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 II. Problems of verification

Collection:: Economics Books

GREAT BRITAIN, I BE 237 The break in the figures at that date is thus explained, and is shorn of the striking significance which it might be supposed to have. None the less the general trend of the figures for the middle years of the century indicates a change in the current of trade which in fact took place. Under the new and more accurate computation, imports not only exceeded exports at once, but continued to do so, and at an accelerating pace, as the years went on. It is probable that during the second quarter of the century the exports were greater than the actual imports; it is quite certain that thereafter the imports were greater than the exports. The excess of imports which developed during the second half of the century is easily explained, or at least easily interpreted. [t was the natural result of two circumstances. One was the stage which Great Britain had reached as an international lender, — the stage of maturity, so to speak. The process of making loans to foreigners had been going on for many years, and had been on a large scale from 1830 to 1850. Capital had been invested in the Continent of Europe, especially for railway construction, and it had been invested also over-seas, in North and South America. The American borrowings of all kinds were heavy after 1830; some of them with profitable result, others with disaster. Taking the operations as a whole, they had been remun- erative, and a growing stream of payments of interest and income was setting in toward the lending country. As has already been remarked, capital export in its early stages, when the remittances from the lending country are not yet offset by payments due from the borrowing country, causes the lending country to have an excess of merchandise exports. As time goes on, the growing remittances — of interest and profits by the borrowing country or countries — come to exceed the fresh loans that are made to them, and the lending country begins to have an excess of imports in place of the previous excess of exports. This may be called the stage of maturity, a stage which comes more quickly if the annual accretion of new loans precedes at a lessened rate, but is postponed if the process of lending, so far from slackening, goes

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