seven to one for catalogue value comes pretty close
when we compare $2.50 with 36 cents! In the case of the 6d there are
70,000, less 17,500 remainders, or 52,500. This is approximately
one-eighth the total issue of 400,000, or again a ratio of one in seven.
The inverse ratio of seven to one for a catalogue value would make the
perforated stamp list $42 with the imperforate at $6. But both laid and
wove paper 6d stamps list at approximately $6, whereas, if all had been
issued on but one variety of paper, we might find, perhaps, a single
list price of, say $4. With this as a basis, the catalogue value of $30
for the perforated 6d is in as close agreement with our supposition as
are the others. And, best of all, the second supply of the 10d stamp is
disposed of without any difficulty whatever under this hypothesis!

It may be argued that reasoning thus from catalogue prices is too
uncertain to prove of value. Granted in many cases. But here is an issue
from fifty to sixty years old; the stamps were regularly used in
increasing numbers during their years of issue; they have always been
popular and eagerly collected, so that the stock in existence has been
pretty well handled and pretty well distributed. Under these conditions
the catalogue prices should by this time reflect fairly accurately the
_relative_ rarity of the main varieties of each stamp at least; and it
is this relative rarity that we are after in order to approximate the
original supplies of the main varieties. The result is certainly of more
than mere interest, the agreement being such that we are tempted to lay
down the following propositions in regard to the perforated stamps for
further proof or disproof:--

_First._ The regular perforation (gauge 12) was done by the
manufacturers and applied to the last requisitions previous to the
change to decimal stamps.

_Second._ The date of the supposed issue of the perforated stamps
should be changed from January, 1858, to November, 1858, or
January, 1859.

_Third._ The quantities of perforated stamps issued are placed
approximately at:--1/2d, 789,440; 3d, 428,200; 6d. 52,422. In
further support of the above postulates, we must say that every
cover bearing any one of the three perforated stamps which we have
been able to get a satisfactory date from has been postmarked in
_1859!_ Not one has yet been seen which bore a date in 1858 even,
and one 6