1023

0
0
@®

in
o
®

1
0
©

3
a
@

0d
»
mo

0
es

OQ
3)
0

oN
©
©

@
D
9

™
w
©

©O
©
@

9
2
NY

~~
Ty
od

o oO
gx3aNI® o
o © ©

Qo
AY

Fie. VII. TERMS OF TRADE AND WAGES

Tt is to be noted that this graph merely records the facts of international trade in the
later phase of the 1870-90 borrowing cycle after the exchange and banking crisis
was actually in sight. It is to be presumed that both the gross and net terms of
trade would show the orthodox rise and fall over the period; but the difficulties of
constructing the indices from the defective data proved so great that the task was
reluctantly abandoned.