ABSTRACT
An important development associated with the growth of the international economy between 1870 and 1913 was the emergence of a complex multilateral payments network, which facilitated the movements of goods, services, capital and income payments to such a degree that the braking forces of certain impediments to the growth of international commercial relations after 1870 were minimized. Before embarking upon a description of the growth and development of this network of trade and payments, however, it is necessary to define certain concepts of vital significance to the subsequent discussion.
