Let us see, then, just for curiosity's sake, what the supplies of the last six months of issue yield us for data. For the 1/2d. we find 850,000, roughly, with 60,000 remainders. Call it 800,000 issued which, if perforated, would be a quarter of the total issue of 1/2d. stamps, or a ratio to the imperforates of one to three. This is not so far away from the catalog ratio of two to one (inversely, of course) in the value of the perforated stamps. With the 3d. stamp we have 450,000, roughly, with 20,000 remainders, say 430,000 issued. Of a total issue of 3,500,000 this represents one-eighth, or a ratio of one to seven. The inverse ratio of seven to one for catalog value comes pretty close when we compare $2.50 with 36 cents! In the case of the 6d. there are 70,000 less 17,500 remainders, or 52,500. This is approximately one-eighth the total issue of 400,000, or again a ratio of one to seven. The inverse ratio of seven to one for a catalog value would make the perforated stamp list $42 with the imperforate at $6. But both laid and wove paper 6d. stamps list at approximately $6, whereas if all had been issued on but one variety of paper we might find perhaps a single list price of say $4. With this as a basis, the catalog value of $30 for the perforated 6d. is in as close agreement with our supposition as are the others. And, best of all, the second supply of the 10d. stamp is disposed of without any difficulty whatever under this hypothesis! It may be argued that reasoning thus from catalog prices is too uncertain to prove of value. Granted in many cases. But here is an issue from fifty to sixty years old; the stamps were regularly used in increasing numbers during their years of issue; they have always been popular and eagerly collected, so that the stock in existence has been pretty well handled and pretty well distributed. Under these conditions the catalog prices should by this time reflect fairly accurately the _relative_ rarity of the main varieties of each stamp at least; and it is this relative rarity that we are after in order to approximate the original supplies of the main varieties. The result is certainly of more than mere interest, the agreement being such that we are tempted to lay down the following propositions in regard to the perforated stamps for further proof or disproof:-- _First._ The regular perforation (gauge 12) was done by the manufacturers and applied to the last requisitions previous to the change to decimal stamps. _Second._ The date of the supposed issue of the perforated stamps should be changed from January 1858, to November 1858 or January 1859. _Third._ The quantities of perforated stamps issued are placed approximately at:--1/2d., 789,440; 3d., 428,200; 6d., 52,422.