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

324 INTERNATIONAL TRADE 726 millions; in 1923 it was 387 millions; in 1924 it was 1006 millions; in 1925 again 700 millions. The figures are compara- ble with those of pre-war times. The money sums, to be sure, are larger than they were in the pre-war period. But prices being 50 or 60 per cent higher, an export excess of 726 millions, such as appeared in 1922, meant no more than one of 500 millions in 1912. The figures might reasonably be interpreted as showing that, as something like the normal conditions of peaceful trade was restored, something like the normal relation between the money value of exports and imports also was re-established. Interna- tional trade apparently was again in its former grooves, function- ing in a normal way. This approach to equalization was accompanied by a similar equalization between the several invisible items. Here we find some old items, but also some new; and there is occasion for comment. Among the old and familiar items, that of longest standing and steadiest character was the tourist expenditure. Not only did it persist ; it became larger year by year. The growth in numbers of the well-to-do pleasure seekers caused this debit charge to grow, and to grow with much steadiness. True, in these later days there was a countercharge, also growing, because of the increasing expendi- tures by European travellers in the United States. None the less, the net debit against the United States remained large and tended to become steadily larger. Its tendency to rise is to be contrasted with a different tendency as regards the other debit item just mentioned : immigrant and charity remittances. Here we might expect a declining tendency, somewhat abrupt for the charity dona- tions of emergency character, more gradual for those made by the immigrants. Yet up to 1925 there appeared no marked change. Taking all these items together, their total remained large and tended to swell rather than shrink. Earnings from shipping now presented features quite different from those of the pre-war period. Before the war this item also had been almost entirely on the debit side of the account ; but now it stood on the credit side as well. Ocean transportation, formerly

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