APPENDIX

Table XI

Rates of Interest in Relation to Annual Rates of Change in the Price Level ,Calcutta, 1861-1926, Tokyo, 1887-1926

Bank

Annual Ratesof Changes inthe PriceLevel

Real Rateof Interest inCommodities(Bank)

Calcutta, 1861-1866 .

6.6

+5.7

+0.9

1866-1871 .

6.1

-6.0

+ 12.1

1871-1875 .

5.8

+5.4

+0.4

1878-1881 .

5.4

-11.2

+ 16.6

1883-1897 .

5.5

+3.1

+2.5

1897-1899 .

7.3

-11.2

+18.5

1899-1901 .

5.6

+ 6.9

-1.3

1901-1904 .

5.1

-4.8

+9.9

1904-1913 .

5.6

+4.4

+ 1.2

1913-1920 .

5.9

+11.2

-5 3

1920-1926 .

5.9

-5.2

+11.1

Tokyo, 1887-1899 .

7.0

+3.8

+3.2

1899-1902 .

8.7

-2.6

+11.3

1902-1913 .

6.9

+2.9

+4.0

1913-1920 .

7.0

+12.7

-5.7

1920-1926 .

7.8

-6.4

+14.2

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