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March 1922 330 FEDERAL RESERVE BULLETIN. MARCH, COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following table are presented statistics j showing the trend of retail prices and the cost j of living in the United States and important' European countries: 1 \ 1 Three of these index numbers—those for the United Kingdom, Paris, and Sweden.—are constructed on the basis of prices in July, 1914= 100. In the case of the United States, the original base, that of'the year 1913, has been shif
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  330 FEDERAL  RESERVE BULLETIN. MARCH,  OMP R TIVE  RETAIL PRICES  IN  PRINCIPAL COUNTRIES. [July, 1914=100.] In  the  following table  are  presented statistics  j  RETAIL PRICES  IN THE  UNITED STATES,  PARIS,  AND showing  the  trend  of  retail prices  and the  cost  j  SWEDEN;  COST  OF  LIVING  IN  UNITED KINGDOM  AND of  living  in the  United States  and  important'  BERLIN. European  countries:   \ 1  Three  of  these index numbers—those  for the  United Kingdom,Paris,  and  Sweden.—are constructed  on the  basis  of  prices  in  July,  1914= 100.  In the  case  of the  United States,  the  srcinal base, that of'the year 1913,  has  been shifted  to the  July,  1914,  base.  The  German index usesthe year ending July, 1914,  as a  base.The American index number, constructed  by the  Bureau  of  LaborStatistics, was based upon  the  retail prices  of  22  articles  of  food, weightedaccording  to  family consumption, 'until January,  1921,  when  it was increased  to  43 articles reported  by  dealers  in  51 important cities.  The method  of  weighting continues  the  same, although  the  actual weight  j applied  has  been changed.The .British index number  or the  cost  of  living constructed  by the Ministrv  of  Labor consists  of  I he retail prices  not  only  of  foodstuffs  but i «   m   ..I11  ã <  i> Tl « ã 1.1.. of other articles  as  well. Retail clothing prices, reins,  and the  cost  of fuel, lighting,  and  miscellaneous household items  are  also taken intoconsideration.  The  index number  is  weighted according  to the im- portance  of the  items  in the  budgets  of  working-class families.The retail price index  for  Paris, compiled  by the  French GeneralStatistical Office, consists  of  retail prices  of 13  different commodities,weighted according  to the  average annual consumption  of a  working-man's family  of  four persons. Eleven  of the  commodities included  in this index  are  foods,  and the  other  two arc  kerosene  and  alcohol.The Swedish index number consists  of the  retail prices  of  foodstuffs,  \ fuel,  and  lighting  and is  based upon  the  prices  of  51  articles  in  44 towns  i (in  1920, 50  articles  in 49  towns), weighted according  to the  budget  of ã a workingman's family which before  the war had a  yearly income  of i 2,000 kroner.The German index expresses upon  a  percentage basis figures  com- piled  by Dr. R. R.  Kuczynski  of the  Statistical Office  of  Berlin-Schone-berg.  Dr.  Kuczynski bases  his  calculations upon  the  cost  of  living  per week  of a  family  of  four  in.  Greater Berlin.  The  Italian retail price index 1919192019211921. January...February..JulyAugustSeptember. 1 October...November. : December.; 1922.  l January...;Februarv..; 182  i 199  i ISO  j 109:I55145152]50150149  : 147  | .139;189  j 216  : 249  . 226265251   219  ã 222  : 220  ã 210  . 