RETURN TO GOLD IN 1925 221 
significant index to be noted in this connexion. From a price- 
level of 2,803 for all classes of exports in 1924, the price fell to 
2,152 in 1925, and to 2,080 in 1926, pre-war level being reckoned 
at 1,000. 
Thus each and every one of the indices examined moves 
in sympathy ; and apparently, in response to the operation of 
some factor which commences to function in 1925. Cost of living, 
Tasre LIII 
Unemployment, Wages, and Trade Activity, Australia l 
nemploy- 
ment. 
ner cent. 
Month. 
1924 
Mar. 
June 
Sept. 
Dec. 
1925 
Mar. 
Tune 
Sept. 
Dec. 
L926 
Mar. 3.2 
June 5-8 
Sept. 7-8 
Dec. 5-8 
16 
8:3 
94 
10-1 
9-3 
10-3 
79 
B.] 
Nominal 
waages. 
1,848 
1,840 
1,838 
1.839 
1,840 
1,846 
1,869 
1.887 
1,892 
1,904 
1,922 
1,938 
Effective 
wages. 
1,060 
(for 
year) 
1,096 
(for 
year) 
(,080 
(for 
year) 
1,070 
(for 
1927) 
Exports 
ver head. 
£27-588 
(for 
year) 
£24792 
(for 
year) 
£23-712 
(for 
year) | 
Export 
price-level. 
2,803 
(for 
year) 
2,162 
(for 
year) 
2,080 
(for 
year) 
wages, unemployment, and export activity all tend to corrobo- 
rate the contention that the return to gold was not a negligible 
factor in the adverse Australian situation which developed in 
the period immediately following the 28th of April 1925. 
Something further must now be said concerning the steps 
taken by the British Government at the time of the restoration 
to prevent any excessive export of gold owing to the adverse 
trade balance. ; 
“The first remedy was to put obstacles in the way of our usual lending 
abroad by means of an embargo on foreign loans, and recently on 
colonial loans also; and the second remedy was to encourage the 
United States to lend us money by maintaining the unprecedented 
1 Commonwealth Labour Reports, Nos. 15, 16, 17,