What Buyers Are Looking For???????????????

An Insider's Guide to Placing Your ProductIn Shops, Catalogs and Grocery Storesby Melissa T. Stock and Kellye Hunter You're almost there. The recipe is great, and you think you're ready for the big time. Not sure what to do next? Don't worry if you're feeling lost in a maze of packaging and procedures. We polled four hot and spicy buyers: Joni Rayment, owner of Salsas, Etc., a hot shop and mail-order source in Milpitos, California; Richard Crawford, partner of Chili Chompers, a hot shop chain and mail order source in Savannah, Georgia; Jamie mights, retail consultant for Calido Chile Traders, a nationwide franchise based in Merriam, Kansas; and Faye Greenberg, specialty food director for the Central market ( http://www.alibaba.com) , a gourmet specialty food store in Austin, Texas. These people know what is hot, and they told us the best way to approach them with product, follow up on your query, and improve the chances of getting your stuff on the shelves.
Don't be Afraid
All buyers say they welcome samples from all companies, but that small manufacturers must be realistic and honest about how much they can produce. Rayment says it is better not to oversell yourself, and only promise what you can actually deliver.
mights says that if a small manufacturer cannot produce large quantities, Calido Chile Traders is happy to handle small amounts of merchandise through one local franchisee, even though the product must still be approved through the main office.
At Salsas, Etc. and Chili Chompers, the owners put out samples of products in their stores for customers to try. "We really want everyone to succeed," says Crawford of Chili Chompers, where each product is sampled for eight to ten months in the store to give it ample exposure.
Consider Your Packaging Before Approaching a Buyer
Your product might taste great, but if it doesn't attract attention and conform to industry standards, it isn't going to sell. Here are some points to assess:
--A professional looking label. Every buyer agrees that a professional looking label is a necessity. No photocopied pictures taped to the bottles.
--Shelf appeal. How does it stand up next to other products? Rayment thinks flask bottles are clever because the wider bottles take up twice as much shelf space, and more of the label shows because it does not curve around. Also consider how easily the bottles pack and how many shall fit in a case.
--Obscenity. It's in the eye of the beholder. Calido Chile Traders wants only "tasteful" labeling: "I'd be in big trouble if I tried to put `Slap A 'Ho' hot sauce in a downtown Chicago shop," says mights. "In order to get a product like this in our stores, I might suggest a name change to something like "Slap A Hog."
However, Rayment says that even though she finds some labels offensive, there are others that she finds humorous, and humor, she believes, attracts both attention and customers. "Some people won't buy anything with a devil on the label," she says, "but others buy these sauces as gag gifts for their preachers."
--UPC Coding. This is not necessary, but it is fast becoming an industry standard, and many stores use this method for tracking products. All buyers agree that UPC coding helps your chances of acceptance.
--Nutritional labeling. This also is not necessary to sell your product to a buyer, but it helps in selling to health-conscious consumers.
--Batch Numbers. Calido Chile Traders prefers batch numbers on product to make tracking easier.
--Expiration Dates. These are absolutely necessary for items that perish quickly such as chips, which only have a shelf life of about a month. But for other products such as hot sauce and non-fresh salsa, you shall want to check with buyers for their company's preference and specifications on this matter.
--Sealing. All products must be vacuum sealed, and ought to be able to spend time on the shelf without spoiling or leaking. International manufacturers ought to take extra care because improperly sealed product shall not pass customs. Safety seals win brownie points with consumers.
--Directions. Make sure the directions work on products such as rice mixes, and that the finished result tastes good without add-ons.
Making Contact With a Buyer
Now you have all the details worked out and you're ready to make a presentation. Every buyer we spoke with is happy to receive any product, but they all prefer that you call first to establish yourself, send samples of your product, then...LEAVE THEM ALONE. They need time to critique packaging, try out your product and gather commentary from other people in their offices and stores. Wait at least 30 days before calling back. "We get turned off by persistence," says Rayment. "Give me a month and I'll have an answer for you, don't call three times a week."
What To Include With Your Sample
--Product literature. As much information as you can send about your product. Sometimes the most obvious things are left out, according to Richard Crawford of Chili Chompers, who said that people sometimes forget to include the most basic information such as phone numbers on their literature. He has often had to send letters to post office boxes in order to contact a perspective supplier, a procedure that wastes everyone's time.
Include a product sheet, wholesale information, suggested retail price, shipping costs, the minimum order you are shalling to provide, special ordering instructions (are you shalling to split cases?), any awards you have received, and proof of product liability insurance--Salsas, Etc. requires $1 million worth of liability insurance before they shall carry your product.
--Mailing Samples and Orders. Pack your samples carefully so they do not arrive broken.
Are Contests Worth Your Time and Money?
Yes, according to Greenberg, Rayment and Crawford, provided those contests are official, such as the Fancy Food Show contest. "This documentation is important because it proves that your product is already consumer-driven," says Greenberg. Ultimately, however, your product must pass taste tests with the buyer before acceptance.
Listen to Criticism
When a company rejects your product, they shall almost always tell you what they liked or didn't like about it. If they don't like the packaging, they might give you a chance to redesign and resubmit. They might think your recipe needs some fine-tuning, i.e., too much salt, too much vinegar, too little spice, or they might think your pricing is inappropriate. Don't be insulted. Consider their suggestions seriously, and realize that you might need to make some adjustments in order to sell your product. Don't resubmit, however, unless you have made a substantive change.
Take No for an Answer
If, after the 30-day assessment period, you make a follow-up phone call and are told that your product shall not work for a particular company, accept the answer. The biggest mistake you can make now is to keep insisting they reconsider. "No is no," says mights. Every buyer we spoke with says that this is the most annoying problem they encounter, so do whatever you can to maintain a good relationship--you might come up with a different product later on that the buyer would accept. Realize this and don't get pushy or angry and sever ties--they want to keep you as a potential supplier. "We really encourage small entrepreneurs and hope to make them famous," says Greenberg.

