The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVIII. The stock exchange as an international market

Collection:: Economics Books

518 THE WORK OF THE STOCK EXCHANGE companies in freight charges on our foreign trade. The in- surance of these goods was carried mainly by foreign insur- ance companies, and this was another American invisible import. Our immigrants remitted huge sums each year to Europe, and our tourists abroad spent as much again. More- over, as we have seen,’ America was steadily importing capital by selling her securities abroad, and in addition was remitting vast sums annually in interest and dividends on our bonds and stocks held abroad. We were in consequence really a debtor nation then, and wise old Europe as she received dividends from us, and clipped coupons from American bonds, could well afford to agree with us when we told her how prosperous we were and how much money we were making. The International Trade Position of Great Britain.—The situation in Great Britain, however, was just the reverse. The British regularly imported more goods than they ex- ported—a fact which some unsophisticated critics thought alarming. But in the invisible trade Britain exported vastly more services than she imported. Hers was the greatest mer- chant marine on the seas, the vast insurance business center- ing at Lloyd’s was internationally famous, and her preeminent banking center and stock market in London exported credit and capital to the far corners of the earth. So successful was Great Britain in her total foreign trade that she was able to import many millions in foreign securities each year in balanc- ing her accounts with the world. The flood of dividends and bond interest which returned to London each year pro- claimed her the world’s greatest creditor nation. Epoch-Making Character of the Great War.—The World War wrought vast and profound changes throughout the eco- nomic structure of the whole world, and particularly in inter- national trade. Civilization was, in fact, shaken to its depths, and while the wreckage and waste caused by the war have “11 See Chaoter III, p. 70.

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