CONTENTS 
§ 2. Imitations of the Monetary Reform in India. 
§ 3. Similar Monetary Reforms in various countries with paper 
currencies. 
§ 4. Comparison between the Conversion Office in the Argentine 
and the “ Gold Exchange Standard’ in the Far East. 
Identical principles and same essential conditions in the 
working of new methods as in the traditional system of 
the gold standard. 
§ 5. Monetary Reform in Austria-Hungary, 
§ 6. Results of Monetary Reforms, Stable Exchanges almost 
universally restored at the beginning of the 20th century 
on a gold basis. 
CHAPTER V 
TE MonETARY Crisis SINCE THE War oF 1914 
§ 1. Consequence of the world-war from the monetary point of 
view. Inconvertibility of currencies. General dis- 
appearance of free export, and in some cases of free 
import, of gold. Disappearance of gold points and 
instability of exchanges. 
§ 2. The Exchange policy of the Allies during the War. Union 
of sterling and francs with the United States dollar. 
§ 3. Exchange policy in Germany and Austria during the War; 
the Exchange Control Offices (Centrales de Devises). 
§ 4. Aggravation of the Exchange Crisis after the War. 
§ 5. Causes of the aggravation of the crisis in the Allied 
countries. 
§ 6. The Monetary Crisis in Germany and its characteristics. 
Prices follow the exchange but are fairly independent of 
the note issue. 
§ 7. General characteristics and result of the world crisis in 
the exchanges after the War. Fundamental importance 
of price movements following instability of the exchanges. 
§ 8. Attempts to overcome difficulties due to unstable ex- 
changes and prices in countries with heavily depre- 
ciated currencies. 
§ 9. Efforts to re-establish normal exchanges. England’s 
traditional policy. 
§ 10. Experiment in Czechoslovakia, based on the classical 
principles, produces at first a rise but not a stabilisation 
of the exchanges; a rise in prices takes place in spite of 
a contraction of the currency. Stabilisation attained in 
1923 results, in practice, from convertibility. 
§ 11. Currency reform in Austria. Return to normal ex- 
changes by the effective use of the Gold Exchange 
Standard. Fairly stable prices emerge from stable 
exchanges in spite of an enormous increase in the 
fiduciary circulation. 
§ 12. Conclusions regarding the present exchange crisis. 
PAGE 
4a