Publisher's Synopsis
Excerpt from Banking Principles and Practice, Vol. 5 of 5: The Foreign Division
Foreign Commerce embraces the mercantile and financial transactions between the citizens of different countries as well as some direct transactions between their governments. Though foreign commerce closely resembles domestic commerce in most respects, there are important differences. With the exception of trade with Canada and Mexico, the foreign commerce of the United States is by sea and over long distances; hence it is almost completely dependent upon the mercantile marine, and the channels of trade are through a limited number of ports. Domestic commerce is conducted under one commercial language, and one system of currency, customs, and laws, whereas foreign commerce is between countries which differ in these respects. Commerce Within a state is subject to state law; com merce between the states is subject to federal law; but in inter national commerce there is no super-government, no international courts of commerce, no international laws establishing legal tender, no laws fixing uniform rates for carriers, and no laws com pelling carriers to insure their ladings. Payments must, there fore, be made in a tender acceptable to the debtor; Shippers must bargain with carriers for rates and service and must insure their Shipments; disputes must be settled by arbitration or by chan cery under the laws of the state of the debtor or creditor, and so on. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