203  ' 199  : 192  I 188; 2603713374103S2306317329  | 331326  | 323  I 319307   Sweden, retail prices. 321 298237283262232234228218211202]90 Berlin,cost ofliving. 3 1,0801,2361,1111,0871,1251,1771,2121,3401,7671,934 Italv. retail prices. 4 454542540501534542 1  Average  for the  month. 2  Beginning  of  month. a  August. 1913-July,  1914=100.41913=100. for  the  most important cities, computed  by the  Kalian Ministry  of Labor, consists  of  retail prices  of  21 commodities. Twenty  of the com- modities included  are  foods  and the  21st.  is  charcoal. FOREIGN  TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, NORWAY, JAPAN, AND  GERMANY. Sweden.  Tn  France  and  Italy  the  value  of  foreign trade  is  estimatednot  in  terms  of  current prices  but in  terms  of  those  of  some earlier, datedusually  the  preceding year.None  of the  figures presented below include  the  import  or  export,of gold  and  silver.  In the  case  of  England  and  France, group figuresare given  as  well  as  total values, while  in the  case  of the  other countriestotal values only  are  presented. This does  not  mean that group figuresare  not  obtainable, merely that they  are  either delayed  in  publicationor appear  not to be of  such general interest  as the  French  and  Englishmaterial.Japanese figures  for  recent months  are  received  by  cable  and  subjectto revision. In the following table ar<showing the monthly value of the foreign tradeof a group of important European countriesand Japan. 1 1  Currencies have  not  been converted  to a  common unit,  nor are methods  of  valuation  the  same  in all  countries.  Tn  England imports  ; arc given current  c. i. f.  values  in  England; exports  and  reexports,  \ current  f. o. b.  values.  The  same method  is  followed  in  Japan  and ; FOREIGN TRADE  OF THE  UNITED KINGDOM. Monthly average: 1913.  .... 1919192019211921. JanuaryJuly... ....AugustImports.In thousands  of  pounds sterling. ai id Rawrials  and .  articlesiactured. 24,184  I  23,48559,927   50,50563,817  .  59,19647,271  |  22,598Articles  i  Miscel-  | wholly  |  laneous, ormainlymanu-factured. 49,149  i 42,090  i 50,584  | September  \  48,410 October November.December. 44,475   41,246  i 39,063  i 37,00520,23219,58920,46521,25629,94627,792 1922. January  I  33,972  j  24,565February  I i includ-ing  | parcel  j post,  j Total. I 16,13424,66337,78720,42130,16718,00518,19417,90518,69117,91318,291  j 17,710  j 358254268420431214338320154165 241 64,061135,513161,387 Inã  thou-sands i of  tons. 4,669 3 795 90,557  i  3,263 117,041  i  3,383 80,757   4,050 88,581  3,389 87,119  3,515 84,742  j  3,470 89,259   3,343 85,312  i  3,088 69 75  j. Exports.Reexports.In thousands  of  pounds sterling.Food,drink,   Raw I mate- ;  rials  and I articlesIfactured.Articles Miscel-wholly laneous,or   includ-mainly  j ing manu-   parcelfactured.j post. 2,716  ,  5,825 2,814  I  9,274 4,245  i  12,126 3,122  i  5,2973,852   2,702  i 3,124  , 3,300   3,4663,586  ; 3 187  ; 7,668 2,775 7,0586,997 7,3597,0467,446 2,861  7,032Total.Inthou-sandsof tons. 34,28153,45793,312  j 49,055  j 79,746  i 36,705  ; 39,936   44,009  i 50,328  j 51,094  : 47,364  : 51,824949 43,770  :  7,650 1,008   66,553  ; 1,523  i  111,206  I 3,292 1,126  j  58,000   2,7481,4919901,2289421,1131,1691,37892,75643,17251,34655,24862,265 co one i 2,55811,350 3,747 4,128 4,29762,895  ã  4; 541 59,375  i  5,2381,429  63,147  i. 58,335  i. In  I thou-  I sanfds  i Pling. 