International trade

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Monograph

Identifikator:: 1758394757

URN:: urn:nbn:de:zbw-retromon-136209

Document type:: Monograph

Author:: Taussig, Frank William http://d-nb.info/gnd/120199459

Title:: International trade

Place of publication:: New York, NY

Publisher:: Macmillan

Year of publication:: 1927

Scope:: XXI, 425 Seiten; graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Theory

Collection:: Economics Books

CHAPTER 12 NoN-MERCHANDISE TRANSACTIONS FURTHER CONSIDERED LoANs AND INTEREST PAYMENTS, FREIGHT CHARGES Loans made by the people of one country to those of another, and interest payment on such loans, have already been mentioned as among the most important of the non-merchandise items in international trade. They also, while having effects similar in the main to those of other invisible items, present some problems of their own. For illustration we may suppose that loans are made by British to Americans. For brevity, we commonly speak of such loans as made by Great Britain to the United States; as if one govern- ment made them to the other, or the British as one body or entity made them to the Americans as another. In fact, the transactions are commonly between individuals, or (what comes to the same thing for our purpose) between individuals on one side and political bodies on the other. Loans are indeed sometimes deliberately made by one state to another; such operations played a large part in the Great War of 1914-18, and were not unknown in earlier periods. They are the results of political or military exigencies, and while involving no principles different from those applicable to the transactions between individuals, are vet likely to have a range and scope quite beyond those of ordinary commerce. For this reason they will be considered separately in later chapters. Here we confine attention to loans by individuals, not of an emer- gency or catastrophic sort, made for profit, exercising their effects gradually and as a rule quietly on the every-day phenomena of international trade. Such loans by the one party, borrowings by the other, must result in a flow of specie from Great Britain to the United States. “Must result” — this puts the case too strongly. The flow will 123

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