20 
GRVS& 
TERMS 
100 
15° 
100 
n 
ay 
rw 
100 |-& 
ee 
3:7 1919 1921 1923 1925 1927 
Fig. XVIII. GROSS AND NET TERMS OF TRADE AND WAGES, 1915-27 
Smoothed 5-year moving-average curves shown heavy.