Statistics and Their Application to Commerce e-bog

Whilst the greatest effort has been made to ensure the quality of this text, due to the historical nature of this content, in some rare cases there may be minor issues with legibility. Business is a science, and the office may therefore be regarded as the laboratory, and as such it should be efficiently fitted to carry out the work for which it is intended. In order to succeed in any business to-day the business man must study all the factors which enter into the production, buying and selling, exporting and importing of the goods in which he deals. He must know the right time to buy, the right price to pay, the quantity to buy, and the correct place to buy it. He must know when to place the article upon the market, the price which he can obtain, the people to whom it is to be sold. He must study transport facilities, and investigate and compare the costs of the various methods of transport which may be adopted, not overlooking the importance and convenience of speedy and certain deliveries. He must know how to create a market for a new product, or how to stimulate the demand for his goods. Financial conditions need close and careful study in order that he may know when it is advisable to expand and contract credit, or when it may pay him to purchase his goods and pay for them by raising a loan. If he is an importer or exporter, he must know the influences which affect foreign exchanges, so that he may pay or collect his debts at the most propitious moment. He must know when he may speculate with a reasonable expectation of profit, and must be able to come to an immediate decision with regard to any proposition which may be placed before him. 'this calls for efficiency of a very high order. The time has come when old-fashioned methods must be scrapped, old ideas swept away, and new and improved methods used in order that business may expand, profits increase, and, in brief, development be rendered possible.