220 THE ECONOMIC EFFECTS OF THE 
can be deduced. Unemployment had been high for a year 
before the return to gold, and it remained at the same high level 
for the year following. Failing the dissection of unemployment 
into the constituent industries it is not possible with any degree 
Tas LII 
Cost of Living for Great Britain, Australia, and the 
United States 
(Pre-war=100.) 
Month. 
1924 
Mar. 
June 
Sept. 
Dec. 
1925 
Mar. 
June 
Sept. 
Dec. 
1926 
Mar. 
June 
GREAT BRITAIN. 
AUSTRALIA. 
U.S.A, 
Rate of 
exchange. 
Sterling. 
‘Board of 
Trade.) 
Gold. 
Sterling. 
‘Commonwealth 
Statistician.) 
Gold. 
(Labour 
Bureau.) 
Gold. 
$to£ 
4:29 i 
4-32 
4-46 
4-69 
178 157 
169 150: 
172 158 
181 174 
169 
174 
165 
166 
148 
164 
151 
159 
170 
169 
171 
173 
4-78 
179 
176 
168 
164. 
174 
The return 
to gold, 
174 
176 
178 
4-86 
4-85 
4-85 
172 
174 
177 
172 
174 
177 
171 
173 
174 
171 
173 | 
174 
4-86 172 
487 | 168 
| 
172 174 
168 179 
174 | 177 
179 178 
of certainty to connect the prevailing high rate of unemploy- 
ment with the restoration of the gold standard. Effective wages, 
however, reached their peak at the end of 1924, fell steadily till 
the end of 1926, and then declined rapidly in the following year, 
a far more significant index altogether, especially as the nominal 
wage rose steadily through the whole period. 
The final index to be examined is the volume of foreign trade. 
Here the volume must necessarily be connected with the figure 
for population, and the value of exports per head is the most 
effective test available. This fell from £27 11s. 9d. per head in 
1924 to £24 15s. 10d. in 1925 and to £23 14s. 3d. in 19261 
partly owing to the decline in the export price-level, another 
! Commonwealth Year Book, No. 20,