Weekly Letters Volume 1

Weekly Letters Volume 1

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ... trade. The relation of production for export to production in general is no doubt not the same in the disturbed condition ofEurope as it was before the war, but it is perhaps now even more significant of the industrial situation. We have selected the average price of 20 industrial stocks as showing the market's anticipation of profit. For f'short money" we take the average of the Bank of England rate of discount, other banks' rates of interest on deposits (which of course move step by step with the former), and the market rates for day by day money, and for three months' bank bills. The four typical series appearing in the chart--representing speculation, commodity prices, trade, and money rates--are all expressed as percentages of their average level in 1913. It will be observed that the sequence in time of the downward movements of the four series during the crisis and depression of 1920-21 is the same as that found for corresponding series of the Harvard Index. It is at once evident that we have been greatly influenced by the work of the Harvard Committee, and indeed it is believed that there is no difference of principle between the British and the American study. We have, however, made a complete break with the pre war series and are not yet prepared to assert that even the sequence of the movements of the various series observed in the period 1895 to 1913 will be preserved without substantial modification in the future; in the inflation of 1919-20 and the depression of 1921-22 influences were at work with which nothing in recent decades is comparable. THE CURRENT FIGURES The fall in wholesale prices continued till March 1922, when the index (163) was less than half the maximum (333); the rate of...show more

Product details

  • Paperback | 156 pages
  • 189 x 246 x 8mm | 290g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 123678605X
  • 9781236786050