International trade

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Multivolume work

Identifikator:: 1892063557

Document type:: Multivolume work

Author:: Lamprecht, Karl http://d-nb.info/gnd/118569015

Title:: Deutsche Geschichte

Place of publication:: Berlin

Publisher:: Gaertner

Year of publication:: 1891-

Collection:: Economics Books

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Volume

Identifikator:: 1892065975

URN:: urn:nbn:de:zbw-retromon-236173

Document type:: Volume

Author:: Lamprecht, Karl http://d-nb.info/gnd/118569015

Title:: Deutsche Geschichte

Volume count:: Bd. 5, Hälfte 1

Place of publication:: Berlin

Publisher:: Gaertner

Year of publication:: 1894

Scope:: XIII, 358 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Zweites Kapitel. Weiterbildung der religiösen Ideen, soziale Revolution

Collection:: Economics Books

THE UNITED STATES, II. 1900-1914 297 The series shows in general such trends as might be expected. The item of fresh loans made to the United States — capital bor- rowings — is large (200 millions) in 1869, and sinks to somewhere between 100 and 150 at the end. There is a curious lack of quanti- tative data concerning it. Beyond question it fluctuated widely from year to year, just as did the capital exports from Great Britain, rising to great amounts in the years of expansion, sinking to little or nothing in those of depression. In the ominous year 1894, when there was fear that the United States would go to a sil- ver basis, it came to less than nothing. Securities were then sent back to the country from abroad (as has already been mentioned) and the capital movement served to create a debit instead of a credit item — it was as if the United States had paid back money to foreign countries, not borrowed from them. The other side of the loan account, interest and dividends payable by the United States, remains a constant debit item, and, as may be expected in a country which borrows steadily even tho irregularly, a growing one. In the earliest year here noted (1869) the inflowing capital sums still exceeded the interest payable on the preceding loans. As time went on, interest payments rose, while new borrowings became smaller; considering the loan account as a whole, the debit item came to exceed that to the country’s credit. The other items — freight payments, tourist expenses, immi- grants’ remittances — all indicate growing payments due from the United States to other countries. Tourist expenses show a remarkable increase; estimated at 25 millions in 1869, they are put at ten times that sum in 1912. Freight payments double, from 24 to 50 millions. Immigrants’ remittances, which appear suddenly in 1909 as if then a fresh item, had undoubtedly played a large part in previous years, being simply discovered after having grown rapidly since the beginning of the century. Compare now the course of the balance of payments, as just analyzed, with that of the balance of trade, as described in earlier paragraphs. We find nothing which is out of accord with theoreti- cal presumptions. The heavy payments called for by the various invisible items were met by an excess of commodity exports. That

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