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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

THE FRANCO-GERMAN INDEMNITY OF 1871 271 have got the indemnity in the form of foreign investments; not necessarily the identical ones with which the French parted, but the same in amount. They did buy foreign securities to some extent ; but here again we have only hints and indications, no precise infor- mation. The debts of the former German States were paid off, and the former holders sought new investments. These were partly domestic; an extraordinary increase in new joint-stock companies took place! In good part, the re-investment was in foreign securities and in foreign enterprises; and to this extent they represent something that the German economic body really got from the indemnity. Large investments were made in Austria, especially for Bohemian and Hungarian railway projects. They led in that country to a speculative boom the like of which had never before been experienced, and which culminated in the crash of 1873, the first stage in the world-wide crisis of that year. There is evidence also of the purchase in Germany of Italian, Russian, Turkish and American bonds. The Germans had begun the pro- cess of foreign investment before 1870; it was widely extended after that year under the stimulus of the indemnity operations. The attainment of the stage of settled and established foreign in- vestments was quickened and facilitated. In sum, the Germans did get considerable credits and possessions abroad, and the subse- quent movement toward expansion of this kind was fairly launched. But after all it was not in this way that the major part of the indemnity was used. Obviously an important part of the entire problem is that of the commercial specie movement: how much specie went out of France thru the channels of trade, how much went into Germany ? Here again our information is unsatisfactory. It is known how much specie was handed over directly by the French Government to the German Government, and how much the German Treasury took for the new gold currency. But how much went out of France thru commercial channels, and how much went into Germany in ' Soetbeer gives for example the following striking figures: Total number of stock companies founded in Prussia : During the 80 years 1790 to June, 1870 — 279 Companies During the 30 months June, 1870, to the close of 1872 — 762 Companies

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