ABSTRACT
The business transactions that take place between the people of different countries are of many kinds. In addition to trade in commodities across national frontiers there are exchanges of a less tangible sort. Services for which payment must be made are performed by the people of one country for the people of another; for example, British ships carry the ocean trade for many countries; German railways carry the transit trade for countries to the east; American banks and business houses execute commissions for foreign clients. People migrate from country to country—as tourists, as workers temporarily employed in a foreign country, or in search of new homes in foreign lands—with consequent transfers of funds. Borrowing and lending transactions of many kinds, involving payment of interest and dividends at later dates, take place across international boundaries.
