THE MONETARY CRISIS 93 
“The Index, which in September was 39, higher than 
in August, rose anew in October, showing a fresh increase 
on the figures for September. The present figures are, 
however, 4%, lower than those of September 1922.” 1 
Since then the rise has continued; but it has always 
been on a small scale, at any rate in respect of foodstuffs, 
which never rose by more than 159, between January 
1923 and January 1924. 
On the whole, the internal depreciation of the crown, 
which, during the period of the “flight from the crown,” 
was for a long time less than the loss on exchange, was 
accelerated from 1921 onwards as in other countries 
(Germany, Poland, etc.) where depreciation is such that 
it becomes customary to make internal prices vary in- 
stantly with the exchange quotations ; when the crown was 
stabilised it had reached nearly the same point as the loss 
on exchange, domestic prices being more or less at the 
world level. The rise appears 70 have been checked almost 
immediately after the crown was stabilised? and, in spite of 
currency expansion at home, this stabilisation seems to be 
accompanied by an approximate stabilisation of domestic prices. 
shows that, starting with an index of 318'9 in November 1922, a 
fall took place in April 1923 (2787), a rise in May (3202), a fall 
in October (293°1), a rise in December (325'9) and again in January 
1924 (3388). On the other hand, an index of the lowest type of con- 
sumption for food, clothing, rent and intellectual requirements set up by 
the author is rather different and shows, on the average, a greater rise. 
This total index, starting at 2°13 in 1914 and rising to 100 in 1921, had 
reached about 1000 (989) in January 1922, 7132 in August of the same 
year, and 21,352 in November; it was back at a little below 20,000 in 
January 1923, and stood above 27,000 in January 1924, thus showing an 
average increase of 359, between these last two dates, instead of the 15% 
shown in foodstuffs, the percentage increases being 289, for clothes, 609, 
for rent, and 809%, for intellectual requirements. 
This is none the less a low figure in a country where the circulation has 
almost trebled, and it is still below the percentage increase in other 
countries where no inflation occurred. 
! “Monthly Summary of the League of Nations,” Vol. I11, No. 10, 
November 15th, 1923, p. 251. 
? See, in addition to the Reports already quoted, the Memorandum on 
Currency published by the League of Nations, 1923, p. 17. It should 
however be noted that the Stock Exchange rates remained abnormal.