TRADE BETWEEN 1914 AND 1928 187 
greater than formerly, a development that was quite inevitable 
and quite independent of any comparative advantage in trade 
acquired during these years by the United States. 
£m 
Per 
Cent 
60 
prL 
PAPORTE" 
1A 
oc 
"APORTS AS 
PERCENTAGE 
OF EXPORTS 
*n 
J GOLD 
FLOW 
n 
A 
1 
Yer Loss 
£8 
Mo 1918 
or 
2 N 
vba 
2328 
Fre. XVII. TOTAL OF CAPITAL IMPORTED, IMPORTS AS PERCENTAGE 
OF EXPORTS, AND GOLD MOVEMENTS 
Vertical interval of £20 millions. Smoothed 5.year moving-average curves shown heavy. 
But the circumstances which lend the period the greatest 
interest for the investigator were ‘the continued upward move- 
ment of prices, the continued war-boom, and the specious 
appearance of wonderful prosperity’. The movement of prices 
i