Gold and Prices

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Longmans, Green, and Company, 1912 - Gold - 32 pages
 

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Page 2 - California during its auriferous history has been extremely similar, and the description of the movement in the former country will in its main features be found applicable to the latter. Regarded in its economic aspects, the discovery of gold in Australia may be thus briefly described : It was an occurrence by which a common labourer was enabled, by means of a simple process requiring for its performance little capital or skill, to obtain about a quarter of an ounce ( of gold — in value about...
Page 15 - ... African War; yet in 1901-2 it remained well above what it had been in 1897. In 1903 its upward march was resumed ; and in six years it reached its present figure of well over ninety millions annually, or between three and four times as much as the annual output during the forty years 1850-1890. . . . There has been added to the world's stock of gold during the last fifteen years, a quantity considerably greater than the total amount of coin and bullion previously existing in Europe and America...
Page 20 - Continent — that the most direct and immediate way in which an influx of gold affects trade is by causing the banks to make advances on easier terms, so stimulating enterprise and causing an increase in the demand for commodities and services, and consequently a rise of prices.
Page 5 - ... number was unduly raised by that special cause, inasmuch as raw cotton, cotton yarn, and cotton cloth each counted as one among the twenty-two commodities. Hence the practice has been largely adopted of weighting the figures which go to make up the index number according to some scale of relative importance. If there were in a room a number of men just five feet high and a number just six feet high, one would not find out the average height by adding five and six and dividing by two : one would...
Page 5 - Hence the practice has been largely adopted of weighting the figures which go to make up the index number according to some scale of relative importance. If there were in a room a number of men just five feet high and a number just six feet high, one would not find out the average height by adding five and six and dividing by two : one would find out how many there were of each height, multiply the heights by the respective number of men, and divide by the total number. Similarly, it is easy to multiply...
Page 15 - ... increase on the preceding year leapt up to seven millions, and in 1898 to ten millions more. It was checked by the South African War; yet in 1901-2 it remained well above what it had been in 1897. In 1903 its upward march was resumed; and in six years it reached its present figure of well over ninety millions annually, or between three and four times as much as the annual output during the forty years 1850-1890. . . . There has been added to the world's stock of gold during the last fifteen years,...
Page 30 - We may, therefore, venture to expect that the present upward movement will soon come to an end ; that then prices will for a time remain on the same level ; and that, sooner or later, the downward march of prices will again be resumed.
Page 1 - The extent of the rise of prices has recently been indicated by an interesting return issued by the great Co-operative Wholesale Society. This shows, for certain years from 1898 onward, the cost to the Society, at wholesale prices, of what it calls " an average weekly family grocery order.
Page 1 - The figures, it will be seen, for 1911 are 19 per cent. above those for 1896 ; and this tallies exactly with the estimate of the Board of Trade as to retail food prices in London.
Page 14 - ... Dunkirk. The occupation of the Ruhr is the worst conceivable means for achieving this result. HERMANN SCHUMACHER PRICES AND WAGES FROM 1896-1914 1. WRITING in 1911 Professor Ashley summarised the recent changes in gold production as follows : " The output began to increase from 1890 onward by a rate of from two to four million pounds sterling a year; in 1897 the increase on the preceding year leapt up to seven millions, and in 1898 to ten millions more. It was checked by the South African War;...

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