The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1910-11-24

oUUsUVO 10 Ia, 362, 40O 200 marks.
Communities with more than 10 900
inhabitants have had an increase of
from 771,SOO,0OO to 5,295, 700 900
marks. Though most of the local
debt and a great part of the state
debts are more or less for reproduc-
tive purposes, the imperial debt is
considered by the author as, in the
main, a dead weight" debt. The
empire has OF late years pursued
poslicy of Issuing treasury bills to
cover its deficits. This unfunded
debt, at times very large, has been a
source OF anxiety in German bank
ing circles
France has a debt larger than that
of any other country. Its capital
value on January 1, 1908, was 3d.
.161 300. 900 francs. This is sixteen
times that of the English debt. Allev-
iation may be looked for from the
reverslon of the chief railway lines TO
the state between 1850 and 1900.
The average price OF the French 3
percents has risen from 1857 in
1877 to 1888 in 1897, to fall TO
96.15 in 1908.
In the last part OF the monograph
the author deals with the debt of the
United tSates, tracing its history
from the beginning OF the nation to
the present time. The methods of
followed at different
times. the market price and net yield
of the bonds, and their use as deposit
for national-bank note issues are
among the subjects considered by the
author.
In the article entitled 1.-The Trade
Balance of the United States an
of the factors which go
to make up a country's balance of
trade prepares the way for an analy-
sis of the trade balance of the
United States. Mr.. Paish also re-
views the country's gold imports
and exports. In his opinion, the
stringency at the time of
harvest could be much relieved by
the establishment of a central insti-
tuition of the nature OF the Bank of
England.
The term trade balance" the
author explains, is generally used to
indicate the excess value of a coun-
try's exports of merchandise over
the value Of its imports of mer-
chandise or the excess value of a
eountry's imports OF merchandise
over the value OF its exports of mer-
chandise. An excess balance of ex-
ports over imports is said TO be
favorable trade balance. ''In the
sixteenth, seventeenth and eigh-
teenth centuries a favorable trade
balance was a matter of great con-
Germ to statesmen and to financiers
At that time it was supposed that
any country which imported goods
Of greater value than the goods II
exported would be seriously injured
by having to make payment in the
precious metals for the difference
between the value of the goods i'm
ported and the value of the goods |
exported ." But "as COM
merce developed and international
banking advanced. 1t was recognized |
that a nation could, under certain
purchase goods of a
greater aggregate value than II ex-
ported without sustaining any drain |
upon its stock of the precious metals |
DR. suffering any inconvenience what
;oever. and in recent time no one
has paid any great amount of at
.ention to the question of the trade
balance other than for the purpose
If ascertalning the factors which
,aused the imports of certain coun-
ries largely to exceed their exports
,r of discovering the reason for the
Exports of certain countries largely
exceeding their imports"
The volume OF a country's trade
quickly adjusts itself to the needs
II that country, and the effect of a
udden disturbing influence to trade,
he author states, can be got over
" financial operations in the great
money markets with
tut any excessive drain on the pre-
ious metals. Movements OF gold
nd silver are brought about not
o much by trade balances as by
he currency and banking needs of
he various countries. If a country
leeds gold, Mr.. Paish maintains, 1t
las no difficulty in buying it. pro-
ided that its credit is good.
Various factors make up a coun-
RVS trade balance. A balance often
esults from the investment of capt.
al by one country in another. The
ending country will receive pay
nent for the goods it exports and
lso for the interest upon the capt.
al which II has in former years in
ested in other countries. Another
actor which goes to make up the
rade balance of a country are the
ervices given by countries possess
lg great fleets of mercantile ships
D those countries which possess
tile or no shipping. Great Britain's
eet renders very valuable service
D the whole world, and a substan-
al part of the imports of goods ,
ito the United Kingdom is received