9,13113,72918,5638,921 9,9559,3629,998 8,595 10,386 9,8239,204 8 59 10,174 sands 1  of tons. 152 139118154116159139107 1 Includes reexports. March 1922  MARCH, 1922. FEDERAL  KKSEJiVE BULLETIN. 331 FOREIGN  TRADE OF  FRANCE. 1 Imports.In thousands of francs. Monthly average: I 19132  1 19193 ã1020  8  1921 «  ã   Food.151,465.Raw Manufae-matc- |  t  ured.rials. ã articles. In 'ihou- :sands of;   Exports.In thousands of francs. 1 412,144  :  138, 169 892;  040  1,229,435  j 861,797718)179 1.400,046  j  832,187517,158 i  1,033,170  412,0451921.3 ;.)ami:. ry ' 346, 703J uly...' : 434,001 AugustSeptember ;OctoberNovemberDecember 555.545091 ',972717,091504.012754,671 January.. 1922. 1.10L.207  . 704 069  | 855;697  i 1,204,213 i   L9J, 860 j1,446.125   1,856 148  |   534,498331,047320;052329,494 31.8;  000 323'.  593543.445 Total.   ™f f  | Food.  inate-   ^Sl 1  T0llSl rials.  .  articles. Total. 701,778  ã  3,685  ;  69,9082.983,272  I  3,204 99,2012,950,413  4)211 |  184',  277 L962,373  : 3,165 161.', 03  L982,468469,1.17731,294  j 225,679 220,051. 333,730   154.264 3,  7022,  164 2 593 3^  9932; 8095, 161 5.  .197.  188.546 I  123,303 1  112,654.146,467 1.32 424 :  .157.  180 .  259,605 154,841. 203,691397,677463,21.9 436,069  ã 439,534445.312   444'.  89 L  ; 482;  376   478,875  : 549.495  : 301.420 47,182 573,351615)630   71,44-1   989.9661,187,742 99,867  .1,  S69'.  5831.067.413  :  104,430 1,796,0921,142, 925, ].084. .1)087;.1,041; '  992; 1.193;.115,605 1,882,61874,350  j  .1.563,05582,933 1)725,092 '-  —  1774; 653 59.472 l'.74<654 8 95)852103,078120,1543180,0592) 1S2,320 inthou-Isands of j  metricI tons. 1.  840 '  4641,071 1 333 1,11.7 1,1941,0351.1721)25JI.51.5 2,  507 ade.  Latest figures subject to revision. Not: including gold, silver, or the reexport  trs -  Calculated in 1913 value units. . 3  Calculated in i919 value units. French foreign trade figures arc srcinally recorded in quantity units only, and the value of the trade is calcu-lated by applying official value units to the quantities imported and exported. Normally the monthly statements of trade appear computed atthe rates of the year previous, and only at (;hc end of the year is the trade evaluated at the prices prevailing during that year. 'Because ofihe dis-turbed price conditions in France during the past two years. L919 price units are being applied to the 1921 trade. 4  Calculated in 1920 value units. FOREIGN TRADE OF ITALY, SWEDEN, NORWAY, AND JAPAN. 1 Monthly average:J913 1919 19201921 January February. .JulyAugustSeptember .OctoberNovember December... JanuaryFcbruarv —  - .1.921. 1922. Italy.(In millions of ãlire.) 1 Imports.304 1  3^ r ) 2  1,322 ; »557»  981 ã«  2 8  1,101 3  1,125 i Exports.210 ->06 2  650 3  44.1 3  587 3  659 3  683 3  718 Sweden.(In millions ofkronor.)Imports.71 ;  9ii 281 0612211698;  103 126 101i  95 112 77Exports.   J3119191918994113.10599 103108 61 Norway.(In millionskronor.)Imports.46 21 > 253128124131134148 176 153 1J6129 ofExports.33 65104636S566L72 82 82 6582 Japan,(in millionsyen.)Imports. 61 J Si 1 195135105119110132 129130 154160176196 EXL ofor  Is. 53 17516210475 77 99106 96 112 .121145 S7 101 1  Latest; figures subject to revision. 2  Based on 19L9 values. 3  Based 011 actual current prices. March 1922  332 FEDERAL RESERVE BULLETIN. MARCH,  101 2. FOREIGN TRADE OF GERMANY. Imports. 1   j Gold  and ; silver  (in j thousandsof marks).Monthly average: 1913 Merchandise. 1920.. 19213. In millionsof marks. 927 17,756 9,910July ; 8,376 AugustSeptember.October...November.December. 35,76526,67460,6935,3124,9227,5729,38210,64213,81412,273 i13,702  : In thou-sands ofmetric tons. 6,0681,5702,232 Exports. 