The sunspot number series R( t) from 1700 to date is found to be representable by R( t) = I Jf' {Re( E( t) exp[i {wo t + ( t) I]) + U( t) 1 I, where Wo is the angular frequency corresponding to a period of 22 years, E(t) is the instantaneous envelope amplitude, (t) is the instantaneous phase of a complex time-varying analytic function, U(t) is an undulation of low amplitude and period about 30 (22-year) cycles and jy is a nonlinear operator whose main effect is to introduce a small amount of third harmonic (period about 7 years). The justification for the 22-year period is the known fact that the observable sunspot magnetic fields reverse polarity every 11 years or so at the time of sunspot minimum; the undulation has been demonstrated, and its period determined, in fossil records discovered by Williams; and the third harmonic is an expected consequence of minor nonlinearity in the dependence of the arbitrarily defined R( t) on the physical cause of sunspots. The algebraic representation is established by the Hilbert transform method of forming a complex analytic function as proposed by Gabor. The method reveals three obscuring features that may be alleviated as follows: use the alternating series R� (t) in which alternate II-year cycles take opposite signs, remove the third harmonic, and subtract the undulation. These justifiable steps remove artificial components, such as sum and difference frequencies, that are gratuitously and nonlinearly introduced by conventional Fourier analysis as applied to the rectified, or absolute, value of the 22-year oscillation. Then a complex envelope E( t) exp {i ( t)j can be discerned whose intrinsic behaviour can be studied to reveal statistics that bear on the physical origin of the solar cycle. The results favour a deep monochromatic oscillator whose influence is propagated to the observable surface via a time-varying medium. The r.m.s. value of the component of E(t) is 0�4 of the mean and the characteristic time is a century. Frequency analysis of the envelope does not support a 78-year period in the modulation noticed by Wolf. Both the statistical frequency distribution of the amplitude E( t) and its spectrum are subject to refinement by analysis of fossil solar records. The results do not favour the theory that the 22-year period is set by the natural frequency of a resonator with characteristic damping subject to random turbulent excitation. Also disfavoured is the theory of energy release at intervals determined by a relaxation process. Correlation has been found between the phase departure ~(t) from linear and envelope amplitude and attributed to propagation of the magnetic .cycles through a time-varying, such as a convecting, medium. A correlation not depending on Hilbert transform analysis is predicted between the reciprocal cycle length and envelope amplitude and found to� exist. Variability of the sunspot cycle length can be viewed as a Doppler shift due to propagation in a time-varying medium and the Wolf modulation then represents the concomitant intensity change. Agreement has been found between E(t) and '(t) but not explained. If the explanation is dispersion in the propagation of the assumed magnetic flux waves then there is a mode of oscillation. that has the characteristics required for the undulation U( t). Extra buoyancy possessed by the magnetic field of strong cycles accounts for the fast rise time of strong cycles.