DISLOCATED EXCHANGES FURTHER CONSIDERED 373 
into India, will cause rupee exchange to rise, and this will bring 
a rise in the price of silver bullion. 
To sum up. In the case of trade between gold and silver coun- 
tries, three sets of forces have to be reckoned with: first, the sub- 
stantive course of trade, the export and import of goods between 
the trading countries; second, the non-merchandise transactions; 
and third, the price of silver bullion in terms of gold. Any one of 
the three may change independently, and thereupon changes will 
be entailed in the others. In the actual course of events, it will 
rarely happen that one of the three does vary quite alone, the 
others remaining the same. In almost every case where one 
has clearly been active, there will be ground for suspecting that the 
others have not remained entirely inert. Hence room will remain 
for differences of opinion how far the final outcome had been due 
to any one, how far to the combined and interdependent influence 
of all. There may be clear grounds for supposing that at a given 
time one of the three forces has been the dominant one or major 
one. But it will hardly ever happen that there is no ground at 
all for supposing that the others have not also exercised an influ- 
ence of their own. Commonly they will have contributed to 
bring about the outcome, not merely succumbed to the impelling 
operation of the single one. One set of closely connected phe- 
nomena — a single tho many-sided result — will be found; the 
prices of international goods, the rates of exchange, the prices of 
bullion, will all move with a common accord.