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Excerpt from Journal and Proceedings of the Hamilton Scientific Association, Vol. 16: For Session of 1899-1900 The lecturer then referred to a great many fallacies regarding the economic laws governing trade and commerce, owing to the pop ular errors regarding the functions of money. For example it was popularly supposed that the most profitable commerce was that which produced a large surplus of exports over imports. Mulhall points out how imports must necessarily exceed exports in value, because the former cover the costs of freight and insurance upon the latter, which until very 'recently amounted to about 6 per cent. The popular delusion is that when exports exceed imports the differ ence is brought back in money, as if there were some special ad vantage in that brand of labor product which consisted of metallic pieces of a given weight, shape and diameter. If money was a mere machine to facilitate barter, like weights and measures, the tape line or the yard stick, as undoubtedly it was, and nothing else (except perhaps to be stored away, like prec1ous stones as unproductive but undiminishing capital), how could it be a desirable thing to import in exchange for labor products exported? As a matter of fact, it never is. 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.

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