On Political Economy in Connexion With the Moral State And Moral Prospects of S

Cover On Political Economy in Connexion With the Moral State And Moral Prospects of S
On Political Economy in Connexion With the Moral State And Moral Prospects of S
Chalmers, Thomas, 1780-1847
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The matter is adjusted in this way ; and the description applies generally to the inter- changes of foreign trade. The importers of hard- ware into Portugal pay their debt, not to the ex- porters of the hardware in this country ; but they pay it to the exporters of wine in Portugal, and receive in return for their payment an order on the importers of wine in Britain. This order they remit to the exporters of hardware in Britain, who, on presenting it to the importers of wine, there receive paym...ent. Generally speaking then, the adjustment takes, place by bills of exchange, which have the effect of making over the debtors FOREIGN TRADE. 179 in Portugal, not to their creditors in Britain, but to the creditors in Portugal ; and the debtors in Britain, not to their creditors in Portugal, but to their creditors in Britain. The parties thus brought into relation, may be alike unknowing and unknown to each other; transacting, as they do, through the medium of the bill-broker, who alone comes into contact with both.

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