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Facts and figures about the crisis

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The relationship between Wholesale Prices and the World's Stock of Monetary Gold.])

1 2 3 4 5

World'» stock Stock of Relative Wholesale Difference of

of Gold 1850 Stock prices of Col. 4 on

increased at (Ratio of r _ |

Money 3.1% Col. 1 to Commodities1) Col. 3

(end of year) per annum Col. 2) (1850=100) (°/0)

y In millions of Pounds

at 84/11V2 per fine oz.

1850 230 230 100 100 +0

1860 438 812 189 130 —7

1870 666 423 132 126 —5

1880 643 673 112 114 + 2

1890 720 778 98 94 +1

1895 827 906 91 81 — 11

1900 989 1,055 97 97 +8

1905 1,188 1,228 97 94 — 8

1910 1,446 1,480 101 106 +2

1916 1,728 1,666 104 138 + 33

1920 1,968 1,939 101 246 + 148

1925 2,129 2,259 94 176 + 87

1929 2.336 2.552 92 148 + 63

*) Jevons to 1850 and Sauerbeck-Statist since; paper prices in both reduced to gold prices.

On the other hand, if we apply Prof. Cassel's calculation of the increase of trade from 1850 to 1910 of 2, 8% p,a. and increase it to 3%, we shall find that the total trade of the world should have increased from $ 16.509.000.000 to $48.486.000.000 from 1893 to 1929. whereas it has actuaüy increased to $ 68.805.000.000.

The following table, borrowed from the Annual Report of the Director of the Mint (Washington) shows die output of gold and silver since 1492.

') Interim Report of the Gold Delegation of the Financial Committee of the Lague of Nations. Geneva, September 1932. (Abbreviated). Table B pages 82—84.