APPENDIX
Table VI
Tokyo Rates of Interest and Wholesale Price Index, 1887-1926
Year
Interest
Rates
WholesalePrice Index
(1913 = 100)
Year
Interest
Rates
WholesalePrice Index
(1913 = 100)
Market
Market
1910
5.7
89
1911
5.3
93
1912
6.8
99
1913
7.3
100
1914
7.7
95
1915
8.1
97
1916
6.6
117
1887
5.4
49
1917
5.5
147
1888
6.3
50
1918
5.8
193
1889
6.6
52
1919
7.3
236
1890
6.8
56
1920
8.0
259
1891
7.0
55
1921
8.0
200
1892
6.2
56
1922
8.0
196
1893
5.5
58
1923
8.0
199
1894
7.1
59
1924
8.0
206
1895
7.7
65
1925
7.7
202
1896
7.5
60
1926
6.9
180
1897
8.4
78
1898
9.1
71
1899
7.5
78
1900
8.9
74
1901
9.9
72
1902
8.4
72
1903
6.6
75
1904
6.9
80
1905
8.0
86
1906
6.4
84
1907
7.3
90
1908
7.7
90
1909
6.9
87
Sources:
The market rates of interest:
The rate of discount of the Bank of Japan for Commercial Loans, taken from TheFin.an.ciai and Economic Aanuai of Japan, issued by The Department of Finance.The figures given in the table are computed where necessary by taking the arith-metic mean of the Highest and Lowest discount rate on Commercial Bills at theBank of Japan. Where the quotation is given in “sen,” which represents the dailyinterest on a loan of 100 yen, the source quotation has been converted to an annualbasis by multiplying by 3.65.
Wholesale Price Index (1913 — 100):
The index number is taken from Franklin L. Ho, Prices and Price Indexes in China.Chinese Economic Journal, June, 1927, p. 26, and was computed by him from theindex numbers of the following compilers:
1873-1902: Japanese Commission for the Investigation of Monetary Systems.1902-1913: Department of Agriculture and Commerce.
1913-1926: Bank of Japan.
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