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 movement
 of prices, the continued war-boom, and the specious
appearance of wonderful prosperity’. The movement of prices

i