2 Merchandise.Gold andsilver (inthousandsof marks). 8,45017,77334,901 In millionsof marks.In thou-sands ofmetric tons. I January 4 12,800 | 1,9252,4112,5333,0052,5352,0862.31.037,13,26, 30', 44,86, 567514832013073227 1  Not including philanthropic gifts. 2  Not including deliveries  on  reparations account. 3  Average  for  8 months. Figures covering first  4  months  of  92 are not  available.   Subject  to  revision. INDEXES  OF  INDUSTRIAL ACTIVITY. 841 i5,776 |8,295 6, .1461,6571,715 6,175 6,6707,492 9,68111,88714,46814,5001,55S1,8281,8711,9731.9081,930 2,030 ENGLAND. Production (long tons, 000 omitted).Coal. 19.1.3,  average 23,953 : 1920,  average I 19,108  : 1921,  average 13,696 1921.  I  ; January  2  21,805 I July-/- 2 15,214August 16,589 : September 16,517 ãOctober  2  21,090November ; 17,875December i  2  22,594 1922.  IJanuary : 17,693 '855670 218; 642  j 10 ,94 '158236 :272275 , 646  W 493 117434429405444381328 £ 373 137321322304330292 Railways Iron andCottonmanu-facturesnage underconstruc-tion (grosstons). steel |maim- jfactures I net ton miles |(000.000 iomitted). |Coal(long tons,  000omitted).12,002,699 I i13,603,131 1,54613,312,983 I1.2681,310 1,194 | 1 060  3 3  283 000 1,123 1,216  I 1,271 & 2,640,00016.21 Average of 4 quarterly estimates.2 Five weeks. 3  Work suspended on all but 2,094,000 tons. 4  End of month.6 Work suspended on all but  1,918,319  tons, e Yards. March 1922  APRIL,  1922. FEDERAL RESERVE BULLETIN. 449 FOREIGN TRADE—UNITED KINGDOM, FRANCE, ITALY, SWEDEN, NORWAY, JAPAN,AND  GERMANY. Tn flin fnllrkwino*  +OKIP  «r/i  -nrpcsrvntprl fimippQ  '  Swedou.  In  France  and  Italy the value  of  foreign trade  is  estimated intne lOUOWing taDie are presentea ngures  notillterinsofciirront p ri co S  but in terms  of  those  of  some earlier, dated snowing; the monthly value or the loreign trade  usually the preceding year.   J? *™  4. ^x.  xn,,^^^^  ,ã>  ^,,-^J.-»:«  :  None  of the  figures presented below include  the  import  or  export 01 a group 01 important Ji/Uropeail Countries  ;  O f gold and silver. In the case of England and France, group figures 1  Currencies have  not  been converted  to a  common unit,  nor methods  of  valuation  the  same  in all  countries.  In  England importsare given current  c. i. f.  values in England; exports  and  reexports,current  f. o. b.  values.  The  same method  is  followed  in  Japan  and ;  to revision.are given as well as total values, while in the case of  the  other countriestotal values only are presented. This does not mean that group figuresi are  not  obtainable, merely that they are cither delayed  in  publicationare  \  or  appear not  to  be of such general interest as the French  and  Englishmaterial.Japanese figures  for  recent months are received  by  cable and subject FOREIGN TRADE  OF THE  UNITED  KINGDOM. Monthly average: 191319191920  , 1921 Imports.In thousands of pounds sterling.Food, drink, andtobacco. Raw Articlesor   —=>=,   24,184  | 59,927  I 63,81747,271   1921. February 47,786July   42,090August 50,581September 48,410October 44,475November 41,246December 39,063 1922. JanuaryFebruary...March 23,485  I  16,13150,565   24,66359,196  i  37,78722,598 20,421   25,50420,23219,58920,46521,25629,94623,39418,00518,19417,90518,69117,91327,792  |  18,291 33,972  ã  24,565   17,71032,257  j  20,220 16,576   Miscel-laneous, includ- ing parcelpost. 259358254268 326431,214338320154165  4 In i thou-sandsTotal.   