Business Cycles and the British Trade Balance, 1883-1955

Ilse Mintz, Trade Balances during Business Cycles: U.S. and Britain since 1880 (NBER, 1959), chap. 3, https://www.nber.org/books-and-chapters/trade-balances-during-business-cycles-us-and-britain-1880/business-cycles-and-british-trade-balance-1883-1955.