Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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INTERNATIONAL TRADE 159 that is, until Canada’s imports in relation to her exports have advanced by £1,000,000 over what was normal, and until in England exactly the reverse has happened. And just as loans and their repayment disturb the balance-of trade, so does the discharge of indebtedness in the form of interest on loans. The country which has to pay in foreign parts annual interest to the amount of, say, £5,000,000 must have an annual excess of exports to the value of £5,000,000, in com parison with what the balance of its trade would have been otherwise. The way in which the balance of trade is influenced by the expenditure of travellers abroad and by the coal and food received by vessels abroad is more immediately apparent. Whether a German sends goods to an English man residing in England, or provides him with them when he is on German soil to consume them there, is a matter of indiffer ence as regards the balance of international obligations of a pecuniary character. All that Englishmen receive abroad has to be reckoned as a part of England’s imports. Finally, comment on the important class of intangible services is called for. These are not recorded in a country’s returns of imports and exports, but they have to be paid for

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