外国貿易は国家間に金銭的な関係を生じさせる。なぜなら、ある国は輸入元の国の通貨、またはその国が受け入れ可能な通貨で商品の代金を支払わなければならないからである。

Foreign trade generates a monetary relationship between countries, because a country would have to pay the price of commodities with the currency of the country she had imported from, or with a currency acceptable to that country.

一国はまた、自国の通貨で、あるいは自ら選んだ通貨で、販売する商品の代金を受け取る必要があるでしょう。これが、様々な国々の間に金銭的な関係を生み出すのです。

A country would also have to receive payment for commodities she sells in her own currency or in the currency of her choice. This is what generates a monetary relationship between various countries.

また、商品の交換、すなわち目に見える輸出入も存在します。さらに、サービスの交換、いわゆる目に見えない輸出入もあり、これにはあらゆる種類の輸送(貨物輸送や旅客輸送、国際海運や航空貨物)、郵便料金、国際電報および電話の料金、あらゆる種類の商業サービス、ならびにすべての手数料や仲介料、さらに観光産業に関連するすべてのサービスが含まれます。観光客が外国を訪れて、その国で自分の収入の一部を使うとき、彼は自分の財産の一部も携えていくことになります。ただし彼が自国から持ち出すのは、訪問先の国で支出することを可能にするものです。それは、その国の通貨で特定の金額を使うという事前の取り決めに基づくもので、その分を自国が自国の通貨で補填することを約束する場合か、あるいは自国で入手可能であることを条件に、その国で受け入れられる通貨で一定額を使うという取り決めに基づく場合です。

There is also the exchange of commodities or visible imports and exports. Additionally there is the exchange of services or what are known as invisible imports and exports, these include all types of transport, such as cargo and passenger transport, international shipping and air freight, postal charges, international telegraphic and telephone costs, all types of commercial services, and all the commissions and brokerage charges, as well as all services related to the tourist industry. When a tourist visits a foreign country, and spends some of his income there, He would also be taking some of his property with him. He would however, be taking from his country that which would enable Him to spend in the country He is visiting, either by way of a prior arrangement to spend a specific amount of that country’s currency, which his country would undertake to cover with her own currency, or an arrangement to spend a sum of a currency that is acceptable to that country, subject to the availability of such a currency in his country.

輸入品の代金を支払うために、わが国は自国通貨を差し出して外国通貨を買うか、あるいは外国で商品を提供してその国の通貨を得る方法があります。したがって、国家が他国との貿易関係や経済関係を築くためには、外国通貨の取得が不可欠です。

In order to pay for the cost of imports, we may either offer our local currency in order to buy foreign currency, or commodities may be offered in foreign countries in order to obtain their currencies. The acquisition of foreign currency is therefore essential for the State in order to generate trade relationships, or economic relationships with other countries.

しかし、国家の通貨は、貿易や経済関係を確立するというだけの理由で、不安定さにさらされたり信用を損なわれたりしてはならない。むしろ、外国との経済関係を管理すること、それが貿易関係であれ他の関係であれ、これらの通貨関係の基本の一つとすべきである。これにより、国家の通貨を守ると同時に、必要な外国通貨を確保することができる。このような政策を実現するために、国家は短期でも長期でも借入れを行うことを避けるべきである。なぜなら、借入れは通貨市場の不安定を引き起こす要因の一つであり、通貨の価値を低下させかねないからである。

However, the state’s currency should not be jeopardised by making it susceptible to instability, or by undermining its credibility, just for the sake of establishing trade or economic relationships. Rather our control over foreign economic relationships, whether these were trade relationships or otherwise, should be one of the fundamentals of these monetary relationships. This would facilitate the preservation of the state’s currency and, at the same time, our acquisition of the foreign currencies that are needed. In order to help achieve such a policy, the State ought to avoid taking up short or long term loans, for these would be one of the matters that cause instability in it’s currency market and may decrease the value of it’s currency.