of tons,  j   I Reexports.In thousands of pounds sterling.Food, drink, andtobacco. Rawmate-articles mainly Articles' Miscel-  j mainly  , i ma nu-  j unmanu-i f --:7 ir 1 factured. lactarod 64,061135,513161,38790,55797,01080,75788,58187,1198i,74289,25985,312 69;37587,879  ; 3,7953,2032,5734,0503,389 3,515 3,4703,3433,080 2,7162,814 4,245 3,122  I   3,075   2,702 3,124 3,3003,4663,586 3,1872,861 2,754 5,8259,274 12,126 5,297 5,881 2,7757,0586,9977,3597,0467,4467,0326,869 ingparcelpost.Total. 31,281 i53,45793,312  | 49,055  ' 58,177  , 36,705   39,936  ] 44,009  . 50,328  ' 51,094 I47,364 51,824  ãã 48,000  ; 9i9  ,  43,7701,008 j 66,5531,523 j 111,2061,126   58,6001,0899901,2289421,1131,1691,378   n T  j  thou- thou I  a   ds 7,650 3,  292' 2,748 ling.9,131 13,72918,563 8,921 68,222 2,446  i 8,004 43,172  i 1,350 ;  9,36251,3-16  |  3,747   9,99855,248  i 4,128 j 8,595 I 62,265 4,297 10,386  . 62,895  4,511 9,823  I Inthou-sandsof tons. 152 139118 82 59,375 ,  9,83 5,238  :  9,204 1,429 63,147 1  8,459 712 58,335   10,174i 64,581 i 10,153154116159139107 11ncludes reexports. FOREIGN TRADE  OF  FRANCE. Imports.In  thousands  of  francs. Food. Rawmate-rials.Manufac-  : tured  1  Total,articles.  1 Inthou- sands  of metric tons. Monthlv  average:  ã 1913  2  ;   151,465 412,144 19J9  s  892,040  1,229,435 1920 *... . .  I  989,576  I  2,096,379 19213  i  517,158   1,033,170   February 5  1  383,674  I Julys  i  434,001   Augusts   555,545  | September*  ,  691,972  ;  1,204,213 Octobers   717,091  I  1,191,860 November's.     564,01.2 December  s  :  754,6711922.5  j February 385,021  | 1,137,855 881,917704,069855,6971,446,1251,856,148138,169 j 701,778861,797 I 2,983,2721,072,787 4,158,741412,045 1,962,373442,866331,047320,052329,494318,000323,593543,445 1,708,4571,469,1171,731,294 2,225,6792,226,9512,333,7303,154,264324,150  1,847,0 Exports. In  thousands  of  francs. Food. Rawmate-rials. 3,685 69,908  : 3,204  I  99,201  ] 4,211  j  217,733'3,165  161,0312,849   189,275 2,164  I  123,3032,593   112,6543,993  I  146,4872,809  I  132,424 5,161  i  157,180 5,197  I  259,605154,841203,691509,485463,219 Manufac- tured articles.   301,420615,630 1,413,5481,067,413 510,805439,534445,3.12444,891482,376478,875549,495 4,126  153,892  ;  448,455 1,187,935 925,868 1,084,1931,087,4441,041,594 992,256 1,193,1611,106,507 Parcelpost.47,18271,444100,479104,430 82,09-474,35082,93395,852103,078120,343180,059 144,458 Total.   In -l thou- jsands  of j  metric  tons. 573,351989,9662,241,245 1,796,0921,970,1091,563,0551,725,0921,774,6531,759,4721,748,654 2,182,320 1,840 464 1,0711,3331,5941.1941,0351,1721,2511,515 2,507 1,853,312 i 1,520 1  Not including gold, silver, or the reexport trade. Latest  figures  subject to revision. 2  Calculated in  1913  value units.s Calculated in  1919  value units. French foreign trade figures  are  originally recorded in quantity units, and the value  of the  trade  is  calcu-lated by applying official value units  to  the quantities imported and exported. Normally the monthly statements of trade appear computed  at the rates of the year previous, and only  at  the end of the year is the trade evaluated  at  the prices prevailing during that vear. Because of the dis-turbed price conditions in France during the past two years,  1919  price units are being applied to the  1921  trade.   Calculated in  1920  value units. 5  Exports calculated in  1919  value units. Imports calculated on basis of actual declared values. April 1922
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