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 unemployment
 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,