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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Theory

Collection:: Economics Books

138 INTERNATIONAL TRADE Great Britain, on the other hand, must show under these condi- tions (the carrying all done in British vessels) an accentuated excess of imports — a greater excess of imports than would appear on her records if the carrying trade were equally divided. She must have a real excess of imports of merchandise, not merely the nominal excess which the statistical practice of itself tends to show. Her recorded imports are doubly swelled ; first by the practice of valuing them c.i.f., and second by the substantial fact that she has payments to receive for the carriage of her exports. Not all countries, however, follow the practice of valuing exports one way, imports the other; and here the complication becomes different. The United States, for example, instead of valuing imports on the c.i.f. basis, values them as the exports are valued in most other countries; that is, on the f.o.b. basis. Her statis- tics give the values of imports at the time and place of exportation from the foreign country, not their values on arrival at the United States ports.! Cost of carriage is ignored in the official records of imports as well as of exports. Here again we may consider the same two representative cases : one in which the shipping trade is equally divided, the other in which it is all in the hands of one country. Take the United States and Great Britain, again, as Australia and Great Britain were taken before. If, first, the carrying trade is equally divided between the United States and Great Britain, and the charges on this account just balance each other, the official statistics will show, as regards exports and imports, an excess of imports for Great Britain but for the United States imports just equal to the exports — no difference either way. For the United States the official showing will be in accord with the facts —a settled equilibrium. But for Great Britain an excess of imports will be shown; and that excess, so far from indicating an unsettled bal- ance, will be but nominal. Great Britain will not in fact have any payment to make to the United States; her imports will only seem to exceed her exports. 1 This was the case, at least, for many generations. The tariff act of 1922, with its novel provisions for a possible “United States’ valuation, brought about a change for some portion (not considerable) of the imports.

Access restriction

Copyright

fullscreen: International trade

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation