CONTENTS
CHAPTER 18
Tue FOREIGN EXCHANGES AND THE INTERNATIONAL MOVEMENT
OF SECURITIES . : :
Reduction of the gold flow to a minimum secured by exchange
operations of bankers and brokers, 215; by virtual pooling of the
foreign exchanges of all countries, 216; by maintenance of foreign
balances, 217; by international movements of securities, 218.
Short-time transfers of securities related to international invest-
ment operations. Movements of securities sometimes disturb
rather than smooth the fluctuations of exchange, 219. "A con-
tinued lack of equilibrium between a country’s debits and credits
must eventually result in an international redistribution of specie,
220. Importance of the time element, 221.
CHAPTER 19
CANADA .
~~
Borrowing from abroad the dominant factor in Canada’s inter-
national trade, 1900-1913, 222. Excess of imports, inflow of
gold, and expansion of the demand liabilities of Canadian banks,
994. Secondary reserves; Canadian rates of exchange, 226.
Prices in Canada rose more than elsewhere. Prices of exported
goods rose less than domestic goods but more than prices of
imports, 227. Disappearance of many domestically produced
commodities from the list of exports, 229. Significance of the cir-
cumstance that the added imports come chiefly from the United
States, not from Great Britain, 231. Adjustment of trade
balances to international payments, 232. Experience of Canada
a striking verification of the essentials of the Ricardian theory.
Analogy of the outcome to that of an experiment, 233.
Eo
ey
xVvil
PAGES
215-221
222-235
CHAPTER 20
GREAT Britain, I .
Recorded exports exceed imports until 1852; thereafter
imports exceed exports, 236. Increasing interest on foreign loans
and increased earnings from shipping account in large part for
the reversal, 237. Capital outflow, 238; its irregularity related
to the stages of the business cycle, 239. Some of the observed
phenomena before 1880 neither disprove nor confirm general
theory, 241.
CHAPTER 21
thy
GreAT Britain, 11. THE Terms oF TraDE, 1880-1914 i
Decline in the import-excess after 1904 due to sudden increase
of capital exports, 245. Effect on the gross and net barter terms
236-244
245-262
