The decline in the purchasing power of the sovereign in
the last twelve years is strikingly illustrated by a comparative table published in Thursday's Daily Mail. Sixteen articles in everyday use—including bread, milk, tea, sugar, bacon, flour, candles, currants, raisins, and meats—have been selected from the price-list of a leading London store, and when compared with the prices current in 1895 show an apprecia- tion of 20 per cent. With the exception of candles, the table deals almost exclusively with articles of food, and leaves out house-rent, coal, gas, hardware, &c., all of which show an upward tendency. According to the Daily Mail, there has also been a rise in the price of clothing ; but this is more arguable. It is a curious fact, again, that the ingenuity of manufacturers and the increased demand for amenities have undoubtedly brought down the price of many articles which can be classed as luxuries or quasi-luxuries. Many economists will no doubt ascribe the fall in the purchasing power of the sovereign to the depreciation of gold, but experts are by no means unanimous on this point.
Previous page
