Get documents about "Average Monthly Values of the Pound Sterling Abroad Expressed
Document Sample
July 1921
796 FEDERAL RESERVE BULLETIN. JULY, 1921.
GERMAN I N D E X . I N D E X N U M B E R S OF THE EXCHANGE V A L U E ABROAD
OF THE CURRENCIES OF ENGLAND, S W E D E N , NORWAY,
The least reliable foreign exchange index is AND G E R M A N Y .
that of the Frankfurter Zeitung. No attempt [Par value of the foreign currencies=100.]
is made at weighting the exchanges owing to
the lack of current foreign trade statistics. England. Sweden. Norway. Germany.
The figures are presented below: 1920.
January 98.5 110.0 118.2 13.4
INDEX NUMBERS OF THE EXCHANGE VALUE OF THE February 94.9 106.4 134.7 8.2
GERMAN MARK. March 102.9 109.2 123.6
April 109.7 113.5 119.5 10.1
Exchange Exchange May 107.5 111.8 102.8 7.3
value of value of June 106.3 113.3 91.2 18.3
foreign the mark July 100.2 115.8 87.7 18.2
currency abroad August 100.1 115.4 87.7 17.2
(German (foreign September 100.2 116.7 89.0 15.5
m a r k = currencies October 108.7 115.3 94.7 13.1
100). 100). November 111.2 113.8 97.6 10.5
December 114.5 114.1 104.3 11.7
1920. 1921.
January 744 13.4 January 122.4 116.1 113.3 11.1
February 1,229 8.2 February 120.9 116.4 106.6 11.6
April 990 10.1 March 123.0 121.7 101.8 12.2
May 780 7.3 April 120.0 125.5 100.3 11.9
June 547 18.3 May 119.1 123.3 97.3 10.8
July 549 18.2
August 579 17.2
September 647 15.5 LIMITATIONS OF THE INDEXES.
October 780 13.1
November 952 10.5
December 850 11.7 The indexes should be considered with a cer-
1921. tain degree of reservation. I t is impossible to
January
February
900
857
11.1
11.6
weight such indexes with more than approxi-
March 820 12.2 mate accuracy. In the first place, the diffi-
April 840 11.9
May 922 10.8 culty of obtaining statistics on the invisible
exports and imports, such as freight, insurance,
The indexes constructed in England, Sweden, banking, and interest earnings, makes these
Norway, and Germany are presented below in items in exchange transactions only rough es-
juxtaposition. The four indexes, however, are timates. Moreover, the character of the inter-
not comparable because of variations in method national balance of trade is only one of several
of construction. The English index, because of important factors in the exchange situation at
the use of the geometric average, is consider- the present time under the special conditions
ably lower than would have been the case had the existing as a result of the war. The index
arithmetic mean been employed. Calculated on numbers, nevertheless, are useful and of inter-
the basis of the arithmetic average, the English est in analyzing the effects of the present de-
index number for February, 1921, would lave flation process on the purchasing power of
given the result 161.5 instead of 120.9. currencies abroad.
A V E R A G E MONTHLY V A L U E S OF THE P O U N D STERLING ABROAD E X P R E S S E D AS A P E R C E N T A G E OF P A R I T Y .
[Par value of the foreign currencies= 100.]
Jan., Feb., Mar., Apr., May, [ J u n e , July, Aug., Sept., Oct., Nov., I Dec, Jan., Feb., Mar., Apr., May,
Country. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1920. 1921. 1921. 1921. 1921. 1921.
