THE UNITED STATES, II. 1900-1914 301 
Chart IT shows the movement of the barter terms of trade, 
both net and gross. The reader will bear in mind that in both 
a higher index number (rise of the curve) signifies that more of 
exports are being sent out for a given volume of imports; in other 
words, that the barter terms became less favorable to the United 
CHART 11. 
GROSS AND NET TERMS OF TRADE, UNITED STATES, 1880-1914. 
cata ei ~- —— - mre... ero Rn LT 
1630 1839 1300 1905 1910 1914 
a. 
[ndex of gross barter terms 
[ndex of net barter terms 
Base, average of 1903-13. 
States. Conversely a lower index number (decline of the curve) 
signifies that less of exports are sent out for a given volume of 
imports and that the barter terms become more favorable.! 
As already stated, thruout the period (except for sporadic years, 
1888, 1889, and 1893) the exports exceeded the imports; the 
amount of the excess is shown on the chart at p. 294. 
! The figures on which the curves are based were calculated on the principles 
already explained. See Chapter 11, pp. 113-122, and Chapter 21, Pp. 248-252.