far as the ratio is capable of ascertainment.
| In France the ratio in | 1519 | was | 11.76 |
|---|---|---|---|
| 1540 | " | 11.82 | |
| In the Netherlands the ratio in | 1520 | " | 10.68 |
| 1540 | " | 10.62 | |
| In England | 1527 | " | 11.23 |
| 1552 | " | 11.1 | |
| In Germany | 1524 | " | 11.38 |
| 1551 | " | 11.38 |
Broadly speaking, therefore, there is a certain homogeneity about the first two periods, 1493-1520 and 1520-48, of the new era. These fifty-five years mark a time of general advance on prices achieved by 1520 and maintained unequally up to 1548, but an advance which was steadily and almost fairly level on the two lines of gold and silver, so that the perfectly well-established advance of prices generally is accompanied with no great disturbance of the ratio in itself.
In contrast with this all the succeeding periods have, up to 1660, a distinct character and statistical bearing. An enormous and ever-increasing advance Page 68 in