ON

THE RELATION OF IMPORTS
TO EXPORTS m

A STUDY OF THE BASIS OF A NEW
NATIONAL AND IMPERIAL POLICY

BY

J. TAYLOR PEDDIE, F.S.S.

(Author of "First Principles of Production.")

Longmans, Green and Co.

39, Paternoster Row, London
Fourth Avenue & 30th Street, New York
Bombay, Calcutta, and Madras

1916

11-13

Trade in its earliest form consisted in the mutual
exchange or barter of articles of consumption
As it is with individuals, so it is with nations
Excess of imports is only satisfactory, &c. ..
Finance, Shipping and Insurance mainly res-
ponsible for excess of imports over exports.. 14-15
British and German industrial systems com-
pared

3-6

7-9

16-21

Productive capacity of British factories not
equal to German or American

23-24

The ability which permits exports to exceed
imports is an exactly opposite condition to
one of adversity

26-29

Competition or the talents which produce some-
thing is highly beneficial

30-31

Unreasonable to expect Nations of the World
to continue to buy manufactured articles
from us upon unequal terms; development of
our National and Imperial resources essential 31-36

We are essentially a manufacturing nation;

it is necessary for us to export manufactured

articles of utility in exchange for food and

natural materials

There is a great deal in German methods and

in the spirit from which they emanate that

we should embody in our industrial life;

the position of Ireland

The needed explanation of the phenomenon

manifested in the growing expansion of im-

ports over exports; steps we must take and

those we must retrace..

PAGES

36-41

42-44

44-48

In order to appreciate the relation of imports

to exports more clearly, it is necessary to

discuss influence of foreign exchange and bill

of exchange

Dr. Ewing Pratt on the economic situation of

49

49-61

the United States at the outbreak of War.. 61-67

Examples of the rates of exchange on London

in New York, from July, 1914, to August

16th, 1915, and its meaning ..

Dr. Ewing Pratt on the sterling exchange in

New York; on the position of the United

States as a Creditor Nation; on the future

of American banks in the development of

American Foreign Trade

68-71

72-84

Object lesson for the United Kingdom and the

remedy

84-88

NATIONAL ECONOMICS OR EMPIRICISM?

The uncertainty of our Economic Future; the

greatest care should be exercised in dis-

cussing questions affecting it..

A review of the speeches made at the annual

meetings of two of our leading Banks; the

German Financial situation and the German

ability to export to correct their present

adverse exchange; the extension of Banking

credits in so far as it affects British Industry

making progress..

Review of our present system of Economic

Science; Bagehot on the study of Economic

Science by men of business

Our weakness in the study of Economic Science

may be due to the Universities

Dr. Cunningham on the growth of "English

Industry and Commerce

It should be possible for the Board of Trade to

judge of cause and effect monthly; we have

to safeguard ourselves against German

Industrialism in the future and against com-

petition from America..

PAGES

89-92

92-97

97-100

101

102-103

103-105

Cunningham on the political aims in each era .. 106-108

Our present system of Economic Science is based

upon the fundamental doctrines advocated

by Adam Smith..

Adam Smith's formulae..

Smith sensibly argues that the conditions in

which manufacture is conducted should not

be impaired by legislative measures: an argu-

ment in favour of low tariffs

108-113

114-117

117-120