INTERNATIONAL  TRADE  157

the  introduction  of  cost  of  carriage  make  no
essential  difference.  The  peculiar  case  of
international  trade,  known  as  “  dumping,”
has  already  been  dealt  with  in  Chapter  IV.
It  remains  to  establish  the  latter  half  of  our
second  fundamental  principle,  namely,  the
well-worn  statement  that  exports  pay  for
imports.  The  truth  of  this  statement  has
been  canvassed  again  and  again,  and  at  first
experience  would  seem  to  lend  support  to  the
sceptical.  When  we  examine  the  statistics
of  imports  and  exports  of  different  countries
we  do  not  find  a  single  case  in  which  the  two
appear  to  balance.  Further  thought,  nevertheless, ­
  will  probably  lead  us  to  the  view  that
the  pronouncement  that  exports  pay  for
imports,  the  correctness  of  which  is  implied  in
the  reasoning  above,  is  justified.
Were  it  the  case  that  in  international
trade  no  credit  was  given,  that  people  in
one  country  never  made  loans  or  gifts  to
people  in  another  country,  that  nobody
travelled  abroad,  and  no  ships  coaled  and
refitted  abroad  ;  and  were  it  a  fact  that  the
intangible  services  performed  by  people  in
one  country  for  people  in  another  country
were  all  entered  in  the  statistics  of  imports
and  exports—in  this  event  it  is  obvious
that  exact  correspondence  (apart  from  cost