Note issue, existing system in G.B., 183 suggested system, 193 Pigou, Professor, 74, 78 Poland, elasticity of demand for money, 48 Population, 31 Prices, index numbers for various countries, 1913–1923, 3 fluctuations in nineteenth century, 2 steadiness in nineteenth century, 11 raw materials, 1919–1922, 19 effect of expectation of rise or fall, 22, 33, 37 effect of falling, 24 stability of, 154 Profiteers, 25, 26, 28 Purchasing power parity, 87 Quantity theory, 42, 74 Rasin, Dr., 146, 147 Real balances, 78, 83 Reichsbank discount rate, 23, 60 Ricardo, 87, 152, 153, 154 Risk, and production, 35 Rupee exchange, 157 Russia, and currency inflation, 41, 63 value of note issue, 52 currency of, 55 Saving, 7 Seasonal movement of exchanges, 106, 108, 111, 177, 191 Sterling, purchasing power parity, 100, 102 seasonal movement, 111 forward exchange in, 116, 117, 125 Taxation, by means of inflation, 41 Treasury Bills, relation of, to currency, 179, 196 Trustee investments, 8 United States, proposals for, 197 closing mints of, 200 and redundant gold, 201 Vienna, and use of money, 46 Wages, and prices, 27, 29 “Ways and Means” advances, 180 THE END _Printed in Great Britain by_ R. & R. CLARK, LIMITED, _Edinburgh_. BY THE SAME AUTHOR 8_vo._ ~8s. 6d.~ _net_. THE ECONOMIC CONSEQUENCES OF THE PEACE _THE TIMES._--“Mr. Keynes writes with knowledge; he was himself one of the chief actors in the Conference, and his book is an important political event.... He brings great literary ability, a broad view, a clear grasp of general principles, to bear upon the very complicated matters with which he is occupied, and in his hands these questions of coal, exchange, and reparation can be read with pleasure by the non-technical student.” _THE WESTMINSTER GAZETTE._--“Mr. Keynes has produced a smashing and unanswerable indictment of the economic settlement.” _THE ATHENÆUM._--“This book is a perfectly well-equipped arsenal of facts and arguments, to which every one will resort for years to come who wishes to strike a blow against the forces of prejudice, delusion, and stupidity. It is not easy to make large numbers of men reasonable by a book, yet there are no limits to which, without undue extravagance, we may not hope that the influence of this book may extend.... Never was the case for reasonableness more powerfully put. It is enforced with extraordinary art. What might easily have been a difficult treatise, semi-official or academic, proves to be as fascinating as a good novel.” 8_vo._ ~7s. 6d.~ _net_. A REVISION OF THE TREATY Being a Sequel to “The Economic Consequences of the Peace.” _THE SPECTATOR._--“The sequel, like the earlier book, is a brilliant performance regarded as economic argument and compact analysis, and it also has the advantage of dealing in sardonic and sometimes pitiless humour.”