STATISTICS OF EXTERNAL COMMERCE 21
In the case of imports computed values, that is, values officially
estimated in accordance with what were believed to be the current
prices of the time, were introduced, and remained in use till 1870
inclusive, but from 1871 onwards declared values have been entered
for imports also. This, observed Mr. (afterwards Sir Robert) Giffen,
should warn us all to use a great deal of caution in carrying our com-
parisons of import values farther back than 1870.2 Itis for this reason
shat the tables in the Appendix are now made to begin with the period
1871-5. It should be added that according to British practice import
values are those at the port of arrival, that is, include freight but not
merchant’s profit, export values those at the port of shipment, ¢ free
on board’ (f.0.b.). Notes are given on the different tables as to the
mode of valuation adopted by different countries, but it may be worth
while to call attention here to the peculiarities of practice in Denmark
and the United States. Denmark has for imports official values based
on the prices of the goods in the exporting country with the addition
of the cost of conveyance to Denmark, and for exports values based
on the market price in Denmark with the addition of the cost of con-
veying the goods to their destination. Unlike the export values of
other countries, accordingly, Danish export values are c.i.f. values,
that is, are values including cost, insurance, and freight. While the
Danish practice thus differs from what ia otherwise general in the case
of exports, it is very important to note that the practice of the United
States is singular under the head of imports, the import values are
based on the market value or wholesale prices in the exporting country,
that is, do not include freight. In the case of exports the values for
native goods are the declared values at the place of shipment, for goods
of foreign origin if taken from a warehouse the values at the place of
import, otherwise the values entered are those at the time and place of
shipment.
48. In the commercial statistics of the N. etherlands the use of official
values like those formerly employed in this country is still maintained.
The figures on which the value of imports and exports of that country
in the tables in the former editions of this work were based were taken,
ike those of other countries, from the Statistical Abstracts Jor Foreign
Countries, where no warning is given as to their nature. It appears,
however, that the ‘ values ’ in Dutch returns are based on the prices
of 1860 or thereabouts. For that reason the tables that in earlier
editions professed to give the value of the trade of the Netherlands
have been deleted as worthless, and others have been substituted which
will serve to indicate how great the divergence now is between the so-
salled values of the Dutch returns and the approximate actual values.3
‘ For detailed information as to the methods of computation see a paper by
Mr. Stephen Bourne in the Jour. Statist. Soc., vol. xxxv. (1872), P- 206.
* Jour, Stat. Soc., vol. xv. (1882), p. 188.
*1t will be observed that in one case, Peruvian bark, the so-called value is
nore than seventy times what may be taken to be near the true value.