dollars (of which about $600,000,000 was ammunition). Up to the middle of 1921 about 1.5 billion dollars worth had been sold. These figures doubtless represent costs. Quantities on 1913 basis would probably be indicated by half the amounts.
This subject is one of the major ones awaiting research and study in the field of quantitative economics. Upon the position of the stocks of goods hang immediately the matters of prices, the banking situation, and the degree of labor employment. Yet, at this moment it seems to be insolvable. We have reached a stage where we can ascertain the major part of the stocks of agricultural produce. We know somewhat, but much less, as to the stocks of minerals and metals. We know next to nothing as to the stocks of manufactures and merchandise, which constitute by far the larger part of the total, and there does not appear to be any practicable method of accounting for them.
