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

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Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

STOCK EXCHANGE AN INTERNATIONAL MARKET 529 to pay foreign debts or to purchase foreign goods and ser- vices.” Useful as this ability is in peace times, it has fre- quently proved a decisive factor in war. Certainly in the World War if Great Britain had not possessed many hundred million dollars of American securities negotiable on the New York Stock Exchange, it might have been impossible for her to have made the vast purchases of foodstuffs and munitions here which proved so vital to victory. Income as well as principal of foreign securities also, of course, conveys benefits upon the creditor nation. Such income in fact represents the amount over earned domestic income which a nation with foreign investments has at its disposal to save or spend. Such foreign revenue (“unearned income” in the jargon of our income tax collectors) enables the recipient country to command imports of goods from other countries in excess of its own exports of goods. Frequently this fact has been taken advantage of by creditor nations; British in- vestments in Argentine railways, for example, enabled Britain to accumulate funds there for the purchase of Argentine wheat and beef, and at the same time to assist in building up the great new South American country. Sometimes, however, interest and dividends accruing to a foreign creditor nation are saved instead of spent, and this usually results in increasing the negotiable wealth and “unearned income” of the creditor country. Lastly, foreign investments do much to extend abroad the political and commercial influence of the lending nation, to promote a wider and more sympathetic understanding of for- eign countries and international problems, and to promote peace. The above benefits from foreign security investments, how- ever, all postulate the existence and efficient operation of stock exchanges, particularly in the creditor country, but also in the debtor countries. In these respects, foreign securities are ~ "® See Appendix XVIII]

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