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 UNITED STATES, II. 1900-1914 295 relatives at home to pay their passage money and join the first comers in the land of plenty and freedom. All in all, the total of the remittances made in these two ways rose to surprising sums. Their quantitative importance was hardly suspected until a careful investigation was made in 1907, when it appeared that the annual outgoings of this sort were not less than $200,000,000, and had been for several years at some such figure! They became still greater in the years immediately following. Thruout the opening years of the century they constituted a very large item in the international balance of payments, and virtually a new one. There were other changes also in the international balance sheet : changes, however, which were more in the nature of modifications of familiar items. Their character and extent is best shown by a comparison of accounts as we find them from time to time. It is not possible to follow the items year by year, or indeed to have much confidence in the precise accuracy of many of the figures. For the entire period preceding the Great War, the statistical material is less abundant and less trustworthy for the United States than it is for Great Britain. None the less the drift of the main changes, and the general consequences for the balance of pay- ments, can be made out with sufficient clearness. I give statements which have come to my attention for certain yvears.2 1) 1868-69 Cr. Net Exports Gold Exports New Loans 286.5 37.5 200.0 39 Dr. Net Imports Interest Freights Tourists a 402.7 80.0 24.0 25.0 531.7 ! The matter was brought to the attention of economists and the financial public by a remarkable article contributed by Mr. C. F. Speare to the North American Review for January, 1908. A graphic account of the remittances by Italians to their home country, and of the social and economic consequences, is in R. F. Foers- ter’s Italian Emigration of our Times (1919) Chs. 20, 22. ? No. 1is from the Report of D. A. Wells as Special Commissioner of the Revenue for 1868-69. No. 2 is from a memorandum prepared by Sir George Paish for the United States Monetary Commission of 1909. No. 3 was laid before the Senate Committee on Currency and Banking in 1913 by a New York banker, Mr. J. F. Kent (see the published Hearings before that Committee, p- 2979). All the figures represent more or less of guesswork; they are serviceable chiefly as indicating the general drift during the period. This drift is brought about also in the second set of figures at the bottom of p. 296.

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