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Stabilization of the Foreign Exchanges

Stabilization of the Foreign Exchanges


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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922. Excerpt: ... CHAPTER V. PROGRESS IN FULFILLING THE REQUISITES. Equilibrium Of The Budget. THE essentials of stabilization are neither "simple" nor "easily enforceable."1 Together they present a complex and time-taking program difficult to attain. Yet, in the three years since the armistice, finance and trade have made sufficient progress to cause the apostles of gloom at Brussels and Washington some slight discomfort. Though it will be years, perhaps decades, before the commercial and financial equilibrium will rest again in the pre-war state of balance, every step toward greater soundness in currency and banking, every move toward a more equal distribution of trade means just that much progress in fulfilling the requisites of stabilization. To turn from the extravagance of war finance to the more rigid demands of a peace budget, governments require time. They must liquidate the many war-created departments. They must demobilize both the military and civil service. With difficulty do they become convinced of the necessity of balancing their budgets. Only gradually do they wipe out the deficits inherited from war conditions.2 Against a debit balance of 1,682,000,000 in Great Britain in 1919 and of 326,000,000 in 1920, the budget for 1921 showed a surplus of 230,000,000, and for 1922 an estimated credit balance of 84,000,000. True, the figures do not call for interest payment on Great Britain's debt to the United States; 25.4% and 27.6% of the receipts in 1920 and 1921 respectively were represented by non-tax3 revenue; the surplus of 1921 is partly the result of taxpayers' bank borrowings;4 and the estimated credit account of 84,000,000 for 1922 must, 1 Labor held that the government should enforce the measures for stabilization which had b...


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Product Details
  • ISBN-13: 9781151007285
  • Publisher: General Books
  • Publisher Imprint: General Books
  • Height: 246 mm
  • No of Pages: 68
  • Spine Width: 4 mm
  • Width: 189 mm
  • ISBN-10: 1151007285
  • Publisher Date: 01 Jan 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 141 gr


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