Average Monthly Values of the Pound Sterling Abroad Expressed by mercy2beans119

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									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

								
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