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 II. Problems of verification

Collection:: Economics Books

224 bo INTERNATIONAL TRADE The total sums borrowed between 1900 and 1913 came to 2500 millions of dollars. By far the largest part came from Great Brit- ain — not less than 1750 millions. The United States contrib- uted 630 millions. An almost negligible remainder was lent by Continental Europe. So markedly preponderant was the share of the mother country that the case may be analyzed for most pur- poses as if this were the only source, tho the extent and the manner of American participation present some problems of their own, to be considered in due time. It is in accord with the previsions of theory that these great borrowings led to complete reversal of the relation between com- modity imports and exports. Instead of the previous excess of exports, Canada came to have a heavy excess of imports. The total excess of commodity imports during the 13 years was in round numbers 1.3 billions. The excess of imports, it will be seen, was less than the total of borrowings; a difference easily explained in view of the various other payments from Canada to Great Britain and other countries which were called for in the course of the operations — for accumulating interest on the successive loans, freight both on imports and on exports, and minor items such as tourist expenses and banking and insurance commissions. The details of the balance of payments we need not stop to analyze. It is enough to note the salient change brought about by the import of capital — a marked excess of commodity imports over exports. That this change should ensue is not only in accord with theory, but is confirmed, in the large, by the well-known experi- ences of all borrowing and lending countries. So far there is nothing noteworthy ; it is familiar experience that loans and repay- ments of loans, interest remittances and the like, are in practise effected mainly thru the movement of commodity imports and exports. Much more instructive than this gross result are the various concomitants of the process and especially the working of the monetary mechanism. The characteristics of the monetary system of Canada have already been described. It is one in which the superstructure is large in comparison with the gold basis, and in which therefore a

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