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 =