STATE AND LOCAL EXPENDITURES 3 
this explanation is particularly applicable to the State of 
Missouri. 
Probably the most striking conclusion to be drawn from 
the data presented in Table 1 is that the expenditures of 
the state government in Missouri have in recent years' been 
on a level that is not at all comparable with the volume of 
expenditures in 1913 and 1918, the earlier years for which 
figures are presented. Changes in the purchasing power of 
the dollar account in part for the relatively large expenditures 
in the recent years when compared with 1913, but they do not 
account for the large differences between 1918 and the later 
years for which data are given. The gross total of expendi- 
tures amounted to $44.5 million in 1928, as compared with 
$7.6 million in 1913 and $13.0 million in 1918. In other 
words, gross expenditures in 1928 were almost six times as 
large as in 1913 and more than three times as large as in 1918. 
Gross expenditures in the peak year of 1925 amounted to 
$54.3 million, an amount more than seven times as large as 
the gross total for 1913. Similar comparisons may be made 
of net expenditures? using the data presented in Table 1. 
TasLe 1: Summary oF EXPENDITURES OF THE MISSOURI 
State GovErRNMENT, 1913, 1918, anp 1923-1928 
Computed by National Industrial Conference Board 
Index Numbers| 
Base: 
1913 = 100 
Whole-' 
sale 
Prices 
ndex 
Num- 
bers 
dase: 
913 = 
100 
Index Numbers 
1913 = 100 
Current | 
Dollars 
1913 
Dollars 
Cur- 
rent 
Dol- 
lars 
1913 
Dol- 
are 
Current 
Dollars 
1913 
Dollars 
Cur- 
rent 
Dol 
Tare 
1913 
Dol- 
lars 
100.0 
91.1 
402.1 
449.2 
482.3 
496.4 
100.6 
140.0 158.567. 525]27.545.44¢ os 
I Converted to the 1913 base from the revised series of the U. S. Bureau of Labor 
Statistics, currently computed relative to the base 1926=100, 
® Totals in current dollars from Table 2. 
1The fiscal year of the Missouri state government ends December 31; hence 
where state finances are concerned “year” is used instead of “fiscal year. 
2 Net expenditures differ from gross expenditures in that payments for interest 
and debt redemption are included in the latter but not in the former. 
oa