Page:On the economy of machinery and manufactures - Babbage - 1846.djvu/191

proportion than it does in many of the others. 5. The smaller quantity of raw material employed, and perhaps, in some instances, an inferior quality of workmanship. 6. The improved means by which the same effect was produced by diminished labour.

(205.) In order to afford the means of estimating the influence of these several causes, the following table is subjoined:

​ Average Price of ​		1812.			1818.			1824.			1828.			1830.			1832.
		£	s.	d.	£	s.	d.	£	s.	d.	£	s.	d.	£	s.	d.	£	s.	d.
Gold, per oz.		4	15	6	4	0	0	3	17	61/2	3	17	7	3	17	91/2	3	17	101/2
Value of currency, per cent.	$\scriptstyle {\left.{\begin{matrix}\ \\\ \end{matrix}}\right\}\,}$	79	5	3	97	6	10	100			100			100			100
Price of 3 per cent. consols	$\scriptstyle {\left.{\begin{matrix}\ \\\ \end{matrix}}\right\}\,}$	593/4			781/4			935/8			86			893/4			821/2
Wheat per quarter		6	5	0	4	1	0	3	2	1	3	11	10	3	14	6	2	19	3
English pig-iron, at Birmingham	$\scriptstyle {\left.{\begin{matrix}\ \\\ \end{matrix}}\right\}\,}$	7	10	0	6	7	6	6	10	0	5	10	0	4	10	0	. .
English bar-iron, do.		. .			10	10	0	9	10	0	7	15	0	6	0	0	5	0	0
Swedish bar iron, in London, excluding duty of from 4l. to 6l. 10s. per ton	$\scriptstyle {\left.{\begin{matrix}\ \\\\\ \\\ \ \end{matrix}}\right\}\,}$	16	10	0	17	10	0	14	0	0	14	10	0	13	15	0	13	2	0

As this table, if unaccompanied by any explanation, might possibly lead to erroneous conclusions, I subjoin the following observations, for which I am indebted to the kindness of Mr. Tooke, who may yet, I hope, be induced to continue his valuable work on High and Low Prices, through the important period which has elapsed since its publication.

"The table commences with 1812, and exhibits a great falling off in the price of wheat and iron coincidently with a fall in the price of gold, and leading to the inference of cause and effect. Now, as regards wheat, it so happened that in 1812 it reached its