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Working Paper
Bulk commodities and the Liverpool and London markets of the mid-19th century
We study British prices and the degree of commodity market integration between Liverpool, the bulk commodity port of mid-19th century, and London. A new wholesale commodity price index is presented for Liverpool and this is compared with the Klovland-Sauerbeck index. Next, we examine the relationship between Liverpool and London markets in specific bulk commodities. Our data consist of price indices for identically described goods in both Liverpool and London: three commodity groups (metal products, wood products, and processed foods), and the specific commodities of wheat and flour. Tests ...