The perplexity of a choice between such a variety of methods is much reduced by the two following considerations. _First_, beggars cannot be choosers. The paucity of statistical data (see the report drawn up by Sir R. Giffen in the _Report of the British Association_ for 1888, p. 183) restricts the operation. Thus for the purpose of index numbers based on consumption ... retail prices are theoretically appropriate; but "practically it is found that only the prices of leading commodities, capable of being dealt with in large wholesale markets, can be made use of" (Giffen, _loc. cit._). _Second_, the difference between the results of different methods is likely to be less than at first sight appears. For instance, the probable difference between the index number constructed by the British Association committee, and six others which have been proposed by high authorities--supposing the different methods to be applied to the same data, viz., the prices of twenty-one articles specified by the Committee may thus be expressed. The discrepancy which is as likely as not to occur between the committee's and other results is from 2 to 2.5 per cent. The discrepancy which is very unlikely to occur is from 8 to 11 per cent. (_Report of the British Association_ for 1888, p. 217). In fact, the index number for the year 1885, as determined from the same data by seven different methods, proved to be 70, 70.6, 73, 69, 72, 72, 69.5 (_ibid._, p. 211). The practical outcome of these two considerations is thus well expressed by Giffen (_loc. cit._ p. 184), "The articles as to which records of prices are obtainable being themselves only a portion of the whole, nearly as good a final result may apparently be arrived at by a selection without bias, according to no better principle than accessibility of record, as by a careful attention to weighting.... Practically the committee would recommend the use of a weighted index number of some kind, as, on the whole, commanding more confidence.... A weighted index number, in one aspect, is almost an unnecessary precaution to secure accuracy, though, on the whole, the committee recommend it." FOOTNOTES: [30] _Dictionary of Political Economy_, edited by R. H. T. Palgrave. Vol. II, pp. 384-7. Macmillan and Company, Limited. London. 1912. CHAPTER IX BANKING OPERATIONS AND ACCOUNTS