ABSTRACT
It should be reiterated here that the unit price and value-added data for all 15 commodities are available for only one year-1933. This chapter presents the two indexes based on 15 commodity series weighted by 1933 net value-added and gross prices, respectively. An attempt is made to compare the results of thie study with those of Wang Foh-shen and Fred C. Hung. The discrepancies in the aggregate ratios can therefore be explained, at least in part, by examining the changing structure of industrial production during the period under investigation. In this respect, special attention was given to those commodities which are relatively more material-using. The Wang index covers eleven principal commodities from 1931 to 1946. The trend of development shown by Wang's index is not representative of the country as a whole, though for the war years it depicts fairly well the efforts made by the National Government to industrialize the territories under its control, mainly the southwestern interior.
