The work of the Stock Exchange

Bibliographic data

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.

APPENDIX 671 (XVIIIi) The comparative use of gold shipments, short banking credits and securities in balancing American international payments each year is illustrated in the following table (000,000 omitted) : INTERNATIONAL SHIFTINGS OF FINANCIAL ITEMS Balances 1023. . 925. «8 so 8 0 ee 0. 1923. ---- * ® 8 8 2 8 0 8 4 0s 0 se 1926. ........ 1927. ... oo 1928......... 1929. » oo % @¢ eo 4 a ve ase ee ase es Gold - ~OF a4 272 -_ 120 Ts qi + 15 Securities + 30 733 560 "40 “5 708 —186 (Minus gold items=net American gold imports, and plus gold items= net American gold exports. Plus credit items=net American short loans abroad, and minus credit items=net American short borrowings from abroad. Minus security items=net American excess of foreign security purchases over foreign investments here, and plus security items=net excess of foreign investments here over our investments abroad.) (XVIIIj) “Japan passed through a severe crisis in 1901, and part of the year before, because of the barrenness of her stock market. She had been engaged in great enterprises, but the stimulus given her industrial interests did not prove immediately profitable. Her people had begun importing great quantities of foreign goods, includ- ing too many luxuries, and the result was that she had large debts to pay abroad. If she had had a good security market, these debts would have been settled by the transfer of securities; but having only a few securities, and those of doubtful value, to throw upon the London market, she was compelled to settle at a sacrifice the demands upon her for money. She was compeiled to sell goods for any price that could be obtained. . . . “France was saved from one of the greatest crises of history by the large holdings of securities among her people during the Franco- Prussian War. When Germany demanded an indemnity of five thou- sand millions of francs ($1,000,000,000), it was in the belief that its payment would throw a paralysis upon French industry and enterprise which would prostrate them for a generation. But what happened? When the French Government appealed to the people, saying, ‘We need five thousand millions of francs to pay off this indebtedness,” the whole matter was adjusted through the securities market, and in a few years the Bank of France resumed the payment of gold for its notes, Frenchmen subscribed liberally for the securities of the new loans to pay off Germany, and in order to obtain the necessary funds, they directed their broker to sell in London, Berlin, Vienna, Brussels and New York the old securities which they held. Five thousand million

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