Responsible government in the Dominions: Responsible government in the Dominions

Das Minenwesen in Argentinien

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Multivolume work

Identifikator:: 1896933912

Document type:: Multivolume work

Author:: Keith, Arthur Berriedale http://d-nb.info/gnd/119086794

Title:: Responsible government in the Dominions

Place of publication:: Oxford

Publisher:: Clarendon Press

Year of publication:: 1912-

Collection:: Economics Books

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Volume

Identifikator:: 1896935311

URN:: urn:nbn:de:zbw-retromon-237672

Document type:: Volume

Author:: Keith, Arthur Berriedale http://d-nb.info/gnd/119086794

Title:: Responsible government in the Dominions

Volume count:: Vol. 3

Place of publication:: Oxford

Publisher:: Clarendon Pr.

Year of publication:: 1912

Scope:: XII Seiten, Seiten 1102-1670

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Multivolume work

Structure type:: Index

Collection:: Economics Books

60 MODERN MONETARY SYSTEMS France, with an enormous surplus of imports to pay for,! suddenly lost the benefit of the credits opened by the British Treasury (end of 1918) and by the American Treasury (March 1919). Thereby the regulating machinery, which had consisted in the issue of bills at a more or less fixed rate with the help of these foreign credits, and had bound up the franc with sterling and dollars since 1917, disappeared. These large credits which supplied the exchange market were succeeded by private credits, which were, however, insufficient, chiefly because some of those opened during the war expired, and had either to be paid off or renewed. The French exchange seems therefore to have been supported mainly by the sale of securities or by speculative credits 2 opened by foreign capitalists, who with every fall in the franc discount a recovery in the near future, and, by the purchase of credits on France or by the sale of dollars, .., of bills drawn in Paris on New York, effect transfers of capital in the hope of repatriating them later at a more favourable rate.? Capital temporarily invested in France or left on de- posit in the hope of better times is still estimated at several milliards of francs. Speculation seems to have helped the French exchange considerably in surmounting the difficulties of the period between the withdrawal of the British and American official credits and the recovery of the economic situation, which was gradually brought about partly by the restoration of equilibrium in the visible 1 According to French official Customs statistics, the deficit in the Trade Balance was 61 milliards between August 1914 and December 1919, and 46 milliards between January 1919 and December 1922. Whatever the margin of error in Customs statistics for such an abnormal period, and whatever the corrections which may be necessary as a result of factors which are not susceptible of being statistically recorded, these figures give some idea of the order of magnitude of the deficit to be met with the help of international credit. 2 The method of obtaining these credits has been described by M. Décamps in particular in “La Crise des Changes.” Speculators understood so well the significance of this change of system that, as M. Décamps says, President Wilson’s message of December 1919 that Europe would in future have to do without American assistance caused sterling to rise in 48 hours from 41 to 45 francs, and the dollar from 10 to 12 francs.

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