International trade

Bibliographic data

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, III. AFTER 1914 319 1919 to 1921.! The excess of merchandise exports remained extraor- dinary. In round numbers it was four billions in 1919, three illions in 1920, two billions in 1921. Then it declined rapidly; y 1922 it fell to amounts comparable to those of the pre-war period (on this later stage more will be said presently). The flow of gold showed a movement of quite different character. In 919 there was a large net export (292 millions) ; 2 then a moderate mport in 1920; finally enormous imports in 1921. The relation between the two movements is quite the reverse of what one would "pect For the two years 1919 and 1920 (taking them together) the excess of merchandise exports was still extraordinary; and there was no net inflow of gold at all —on the contrary, a net export. In 1921, on the other hand, when the merchandise excess I For convenience of reference, I give the figures (in millions of dollars) for ex- ports and imports both of merchandise and of gold, for the entire series of calendar years from 1919 to 1925. Calendar Year 1919 [920 1921 1922 1923 1924 1925 Merchandise (including silver) JX PORTS "MPORTS “’XCESS OF ExPoORTS rE + bry 07 2572 3995 4240 4701 5008 2184 3867 3684 42903 NET IMPORTS 37 28 294 258 (Gold Ner ExXPorTs 202 34 ? The export of gold during the calendar year 1919 was ascribed, at the time and just after, to causes supposed to be of exceptional character. The merchandise imports into the United States were mainly from the Orient and South America, while the exports were mainly to Europe (a contrast, it may be remarked, which was of long standing in the foreign trade of the United States). Ordinarily the exports to Europe provide the bills of exchange which serve to pay for the imports from the East. But at this time, so it was said, the usual foreign exchange operations could not take place. Europe was on a paper basis, and could furnish no exchange available for remittances to the Orient, where specie alone was accepted | in payments; hence gold (and silver also) had to be sent thither from the United States. I am not convinced that this explanation of the export of gold is satis- factory. The shuffling of the exchanges is not necessarily or usually prevented by paper currency or dislocated rates of exchange. The probabilities would seem to be that the United States had actually more of money payments to make (in gold terms) than she had to receive. The point, however, is of little importance for the general problems here under consideration. = -

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