APPENDIX

Table VII

Rates of Interest in Relation to Annual Rates of Change in the Price Level ,London , 1826-1927

Bank

Rate

Market

Rate

Annual Ratesop Change inthe PriceLevel

Real Interestin Commodities(Bank)

Real Interestin Commodities(Market)

1825-1834

4.2

3.4

- 3.0

+ 7.2

+ 6.4

1834-1839

4.4

4.0

+ 3.3

+ 1.1

+ 0.7

1839-1852

3.7

3.4

- 2.7

+ 6.4

+ 6.1

1852-1857

3.8

4.7

+ 5.8

- 2.0

- 1.1

1858-1864

4.4

4.2

+ 2.4

+ 2.0

+ 1.8

1864-1870

4.3

4.1

- 1.6

+ 5.9

+ 5.7

1870-1873

3.7

3.5

+ 4.8

- 1.1

- 1.3

1873-1896

3.2

2.5

- 2.6

+ 5.8

+ 5.1

1896-1913

3.6

3.1

+ 1.9

+ 1.7

+ 1.2

1914-1920

5.2

4.4

+ 14.5

- 9.3

- 10.1

1920-1927

4.8

4.2

- 10.9

+ 15.7

+ 15.1

Table VIII

Rates of Interest in Relation to Annual Rates of Change in the Price Level ,New York , 1860-1927

Prime TwoName 60-90Day CommercialPaper Rates

Annual Ratesop Change inthe PriceLevel

Real Rateop Interest inCommodities(Market)

1860-1865 .

6.9

- 14.3

- 7.4

1865-1871 .

7.8

+8.1

+ 15.9

1871-1879 .

6.4

- 4.3

+ 10.7

1879-1889 .

5.1

-0.2

+ 5.3

1889-1896 .

4.9

- 3.1

+8.0

1896-1915 .

4.7

+ 2.1

+2.6

1915-1920 .

5.1

+ 14.9

- 9.8

1920-1927 .

5.0

- 6.3

+ 11.3

[ 527 ]