GDP: "From 1850 to 1869 from Mitchell (1988), Ch. 16, T. 5, pp." "831-832, Gross domestic product at market prices. Data from" "1870 to 1944 from Feinstein (1972), T. 3, pp. T10-T11, gross" domestic product at market prices. Capital Formation: "Data from 1850 to 1869 from Mitchell (1988), ch 16, T. 5, pp." "831-832, gross domestic fixed capital formation plus value of" physical increase in stocks. Data from 1870 to 1920 from "Feinstein (1988), T. 17, pp. 462-463, gross domestic fixed" capital formation plus value of physical increase in stocks and works in progress. Data from 1921 to 1944 from Feinstein "(1972), t. 2, pp. T8-T9, gross domestic fixed capital" formation plus value of physical increase in stocks and works in progress. Current Account: "Data from 1850 to 1869 from Imlah (1958), T. 4, pp. 70-72," balance on current account. Imlah’s data include net exports of gold and silver bullion and specie. Data from 1870 to 1920 "from Feinstein (1988), T. 17, pp. 462-463, net investment" abroad. Feinstein’s (1988) current account data are calculated as the balance of current account transactions not involving gold or silver plus the net increase in the U.K. stock of monetary gold and silver. Data from 1921 to 1944 are from "Feinstein (1972), T. 15, pp. T38-T39, net investment abroad." The data from Feinstein (1972) include silver trade after "1913, but, as noted in the body of this paper, exclude all" gold flows. Our own data for the current account CA NG excluding all gold flows (but including all silver flows) are calculated as follows. For 1850 to 1869 we take the current "account data from Imlah (1958), less net exports of gold and" "silver, plus net exports of silver (with net exports of the" precious metals as calculated below). For 1870 to 1920 we take "the current account numbers of Feinstein (1988), less the" change in the total gold and silver money stock (as calculated "below), plus net exports of silver. For 1921 to 1944 we simply" "take the Feinstein (1972) series on net investment abroad," which includes all silver trade and excludes all gold trade. Gold: "Imlah (1958), T. 4, pp. 70-72, reports data on net shipments" of gold and silver for the years 1850-1870. Imlah's data do "not separate net gold from silver shipments, but instead" aggregate the numbers for both metals. Separate gold and silver net exports data for 1858-1916 and 1920-1945 are from "United Kingdom, Board of Trade (various years), exports of" "(gold, silver) bullion and specie less imports of (gold," silver) bullion and specie. (This source also provides data on the separate levels of gold and silver imports and exports for 1858-1916 and 1920-1945.) Gold net exports data for 1917-1919 "are from Morgan (1952), T. 52, p. 335, net exports of gold" coin and bullion. Silver net exports data for 1917-1919 from "Morgan (1952), T. 53, p. 341, net exports of gold and silver," "less net exports of gold from T. 52, p. 335. Although separate" silver and gold exports data are reported by the Board of "Trade for 1850-1857, separate silver and gold imports data are" not reported prior to 1858. To calculate net gold shipments "for 1850-1857, we therefore must estimate gold imports" separately for those years. We do this in three steps as "follows. First, we use the 1858-1916, 1920-1945 Board of Trade" data to measure the average ratio k of silver imports to silver imports plus silver exports. (This ratio is much more "stable over time than the corresponding ratio for gold trade," which is why we take this rather roundabout route to estimating 1850-1857 gold imports). Because we do have yearly "silver exports data, XS, for 1850-1857, we then estimate" silver imports in any year as MS = kXS /(1 ? k). That is the second step in our procedure. The third and final step is to estimate gold imports for 1850-1857 as the sum of gold and silver exports (from Board of Trade) less our estimated silver "imports less the Imlah (T. 4, pp. 70-72) figures for net" shipments of gold and silver together. Data on changes in the monetary gold stock from 1868 to 1921 are calculated as the change in the estimated stock of "gold coin outstanding, plus the change in the stock of gold in" the Bank of England. Data on gold in the Bank of England (Issue and Banking Departments) are taken from the Economist "(various issues, last week of December) for 1850-1932. Data on" the change in the monetary stock of gold coin are from Capie "and Webber (1985, T. 7.3, pp. 198-200). Mid-year data from" 1868 to 1904 were converted to year-end data by adding data from the following year and dividing by two (this procedure assumes an even distribution across years). Data on the gold coin stock from 1915 to 1920 are calculated by taking the average of the gold coin stock to the total coin stock for the years 1868 to 1914 and multiplying by the figure for the total coin stock. The silver coin stock from 1905 to 1920 is calculated by taking the average of the silver coin stock to the total coin stock for the years 1868 to 1905 and multiplying by the figure for the total coin stock. "After 1921, our estimates assume that the only sources of" change in the monetary gold stock are changes in the gold holdings of the Bank of England or the Exchange Equalisation Account. This procedure was adopted because of the lack of available data on holdings of gold coin outside the Bank of England after 1921. For 1922-1932 we use the Economist data on Bank of England gold holdings. Data from 1933 to 1945 are from "United Kingdom, Financial Secretary of the Treasury (1951)," gold reserves in the Bank of England Issue Department and the "Exchange Equalisation Account until 1939, then gold and dollar" reserves from 1940 to 1945 (which were not reported separately). Refs: "Board of Trade, Statistical Abstract for the United Kingdom," "His Majesty's Stationery Office, London" "Capie, Forrest and Webber, Alan (1985), ""A Monetary History of the United Kingdom, 1870-1982""" "Vol I: Data, Sources, Methods, George Allen and Unwin, London." "Central Statistical Office, Annual Abstract of Statistics," "His Majesty's Stationery Office, London" "Feinstein, Charles H. (1972), ""National Income, Expenditure and Output of" "the United Kingdom 1855-1965"", Cambridge University Press, Cambridge." "Feinstein, Charles H. (1988), ""Stocks and Works in Progress, Overseas" "Assets, and Land"", ch. 18 of Feinstein, Charles H. and Pollard, Sidney (eds)" "(1988), ""Studies in Capital Formation in the United Kingdom 1750-1920""," "Clarendon Press, Oxford." "Imlah, Albert H. (1958), Economic Elements in the Pax Britannica," Studies in British Foreign Trade in the Nineteenth Century "Harvard University Press, Cambridge Massachusetts." "Mitchell, B. R. (1988), British Historical Statistics" "Cambridge University Press, Cambridge." "Mitchell, B. R. (1993), International Historical Statistics Europe 1750-1988" "3rd ed., Stockton Press, New York." "Morgan, E Victor (1952), Studies in British Financial Policy, 1914-25" "MacMillan & Company, London."