United States 75.5 68.4 77.5! 80.6 79.2 81. 2 79.6 74.1 72.3 71.6 70.9 72.1 76.9 79.6 80.3 80.8 81.6
India 61.8 49.7 54.7i 57.7 62.3 67.7 70.8 70.5 71.7 79.3 81.5| 92.1 91.5 98.1 103.2 102.0 103.6
France 183.1 184.4 209. 7j 254.7 226.1 202.1 190.9 200.4 207.3 210.3 228. 2 i 232.8 233.6 214.5 219. 215.4 188.3
Australia 101.2 100.2 100. 21 100.2 100.2 100.2 100.2 100.2 100.2 100.3 100.3 101. 5 101.5 101.5 101.5 101.5 101.5
Argentina 75.2 69.6 ! 75.9 79.3 79.1. 82. 0 83.4 83.4 83.1 92.7 89.5: 89.3 94.9 96.2 99.4 106.3 110.4
Netherlands 80.6 75. 5 84.31 88.0 87.4' 90.1 91.3 90.9 92.7 92.9 93.8 93.2 93.9 93.6 93. 93.2 92.4
Canada 82.8 80.7| 86.11 88.0 87. 9 92.1 90.3 83.6 79.9 78.7 79.1; 83.8 87.8 90.4 91.5 90.7 90.8
Africa 99.1 77.8 96.0! 93.5 91.8 92.6 96.0 99.6 100. 5! 101.6 102. 8 104.2 102.6 101.2 101. 2! 101.2 100.8
Egypt 100.1 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0! 100.0 100. 0 100.0 100.2 99.9 100.0| 100.0 100.0
Belgium 170. 7 184. 5 200.6 238.5 220. 0 190.2 178.3 188.0 193.0| 200.2 215.4 220.9 222.2 204. 209. 9 209.4 188.8
Sweden , 97.9 100. 0 100.7 99.1 100.1 199. 97.5 96.9 96.0 97.3 99.4 98. 31 96. 95. 94. 71 92.0 93.2
Germany , 1,101.01, .622.0.1.,444.0:1, 136.0 881.1 768. 5 758.7 845.8 993.61, 163.0 1. 314.01 241. Ojl , 184. 5:1, 158.0 1, 195.0 1, 197.0 1, 178.0
New Zealand 100.4 100.4 ' 100. 4 100.4 100.4 100.4 100.4 101.3 100.2! 100.4 100.81 101.2 101.31 101.3 101.3 101.3 101.3
China 33.6 32.4; 34.8 40.2 45.2 53. 51.5 45.5 45.5 49.3 52.6 65. 3! 68.8 80.8 88.31 82. 82.8
Denmark , 115.1 126. 5 119.1 121. 126.9 129.2 130.1 134.1 138.7 137. 141. 5! 129.8 115.4 115.3 124.7 119. 121.4
Spain 77.3 77.4! 84.8 89.8 92.4 94.6 96.1 95.1 94.6 96.1 105.7 106.6 110.2 109.7 111.2 111.9 116.5
Italy 203.4 247.li 286.7 357. 9 295.3 264.4 268.4 297.7 318.9! 352.7 376.1 387.3 418.5 418.7 410.1 339.0 299.1
). 6
Norway , 105. 107.9j 113.5 109.4 115.0 123.9 129.1 133.1 139. 5! 138.
!
141.9 130.8 117.9 119.9 132.9 136.1 138.4
Japan 76.0 71.4 80.9 82.8: 76.8 79.0 77.7 72.6 70. 5 70.1 69.6 70.9 80.0 82.1 83.0 83.2 84.8
Switzerland 81.6 82.3 87.9 86.61 i.4 86.0 87.4 86.2 85.7 86.7 87. 7| 90.3 94.1 93.7 91.2 89. 88.3
Straits Settlements 99.5 99.7 101.4 101. Oi 100.9! 100.9 100. 101.1 101.1 101.1 101.11 101.3 101.1 100.7 100. 100.2 100.9
Turkey 353.0 369.7 376.3 421.3 396.3 386. 371.3 373.0 379.6! 385.4 424.0 490.1 523.0 526.0 522.8 512.6 466.8
Brazil 90. 88.6 90.8 98.1 96.6 104.9 115.3 114.8 124.31 132.0 134. 7 150.6! 163.4 162.0 166.3 184.2 186.7
Portugal , 306.1 305.4 335.3 361.0 433.6 460.6 481.9; 434.7 465. 5! 512.1 631.0 766.1! 819.2 869. 21 ,002.0 990.6 946.6
Chile , 136.5 116.6 137. 140. 149.2 156.5 150.3 150.0 157.4 163.7 183.4! 184.6 196.7 205.0 198.6 234.1 254.6
Greece 102.5 116.7 146.. 139.3 134.3 131. 123.3 126.8 131.3 138.7 152. 4 183. 8| 199.0 208. 51 204.7 228.9 283.1
Hongkong 39.0 34.0 37.6 41.1 46.7 52.2 52.3 46.4 46.6 48. 8 51. 6i 62.1 67.6 81.3| 84.6 79.3 78.7
Uruguay 75.2 72.4 75.3 84.1 82.0 85.5 90.4 89.3 88.3: 90.6! 94.8! 96.2! 103.1 105.4 109.2l 120.7 122.9
I n d e x (weighted
geometric average) 98.5 94.9 102.9 109.7 107.5 106.3 100.2 100.1 100.21 108.7 111.2 114.5 122.4 120.0 123.0 120.0 119.1
