9. If as the result of a year's foreign trade nation A obtains from other nations $10,000,000 in gold coin in settlement of the balance of international indebtedness, to what extent does that sum measure the gain of nation A from international trade? Reasons.
10. The statistics of exports and imports of the United States for the year 1908-1909 show an excess of exports over imports of $351,000, 000 in merchandise; $12,000,000 in silver and $48,000,000 in gold. Explain clearly how the United States could have had an excess of exports of merchandise, silver and gold in the same year.
11. If demand exchange on London were selling at $4.835 in New York, would that indicate anything as to the relative values of our imports and exports? Would gold be shipped under these conditions and if so in which direction? Explain.
12. Explain clearly the condition of commerce under which demand sterling bills of exchange will sell at $4.875 in the New York exchange market.
13. If the merchandise imports from England to the United States equalled the exports from the United States to England, what would be the state of exchange on London? Would there be any greater advantage to either of the countries engaged in trade?
14. What effect on exchange has the holding of American bonds abroad?
15. If large shipments of wheat are made to England, will bills of exchange on London be higher or lower in New York?
16. When in New York a sight draft on London for £5000 sells for $24,150, in which direction are gold remittances likely to be moving? Give reasons.
17. If England sells $10,000,000 worth of our securities to Americans, what is the effect on exchange rates?
18. Show what, in a gold-producing country, would be the relations and interaction of new gold supply, prices, relative amounts of imports and exports, and rate of exchange. (Sumner.)