I, pp.

138 ff.

and 361 ff.
FIG.1.GOLD PRODUCTION OF THE WORLD, 1493-1914.
The changes in gold production here shown have bearings not only upon problems of money, but in some respects upon nearly every modern economic problem.

Compare in the present connection this figure with Figure 3, in Chapter 6, Section 4, showing changes in index numbers of prices.
[Illustration: FIG.1.GOLD PRODUCTION OF THE WORLD.

1493-1710.
AVERAGES FOR PERIODS BEFORE 1870]] [Footnote 6: This formula is presented by E.W.Kemmerer in "Money and Prices" (2d ed., 1909), p.