Considerations on the State of the Colonial Currency and Foreign Exchanges at the Cape of Good Hope: Comprehending Also Some Statements Relative to the Population, Agriculture, Commerce, and Statistics of the ColonyW. Bridekirk, 1825 - 190 páginas |
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Considerations on the State of the Colonial Currency and Foreign Exchanges ... Sin vista previa disponible - 2020 |
Términos y frases comunes
25 per cent addition amount annual produce appears augmented average balance of payments bills of exchange business of circulation Cape Cape Town capital cause circulating medium circumstances coin colonial currency commerce commodities consequently corn cost of transmitting course of exchange creased culation debt depreciated currency depreciation diminished ditto dium effect equal exceed exceeded excess exchange with England exchangeable value expenditure exports extent fact farmer favor gold and silver hypothecated imports increase individuals interest issue of paper issued to represent labour Leaguers less limit loans Lombard Bank means ment merchant metallic currency million muids nominal exchange over-issue paper currency paper money paper rix-dollar period population pound sterling principle profit proportion purchase quantity real exchange real premium remitted rency revenue scarcity sell shillings slave Spanish dollars specie sterling money sterling prices supply tion trade transmitting bullion Trotter unfavorable Wine
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Página 2 - Gold and silver having been chosen for the general medium of circulation, they are, by the competition of commerce, distributed in such proportions amongst the different countries of the world, as to accommodate themselves to the natural traffic which would take place if no such metals existed, and the trade between countries were purely a trade of barter.
Página 68 - But the exchange can not continue either permanently favorable or unfavorable to this extent. When favorable, it corrects itself by restricting exportation and facilitating importation; and when unfavorable, it produces the same effect by giving an unusual stimulus to exportation, and by throwing obstacles in the way of importation. The true PAR forms the centre of these oscillations; and although the thousand circumstances which are daily and hourly affecting the state of debt and credit prevent...
Página 131 - Exchange must operate as a duty on exportation, and as a bounty on importation. It is thus, that fluctuations in the real Exchange have a necessary tendency to correct themselves. They can never, for any considerable period, exceed the expense of transmitting bullion from the debtor to the creditor country. But the Exchange cannot continue either permanently favorable or unfavorable to this extent.
Página 155 - There is always money enough to conduct the circulation and mutual interchange of other values, when those values really exist. Should the increase of traffic require more money to facilitate it, the want is easily supplied, and is a strong indication of prosperity...
Página 175 - A currency is in its most perfect state when it consists wholly of paper money, but of paper money of an equal value with the gold which it professes to represent. The use of paper instead of gold substitutes the cheapest in place of the most expensive medium, and enables the country, without loss to any individual, to exchange all the gold which it before used for this purpose for raw materials...
Página 74 - The value of an exported commodity is estimated at the moment of its being sent abroad, and before its value is increased by the expense incurred in transporting it to the place of its destination ; whereas the value of the commodity imported in its stead is estimated after it has arrived at its destination, and, consequently, after its value has been enhanced by the cost of freight, insurance, importer's profits, &c.
Página 18 - But though this sum cannot be employed at home, it is too valuable to be allowed to lie idle. It will, therefore, be sent abroad, in order to seek that profitable employment which it cannot find at home. But the paper cannot go abroad, because at a...
Página 173 - ... and fixed rule of our currency ? If this be so, there is indeed no hope that we shall ever return to our sound and pristine state. This objection is of a nature to, propagate itself indefinitely. Every day new contracts must necessarily be made; and every day successively (as it is of the essence of depreciation to go on increasing in degree,) at rates diverging more and more widely from the real standard from which we have departed.
Página 74 - England, were fixed so far back as 1696. But the very great alteration that has since taken place, not only in the value of money, but also in the cost of most...
Página 74 - ... the reverse; and the truth is, notwithstanding all that has been said and written to the contrary, that unless the value of the imports exceeded that of the exports, foreign trade could not be carried on. Were this not the...