Note 286 — Chapter XVII

The amounts given are those known as the "official values," assigned arbitrarily to the specific articles a century before. The advantage attaching to this system is, that, no fluctuation of price entering as a factor, the values continue to represent from year to year the proportion of trade done. Official values are used throughout this chapter when not otherwise stated. The "real values," deduced from current prices, were generally much greater than the official. Thus, in 1800, the whole volume of trade, by official value £73,723,000, was by real value £111,231,000. The figures are taken from Macpherson's Annals of Commerce.