APPENDIX 
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7 
111 
UNITED STATES TERMS OF TRADE, 1879-1913 
The figures for the United States (see Chapter 24, p. 299) are derived 
from the paper published by Mr. T. J. Kreps in the Quarterly Journal 
of Economics for August, 1926 (Volume 40, p. 708). The inquiry in 
this case was more laborious than in the others whose results I have 
used, since it involved not merely the scrutiny and arrangement of 
statistical material already in existence, but the collection of the price 
figures themselves, and this from a variety of sources. For an account 
of the difficulties encountered in the apparently simple task, the de- 
vices that were used, the qualifications to be observed in interpreting 
the results, the reader is referred to Mr. Kreps’s admirable paper. 
The figures are here given not in the precise form of that in the 
original publication, but in an arrangement which permits of ready 
comparison with the figures for Great Britain and Canada. The 
rearrangement has been made for me by Mr. Kreps.