APPENDIX 
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GreaT BRrITAIN’s TERMS oF TRADE, 1880-1913 
The figures for Great Britain, as well as the chart in the text (Chap- 
ter 21, p. 246), are reproduced from the Economic Journal for March, 
1925, where the reader will find also some further discussion of the 
results. For the table (pp. 412-13) and the notes explaining it, and 
for the chart, I am indebted to Mr. A. G. Silverman. The amount 
and quality of the work done by him, represented by these bare 
tabular results, can be appreciated only by persons who have them- 
selves undertaken statistical research of the kind. 
Notes oN THE TABLE 
Data in Roman are transcribed ; data in Italics are computed. 
Sources: for 1900 and subsequent years the data in Roman are published an- 
nually in British and Foreign Trade and Industry (e.g. Parliamentary Papers for 
1912, Vol. 35, Cd. 6314, p. 9). 
For the earlier years, 1880 to 1899, the data were obtained as follows: 
Column A, British and Foreign Trade and Industry, 1854-1908, Cd. 4954, 
p. 19. 
Column E, ibid., p. 19. Prior to 1899 the value of the exports of ships 
and boats (new) with their machinery was not recorded. The value of such 
2xports is included in 1899 and subsequent years. 
Column G, bid., p. 53. These figures were computed by the Board of 
I'rade from data published annually in the London Economist. 
Column B, for the years 1880 to 1899 the figures were derived by dividing 
the declared value of total imports (not net imports) by the estimated value of 
these total imports at 1900 prices as computed from data published annually 
in the Economist (see British and Foreign Trade and Industry, 1854-1908, 
Cd. 4954, p. 53). Total imports were used because the estimated values of net 
imports at 1900 prices were not directly available. In applying the import 
price index thus obtained to the declared value of net imports (Column A) 
to obtain the estimated values of these net imports at 1900 prices (Column C). 
it is assumed that the import price index as calculated from data of total 
imports would not differ significantly from an import price index computed 
from net imports. 
For 1900 and subsequent vears, 
Column B, figures are computed by formula A or ZP:Qi (Paasche’s formula), 
which is the price index. CC ZP.Qs 
ZPD: « 2P.0:, which gives 
ZP:Q: 
ZP,Qi 
Columns D and H are calculated as indicated. For the years 1880 to 1898, 
the figures in Column H, however, are computed with reference to the exports of 
1900, without ships and boats (new) and their machinery. Since for 1900 the 
exports of ships, ete., were £9.2 millions, the exports excluding these items were 
for this year only £282 millions, not 291. 
Column F, z (1880-1913). 
Column I gives the index of changes in the net barter terms of trade; Col- 
umn J gives that of changes in the gross barter terms. 
as