concerning all of the prominent issues based on these industries. You
are invited to avail yourself of this service, and if you are interested
in any candy or sugar stock, we will be pleased to have you confer with
us. This department now has in preparation an analysis of the candy and
sugar situation as it exists to-day in the United States. Interesting
data is also being collected from most reliable sources, giving figures
and statistics for the world. The number of copies which we are
preparing for general distribution is limited. If you will sign the
enclosed card, and return it to us, we will take pleasure in extending
to you the courtesy of a copy of this analysis free of charge.

When individuals work individually, for themselves, as they please,
statistics are only necessary for the onlooker who wants to compare
individual effort with individual effort; the individuals who want to
make no comparison of their own work with that of others, nor to keep
any record of the progress of their work, need keep no statistics; but
societies always want to keep a record of their work, and that record
must be largely statistical.

It is vain to attack statistics to-day. Every society publishes
statistical sheets. Every society by publishing them shows that it
recognises the value of statistics. The difficulty to-day is not that
the societies do not publish statistics, but that the statistics which
they publish are not related to any aim or purpose, and do not include
factors or standards which enable us to measure progress.

(ii) It may also cause surprise that we ask for estimates in some cases
where exact information is not immediately accessible. It may be said
that statistics are misleading, but estimates are hopelessly misleading:
let us have correct figures or none. That attitude is easily understood,
but under the circumstances it is vain. "Correct figures," that is,
meticulously exact figures, are unattainable. An estimate is in nearly
all matters of daily life and business the basis, and rightly the basis,
of our action. It will be noticed that in that letter which we quoted
above concerning the statistics of the candy trade in the United States
of America, estimates had a place, and foreign missions involve matters
about which "correct figures" are more difficult to obtain than the
candy business. An estimate carefully made and understood, a deliberate
statement expressed in round numbers, is not unscientific: it