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

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 UNITED STATES, III. AFTER 1914 311 United States and put in the Morgan vaults as collateral to ensure the solidity and the ultimate payment of the bonds offered by them to the American public, now no longer borrower, but turned lender. These securities came chiefly from London. The British Government at first endeavored to bring about their transfer into its hands (by loan or purchase) thru friendly negotiation. But the urgent necessities led before long to stern measures. A full and detailed list of wanted bonds and stocks was prepared and published, and the holders were required to put them at the dis- posal of the British Treasury on pain of paying, as regards the income from them, an extra income tax of ten per cent (2 shillings in the pound). A committee was organized to manage the proce- dure, and it handled something like two billion dollars’ worth of securities.! After the sober British fashion, the pressure on the owners was made as little irksome as possible; they could sell or could loan; and if they loaned, they were to receive, so long as actual sale was not found necessary, not only the interest or dividends accruing from their properties, but 4 per cent on the nominal value in addition. The French Republic took similar steps toward getting into its hands American securities owned by its citizens; but its more solicitous policy toward property holders led it to resort to bonus rather than compulsion. With the details of these operations we need not concern ourselves. They are part of the whole series of fiscal and economic measures, quite unusual in character, to which the governments were led by the stern exigencies of the war. We may now consider in what way these two great move- ments, the flow of gold to the United States and that of secu- rities, fit into the received version of the theory of international trade. That gold should pour into the United States is quite in accord with the usual analysis. The huge exports had to be paid for, and a great movement of gold to the United States was to be t The Report of the American Dollar Securities Committee, dated July, 1919, gives summary figures concerning these operations. The amount stated in the text (2 billions of dollars) includes the value of securities which the Bank of England gathered before the Committee got to work.

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