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

THE UNITED STATES, III. AFTER 1914 309 If ever a country could be made rich by a “favorable >’ balance of trade, the United States had its golden opportunity during these five years.! And gold the United States did get. Altho during the brief period of acute depression — the last six months of 1914 — much gold had gone out, the return movement during the second half of the fiscal year (January 1 to June 30, 1915) was so great that there still remained a net excess of imports for that fiscal year as a whole. In the year 1916 the net imports exceeded 400 millions, and in 1917 rose to nearly 700 millions. Thru causes which will pres- ently be noted, the inflow then was stopped, and in the years immediately following was even replaced by a moderate outflow. For two years, however, cash flowed into the United States in extraordinary volume. Great as was this inflow, obviously it was not large enough to pay for the much greater exports of merchandise. The absolute amount of gold that came in was enormous; yet it was still small, when compared with the payments due for goods exported. Only in part was the excess of exports paid for by the transmission of hard cash. Other means of payment had to be provided, and 'T give the figures (in millions of dollars) of merchandise (including silver) imports and exports for the fiscal years (ending June 30) 1915-19. TISCAL ‘UBAR Nyt 6 if 8 1919 T'otal for perioc EX POR RG: £793 5368 5059 7534 27.174 APO 3 2594 2016 S174 2.819 Excess or Exports 1116 2161 3674 2043 ‘259 aI The net gold movements (excess of imports or exports of gold) during the same five years were : FISCAL YEAR 1915. : 1916. . 1917 . 9 1918 . | 1919. .°."=™ 54.2 [otal for the period 993.8 23.3 excess imports “28 imports 185.2 imports a2 exports exports imports

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