International trade

Bibliographic data

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

132 INTERNATIONAL TRADE over which the whole series of operations extends. All that can be said is that there is a general off-setting tendency between the earlier and the later stages, and a presumption that in the entire balance of this account neither country is likely to have any con- siderable net gain.! Freight charges and passenger fares constitute another important item. Of the two, freight charges are the larger, and while in the main they raise no new questions, some aspects deserve separate attention. The item of freight charges appears more particularly in the trade between countries separated by large stretches of ocean. Here there is a considerable gap between the place where the goods leave one country and that where they enter another; anda charge arises which does not necessarily form a part of the expenses of production within either. It is this circumstance — that the expenses may be incurred by residents of either country and that payments therefore may become due either way — which is pecul- iar to the item of freight charges. In other respects they present no peculiar features. They constitute a payment for service ren- dered ; and so far as the service is rendered to persons in one coun- try by persons living in another, payments must be made to the foreigner. The item figures in the international balance sheet like any other, with the same effects as a payment for goods. It is invisible, too, in the same sense as tourist expenses are; that is, no official record is made and the amounts that must be remitted are often not easily ascertained. There is a distinction, however, between the sum which the individual purchaser of foreign goods must pay for them, and the amounts which must be remitted to the foreign countriesin payment for the goods. The individual purchasers must pay the foreign 1 If indeed the principal sum is never repaid — if the interest payments by the debtor go on indefinitely — there is some likelihood that the barter terms, being thus permanently affected to the disadvantage of the borrowing country, will cause more loss to it than had been gained in the period (which could hardly be permanent) where the new loans had caused the terms to be advantageous. I leave the reader to judge, especially after he has considered the qualifying and explana- tory chapters that are to come later, whether a consideration of this sort is worth mentioning at all,

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