A Tract on Monetary Reform

by John Maynard Keynes

ENGLAND

France and the United States

Per cent of 1913 Parity.		Purchasing Power Parity.[34]	Actual Exchange.
1919	Aug.	62	66
	Sept.	58	61
	Oct.	55	60
	Nov.	53	55
	Dec.	52	48
1920	Jan.	48	44
	Feb.	44	36
	March	42	37
	April	41	32
	May	45	35
	June	49	41
	July	48	42
	Aug.	46	37
	Sept.	43	35
	Oct.	42	34
	Nov.	43	31
	Dec.	41	30
1921	Jan.	42	33
	Feb.	42	37
	March	43	36
	April	43	37
	May	44	43
	June	44	42
	July	43	40
	Aug.	43	40
	Sept.	41	38
	Oct.	43	38
	Nov.	42	37
	Dec.	43	40
1922	Jan.	44	42
	Feb.	46	45
	March	46	47
	April	46	48
	May	44	47
	June	46	45
	July	48	43
	Aug.	47	41
	Sept.	46	40
	Oct.	46	38
	Nov.	44	35
	Dec.	43	37
1923	Jan.	40	34
	Feb.	37	32
	March	37	33
	April	38	35
	May	38	34
	June	37	33

[34] U.S. Bureau of Labour Index divided by French official wholesale Index.

Italy and the United States

Per cent of 1913 Parity.		Purchasing Power Parity.[35]	Actual Exchange.
1919	Aug.	59	56
	Sept.	56	53
	Oct.	54	51
	Nov.	50	44
	Dec.	49	40
1920	Jan.	46	37
	Feb.	42	29
	March.	38	28
	April	36	23
	May	38	27
	June	40	31
	July	39	30
	Aug.	37	25
	Sept.	34	23
	Oct.	32	20
	Nov.	30	19
	Dec.	28	18
1921	Jan.	26	18
	Feb.	26	19
	March	26	20
	April	25	24
	May	27	27
	June	28	26
	July	27	24
	Aug.	26	22
	Sept.	24	22
	Oct.	24	20
	Nov.	24	21
	Dec.	23	23
1922	Jan.	24	23
	Feb.	25	25
	March.	27	26
	April	27	28
	May	28	27
	June	28	26
	July	28	24
	Aug.	27	23
	Sept.	26	22
	Oct.	26	22
	Nov.	26	23
	Dec.	27	26
1923	Jan.	27	26
	Feb.	27	25
	March.	27	25
	April	27	26
	May	27	25
	June	26	24

[35] U.S. Bureau of Labour Index Number divided by the “Bachi” Index Number.

FRANCE