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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Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

CHAPTER 22 THE FraNCO-GERMAN INDEMNITY OF 1871 THE international trade of France during the period chiefly considered in the present series of chapters — the second half of the 19th century and the first decade of the 20th — had the fea- tures characteristic of a country which has long been exporting capital and is still doing so. Her merchandise imports regularly exceeded her exports. As in Great Britain, loans had reached by the middle of the 19th century the stage where interest pay- ments on what had previously been advanced to foreigners ex- ceeded the annual outgo for new loans. Had it not been for the persistent new loans — the continuing export of capital — there would have been an even greater balance of payments in favor of France, and an even greater excess of merchandise imports. As it was, the “unfavorable” balance of trade was steady, and dur- ing the generation preceding the Great War tended to become greater. There were other non-merchandise items in the international account. Such, for example, were the considerable payments on account of tourists visiting France and of foreigners domiciled there. The amounts were substantial and added to the excess of mer- chandise imports. These items, however, and other minor ones of similar tenor, and indeed the general course of the country’s inter- national payments, had not the somewhat spectacular character which we find in some of the non-merchandise transactions of Great Britain and the United States; such, for example, as the surprising remittances by American immigrants, or the British bursts in the export of capital. The international trade of France, like her internal commerce, moved on a comparatively even keel. A careful study of wages and prices in France, with attention to the 263

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