Die deutsche Kali-Industrie 1930

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Monograph

Identifikator:: 1847185045

URN:: urn:nbn:de:zbw-retromon-241659

Document type:: Monograph

Title:: Die deutsche Kali-Industrie 1930

Edition:: (Als Ms. gedr.)

Place of publication:: Berlin

Publisher:: Hoppenstedt

Year of publication:: (1930)

Scope:: 94 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: [ II. Die drei großen Gruppen der deutschen Kali-Industrie ]

Collection:: Economics Books

222 MODERN MONETARY SYSTEMS drawn, for instance in dollars or gold francs, would be paid, these bills having been issued by a National Exchange Office in each country adopting the scheme. This Office would be attached to the Bank of Issue or independent of it; it would be the sole borrower and in each country the sole correspondent of the International Credit Institute. As this credit is destined to cover any possible tempor- ary deficits in the balance of payments, it would, of course, be reconstituted by the National Office by the surplus private bills which it would purchase during periods when the balance of payments was positive. This National Office by issuing gold or gold bills at a fixed rate would determine the expors gold point of the in- ternal currency, since private individuals would have the certainty, in the event of the quantity of commercial bills being insufficient, of obtaining official bills, e.g., on New York, at a fixed rate and so of obtaining gold abroad. As ex- perience has shown, they would therefore not be willing to pay for the bills a larger sum than the export gold point, and so the exchange of countries adopting the system would not fall below the established parity. It would only be necessary to authorise the National Ex- change Office to accept foreign gold at the same rate at which it issued gold, or to purchase foreign bills with the internal currency at the same rate, after deducting the expenses of importing gold, in order to enable it to fix the equivalent of an import gold point whenever the balance of accounts was positive; for it would guarantee a minimum price for the bills of those persons who owned debts abroad if they could not immediately find a purchaser. Let us take, for instance, an Exchange Office set up in Paris and issuing gold or bills on New York at the rate of 15 francs to the dollar (after deducting the cost of transport- ing gold in the case of bills); obviously the rate of the franc in relation to the dollar could no longer fall below this point. In other words it would no longer be possible to sell “dollars,” or to sell in Paris bills drawn on New York at more than 15 francs to the dollar, plus the cost of trans- ferring gold, i.e., above the gold point. And the quotations

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