International Trade And Exchange a Study of the Mechanism And Advantages of Com
International Trade And Exchange a Study of the Mechanism And Advantages of Com
Harry Gunnison Brown
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Subtracting $2 as cost of transportation, insurance, etc. , there is left $484. 65. If the gold can be purchased with a draft on an English bank, a draft which, because of the low rate of exchange, costs less than the above sum, the operation is profitable. (It is not intended to assert that the im- portation of so small a sum would be profitable. Rather is it here assumed that the 100 is only a part of a much RATE OF EXCHANGE AND FLOW OF SPECIE 113 larger sum. ) The low price of drafts, then, ...stimulates the demand for drafts as a means of paying for English gold. Thus, on the supply side as on the demand side, there is a limitation on the extent to which exchange can fall. In practice, the ordinary business man does not himself import gold but takes advantage of the demand for his drafts by banks which use the drafts to pay for gold. With importation of gold from England, as with exportation to England, allowance must be made for the possible slight fluctuation in the price of gold in terms of pounds sterling.
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