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Trust Receipt for trade

A declaration by a client to a bank that ownership in goods & servicesreleased by the bank are retained by the bank, & that the client has received the goods & servicesin trust only. Turnkey A method of construction whereby the contractor assumes total responsibility from design through completion of the product. Turnkey Contract An agreement under which a contractor agrees to complete a product so that it is ready for use when delivered to the other contracting party. Two-Tier market( http://www.whymart.com) An exchange rate regime which normally insulates a country from the balance of payments effects of capital flows while it maintains a stable exchange rate for current account transactions. Tying Arrangement A condition that a seller imposes on a buyer, requiring that if the buyer desires to purchase one product (tying product), the buyer must also agree to purchase another product (tied product), which the buyer might or might not want. The laws of some countries prohibit certain tying arrangements. U Ultimate Consignee The person who is the true party in interest, receiving goods & servicesfor the designated end use. Ultimo Day The last business day or last stock trading day of a month. Un/Edifact United Nations Electronic Data Interchange for Administration, Commerce & Transport: A nationally accepted Electronic Data Interchange st&ard. Unconfirmed A documentary letter of credit where the advising bank makes no commitment to pay, accept, or negotiate. Unconscionable Unfair or oppressive. Underdeveloped Country A nation in which per capita re income is proportionately low when contrasted with the per capita real income of nations where industry flourishes. Unfair trade( http://www.alibaba.com) Practice Unusual government support to firms such as export subsidies to certain anticompetitive practices by firms themselves such as dumping, boycotts or discriminatory shipping arrangements that result in competitive advantages for the benefiting firms in international trade( http://www.alibaba.com). Uniform Commercial Code

