billions (1/12 of 387 billions), which would exceed the total income of the country as calculated by King for 1910. Dean Kinley reached the conclusion that the retail deposits reported in 1896 also exceeded the probable retail expenditures.[265] Of course, not all of retail trade is in consumption goods. Hardware stores, lumber stores, and some other retail establishments sell, not only to householders for domestic use, but also things which enter into further production, and so do not come out of annual income. If we include in retail trade various items which were not included there in Kinley's figures, such as hotels, theatres, newspaper receipts from subscription and street sales, physicians' fees, etc.--all those items which enter into the domestic budget, including domestic service, we should still not be justified in reaching a total as great as the total income of society, since there would then be no allowance for savings, which we should not count in trade, or for life insurance, which we shall count separately. The items sold at retail which enter into further production cannot make a great total, since large producers buy such things at wholesale. Total retail trade, therefore, and, in addition all the other items in the domestic budget, must be held below the figure for total national income. Suppose, to be very liberal, we allow 29 billions[266] for all these items, under the general head of "retail trade." For wholesale trade, if we take the figures at face value, the estimate would be 65-3/4 billions (124/726 of 387 billions, or 17% of 387 billions). But we have seen that there is a great deal of speculation among wholesalers. Not all of their deposits, by any means, represent receipts from ordinary business. Moreover, there is much overcounting here, several checks being used for one transaction, especially where wholesalers have branch houses, and checks connected with loans and repayments, and transfers of funds from one bank to another. How much we should subtract for this there is no way to tell. In the case of retail figures, we have the additional check of the figures for total net income, but there is no such check here. We shall, therefore, make no subtraction, but shall content ourselves with pointing out that we are allowing many billions[267] to "ordinary trade" to which it is not entitled, which will much more than offset errors in the opposite direction which the reader may find in our computations.