... Because of the large existing stock of gold, very considerable changes may take place in the supply of gold without materially changing the world value of gold as related to goods in general. Rapid changes of price are hence more likely to be due to influences in the market for goods, to speculative changes of demand for goods, or to psychological forces working independently of facts.... In reply it may be said that the production of gold since 1895 represents a very large percentage of the total supply. The Soetbeer figures as supplemented by those of the Director of the Mint show that the world's gold production for the 405 years 1492-1896 inclusive was in round numbers $8,982,000,000,[66] and that for the eleven years 1897-1907, was $3,513,000,000; in other words, for these eleven years it was over 39 per cent. of the total for the preceding 405 years. Probably the effective supply represents a much larger proportion of recent gold because of (1) the large amount of loss chiefly by abrasion of the gold produced in the earlier years, and of (2) the greater degree to which this early gold has assumed specialized forms, such as jewelry, plate, etc. Satisfactory index numbers of prices for recent years are not available for all the principal countries of the world. Such as we have, however, point to a decided rise of prices in all gold standard countries since about 1897. Comparing standard price index numbers in six of the chief countries of the world for the years 1897 and 1907, we find the general price level to have risen as follows:[67] United States--Bureau of Labor figures 44.4% Canada--Coats figures, (weighted) 43.7% England--Sauerbeck figures 29.0% France--de Foville, figures for export prices[68] 13.3% Germany--Hamburg figures 30.8% Italy--Necco figures for export prices 23.4%