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 273 France closed out her part of the transaction in short order, Ger- many spread hers over a considerable stretch of time. The German Treasury, as we have seen, received bills of exchange in amounts enormous for that age. The bills were by no means presented for payment as they matured. They seem to have been nursed; and the proceeds were utilized from time to time, in direct ways or indirect, as occasion arose. True, considerable quantities were turned into cash before 1873, especially for the purpose of securing gold for the new currency. But large amounts, apparently the major part, were fed on the market piece by piece, as financial needs appeared. Sometimes the proceeds of maturing bills were invested by the Imperial Treasury in foreign or domestic securities; some- times they were left on deposit in London banks; sometimes they were re-invested in still other bills. As time went on, the foreign securities were gradually sold, the balances in London were drawn out; the bills in which the proceeds of the original bills had been re-invested were perhaps again replaced, but finally bills were presented for payment as they matured. Thus the operations of the German Government in the foreign exchange market were spread over a series of years. Correspondingly, the effect on the foreign trade of Germany — the movements of specie, of goods, of securities for private investment — were spread over the ensuing decade. And during that time, still other factors were modifying Germany’s international trade. Her manufacturing expansion, so remarkable in later years, took its first great start. Her agricul- tural imports swelled in consequence of the rapidly increasing movement of grain overseas. As is almost always the case over considerable periods, no one factor was so dominant that its effects stood out conspicuously. The consequences of the indem- nity operations, prolonged as they were into a period that seemed far removed from the initial stages, were intermingled with other phenomena, were disguised, concealed, buried in a confused general movement. I suspect it is in some such way as this that we can explain other similar cases that have puzzled inquirers. What are the conse-

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