To examine the principles of all the cases in which chances for and against an occurrence have been calculated from real or hypothetical data, would be to trespass into the province of Mathematics, but a few simple cases will serve to show what it is that the calculus attempts to measure, and what is the practical value of the measurement as applied to the probability of a single event.
Suppose there are 100 balls in a box, 30 white and 70 black, all being alike except in respect of colour, we say that the chances of drawing a black ball as against a white are as 7 to 3, and the probability of drawing black is measured by the fraction 7/10. In believing this we proceed on the principle already explained (p. 356) of Proportional Chances. We do not know for certain whether black or white will emerge, but knowing the antecedent situation we expect black rather than white with a degree of assurance corresponding to the proportions of the two in the box. It is our degree of rational assurance that we measure by this fraction, and the rationality of it depends on the objective condition of the facts, and is the same for all men, however much their actual degree of confidence may vary with individual temperament. That black will be drawn seven times out of every ten on an average if we go on drawing to infinity, is as certain as any empirical law: it is the probability of a single draw that we measure by the fraction 7/10.
When we build expectations of single events on statistics of observed proportions of events of that kind, it is ultimately on the same principle that rational expectation rests. That the proportion will obtain on the average we regard as certain: the ratio of favourable cases to the whole number of possible alternatives is the measure of rational expectation or probability in regard to a particular occurrence. If every year five per cent. of the children of a town stray from their guardians, the probability of this or that child's going astray is 1/20. The ratio is a correct measure only on the assumption that the average is maintained from year to year.
Without going into the combination of probabilities, we are now in a position to see the practical value of such a calculus as applied to particular cases. There has been some misunderstanding among logicians on the point. Mr. Jevons rebuked Mill for speaking disrespectfully of the calculus, eulogised it as one of the noblest creations of the human intellect, and quoted Butler's saying that "Probability is the guide of life". But when Butler uttered this famous saying he was probably not thinking of the mathematical calculus of probabilities as applied to particular cases, and it was this special application to which Mill attached comparatively little value.