TRADE BETWEEN 1900 AND 1913 137 
The final index to be considered, before attempting a compre- 
hensive review of the change in the terms of trade over the 
period, has reference to the price of labour services, a wholly 
domestic commodity. Wages data, while more satisfactory than 
for the preceding years, are compiled on a basis that is not 
TasBLE XXV 
Index of Wages, Australia 1900-13 
BEF REOTIVE WAGES. 
Year. 
1901 . 
1902 
1903 . 
1904 . 
1905 . 
1906 . 
1907 . 
i908 
1909 
1910 . 
11 | . 
1912 . * 
1913 . 
Nominal 
Wages! 
Tnemploy- 
ment 
per cent? 
BR 
A 
848 6-6 
340 78 
330 11-5 
365 3.3 
360 34 
366 5-7 
393 57 
900 a0 
923 5-8 
955 56 
,000 4-7 
,051 | 56 
0768 53 
Retazl 
price 
index. 
Is] 
380 
929 | 
310 
358 
901 
302 
897 
951 
248 
970 
+,000 
1,100 | 
1.121 
Full work. 
D 
964 
950 
950 | 
280 
976 | 
p60 
p96 
946 
974 
985 
1,000 
955 | 
975 
Allowing 
Jor unem- 
ployment. 
TT" 
1.000 
995 
984 
1,010 
1,028 
994 
1,043 
988 
1,019 
1,030 
1,058 
1,000 
1.026 
entirely free from criticism. It is only fair to say, however, that 
the authorities responsible for their compilation are fully aware 
of the limitations, and that the process constitutes a method of 
‘sampling’ that is probably accurate in a high degree, except in 
abnormal years. The chief difficulty concerns the registration 
of unemployment, the factor which affects so seriously the 
index of effective wages. Prior to 1913 comparable statistics, 
allowing for variations in both the purchasing power of money 
and the volume of unemployment, cannot be computed with 
great accuracy. It is highly probable, however, that the index 
' Computed by Knibbs for 1901, and 1908 onwards. Figures for 1902-5 com- 
puted by writer from data in Statistical Registers for Victoria and New South Wales. 
? From Commonwealth Year Book for the years 1908 onwards. Earlier years 
omputed by writer from State registers. 
* Wholesale prices computed for Labour Bulletin, No. 1, Prices, Price Indexes 
and Cost of Living, Commonwealth Bureau of Census and Statistics, 1912. 
4 Commonwealth Year Book, Chapter XIII (No. 20), for years from 1908 
onwards. Earlier years computed by writer from columns B, C, and D. 
3710 =