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

THE FRANCO-GERMAN INDEMNITY OF 1871 265 on France may be described as one for a lump sum to be turned over at once. In fact, this was what France accomplished, the pay- ments being actually made in a less time than the treaty terms contemplated. The case therefore differs from other indemnities of modern times, since usually these have called for a series of pay- ments spread over many years. Such was the case with the Chinese Boxer indemnities under the Treaty of 1901, and with the Turkish indemnity under the treaty of 1878; it is most noticeably the case with the reparations payments required of Germany after the Great War. The Franco-German indemnity was peculiar in calling for the remittance of a great sum in a very short period of time, a transaction unexampled in history. Two tasks had to be performed by France in order to meet the obligation. One was to secure for the government treasury at home the funds which it must have in hand for the first move toward remittance. The other was to transfer these funds to Germany. The first task, a purely domestic one, was accom- plished with an ease and success which astonished Europe and perhaps astonished Germany most of all. France floated two great loans, one of 11 milliards (round numbers) in 1871, another of 3 milliards in 1872. There was also a small surplus from the budg- ets of 1872 and 1873; the Bank of France made a small advance ; in the main it was the two publicly floated loans that supplied the money. The credit of F rance, tho shattered for a time by the war and by the Commune, had been early strengthened by the Morgan loan of 1870, one of the most courageous and successful operations in the history of that famous house, and was com- pletely restored by 1872. The great loan of that year (3 millia rds) was enormously successful, being over-subscribed 10 fold and more. Before the subscription books closed, it had become clear that the offering would more than absorb the stated total, and fancy bids poured in from bankers and investors eager to secure shares in the final allotment. The second task, that of transferring the funds to Germany, was met with no less success. Payments had to be made under the treaty mainly in German or French coin, or in bills of exchange ;

Access restriction

Copyright

fullscreen: International trade

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation