS AND EXPORTS.

The following tables have been compiled with the object of showing to what extent Australia has been affected by the variation in the prices of commodities imported and exported during the past forty-one The figures refer to New South Wales alone, but they may be accepted as also indicating in a fairly accurate degree the position in which the other states of Australasia stand in regard to this matter. The total value of the exports of each of the states is greatly affected by the prices obtained for certain leading lines of raw produce, of which wool, wheat and flour, tallow, silver and silver lead, hides, leather, tin, copper, coal, fruit, butter, sugar, meat and timber are the most important. The value of these articles represents a total of about seventeen and a half millions or ninety per cent. of the total export of domestic produce.

In the subjoined table the price-level of domestic exports is given for the forty-one years beginning with 1860. In order to ascertain the price-level, all the principal articles of domestic produce exported have been taken, the prices of 1900 have been applied to the quantities of each of the other years, and the result has been compared with the actual total of such year: the level of the year being found by dividing the actual sum obtained into the amount which would have been obtained had the prices of 1900 prevailed. The average for 1900 is assumed to be 1,000, the price-levels or index numbers of the other years being as shown in the table. In order to further facilitate comparison, the average of the five years 1870-74 has been assumed to be 1,000, and the prices of other years have been adjusted to that basis. The average of these years has been taken because the question is frequently raised as to the comparative prices of commodities before and after the demonetisation of silver by Germany in 1873. In compiling the pricelevel for exports, only articles of insignificant value have been omitted from consideration, and in no year does the value of articles excluded form more than 15 per cent. of the total exports, while in some years the proportion falls as low as 5 per cent., the average of all years being

about 10 per cent. It is considered that this system enables a more reliable estimate of the relative prices to be obtained than that of selecting the prices of certain articles without giving due weight to the quantities of such articles exported.

These figures show that there has been a great fall in the prices of Australian produce exported since 1860, or still greater since 1864, viz., from the index number 1,316 to 682, or over 48 per cent. Marked fluctuations, ranging to about 10 per cent., occurred between 1860 and 1866, when the index number was about the same as in the first-named year. From 1866 to 1870 there was a drop from 1,249 to 879, or about 30 per cent. A rise followed in 1871 to 1,075, or about 22 per cent., after which for four years prices continued fairly steady, until there was a further decline to 887 in 1878. In 1879 the level rose to 921 and for the next four years prices continued without much change, but from 1884 to 1885 there was a fall from 919 to 806. This was succeeded by a fairly even range until 1889, when the level stood at 785. From 1889 there was a steep decline to 532 in 1894, a fall of 32 per cent. for the five years, but in 1895 and 1896 prices recovered a little, and the level rose to 573—an advance of 7.7 per cent. In 1897 there was again a slight fall from 573 to 557, equivalent to 2.8 per cent., but in 1898 the level rose to 590, and in 1899 to 736, a rise of 32 per cent. for the two years. The sharp rise in 1899 was entirely due to the improved price obtained for wool, and the fall in 1900 was mainly caused by the decreased price of that commodity.

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