392 | INTERNATIONAL TRADE 
a 
consequence of depreciating currency ; and its further concomitant, 
the special rise in exchange and the bounty on exports, may thus be 
sald to be in a sense a natural result of progressive depreciation. 
It is of course not an inevitable result. True, it may easily ensue 
in a country having large accumulations of capital, large holdings of 
securities, a highly developed mechanism of international banking 
and of international security movements. But even in such a 
country, it will not necessarily appear. All depends on the extent 
to which confidence is shaken and the property owners become 
uneasy ; which in turn depends not merely on the progress of 
depreciation, but on the course of domestic and foreign affairs in 
general.