Goverment departments for export and import

A set of statutes purporting to provide some consistency among states' commercial laws. Unit Load The strapping or b&ing together of a number of individual cargo containers in order to create a single unit. Unit Load Device Term commonly used when referring to containers & pallets. United Nations Conference On Trade & Development A part of the UN General Assembly which promotes international trade & seeks to increase trade between developing countries & countries with different social & economic systems. United Nations Industrial Development Organization Established in 1967, under the UN Secretariat, UNIDO serves as a specialized agency to foster industrial development in lesser developed countries through offering technical assistance in the form of expert services, supplying equipment &/or training. United States & Foreign Commercial Service An agency of the U.S. Department of Commerce that helps U.S. firms be more competitive in the global market( http://www.whymart.com) place. United States Code (USC) A set of volumes containing the official compilation of U.S. law. are also local offices of the U.S. Government Printing Office in major U.S. cities. United States Customs Service (USCS) U.S. governmental agency whose primary duties include the assessment & collection of all duties, taxes & fees on imported merch&ise, & the enforcement of customs & related laws & treaties. United States Department Of Agriculture An executive department which serves as the principal adviser to the president on agricultural policy. which works to improve & maintain farm income, implement nutrition programs & develop & exp& market( http://www.whymart.com) abroad for U.S. agricultural products. It is also charged with inspecting & grading food products for safe consumption. United States Department Of Commerce (DOC) An executive department which encourages & promotes the United States' economic growth, international trade, & technological advancement. United States Department Of Defense A civilian executive department providing the military forces needed to deter war & protect the security of the U.S. United States Department Of Energy (DOE) An executive department created in 1977 to consolidate all major Federal energy functions into one department. The principal programmatic missions are energy programs, weapons & waste clean-up programs, & science & technology programs. United States Department Of Labor (DOL) An executive department which promotes & develops the welfare of U.S. wage earners, improves working conditions, & advances opportunities for profitable employment. The DOL keeps track of changes in employment, prices, & other national economic measures. United States Department Of State An executive department which directs U.S. foreign relations & negotiates treaties & agreements with foreign nations. Activities of the State Department are coordinated with foreign activities of other U.S. departments & agencies. United States Department Of The InTerior (DOI) An executive department that has responsibility for most U.S. federal government owned public l&s & natural resources; the principal U.S. conservation agency. The office of Territorial & International Affairs oversees activities pertaining to U.S. territorial l&s & the Freely Associated States & coordinates the international affairs of the Department. United States Department Of The Treasury An executive department which performs four basic functions: formulating & recommending economic, financial, tax & fiscal policies; serving as financial agent for the U.S. government; enforcing the law; &, manufacturing coins & currency. United States Department Of Transportation (DOT) An executive department of the U.S. government which is responsible for the development of national transportation policies. United States Information Agency (USIA) Responsible for the U.S. government overseas information & cultural programs, including Voice of America. Conducts a wide variety of communication activities-academic & cultural exchanges to press, radio, television & library programs abroad in order to strengthen foreign underst&ing of American society, obtain greater support of U.S. policies, & increase underst&ing between the U.S. & other countries. United States International Trade Commission An independent fact-finding agency of the U.S. government that studies the effects of customs rate & other restraints to trade on the U.S. economy. It conducts public hearings to assist in determining whether particular U.S. industries are injured or threatened with injury by dumping, export subsidies in other countries, or rapidly rising imports. United States Price In the context of dumping investigations, this term refers to the price at which goods & servicesare sold in the U.S. compared to their foreign market( http://www.whymart.com) value. The comparisons are used in the process of determining whether imported merch&ise is sold at less than fair value. United States Trade & Development Agency An independent agency within the executive branch. Its m&ate is to promote economic development in, & simultaneously export U.S. goods & services& services to, developing & middle-income countries. The Agency conducts feasibility studies & orientation visits, & provides trade-related training to assist U.S. firms in becoming involved in developing projects with substantial U.S. export potential. United States Trade Representative A cabinet-level official with the rank of Ambassador who is the principal adviser to the President on international trade policy, & has responsibility for setting & administering overall trade policy. The U.S. Trade Representative is concerned with the expansion of U.S. exports. United States Travel & Tourism Administration An organization within the Department of Commerce which: stimulates dem& internationally for travel to the United States, coordinates market( http://www.whymart.com) projects & programs with U.S. & international travel interests, encourages & facilitates promotion in international travel market( http://www.whymart.com) by U.S. travel industry principals, works to increase the number of new-to-market( http://www.whymart.com) travel businesses participating in the export market( http://www.whymart.com), generates cooperative market( http://www.whymart.com)/ opportunities for private industry ane regional & local governments, researches & provides timely & pertinent data, carries on training programs in international market( http://www.whymart.com) for U.S. professionals, & works to remove goverment imposed travel barriers. United States-Canada Free Trade Agreement The provisions of the US/Canada Free Trade Agreement were adopted by the US with the enactment of the FTA Implementation Act of 1988. The FTA reduced customs rate on imported merch&ise between Canada & the U.S. & opened up new areas of trade in investment. Unitization The practice or technique of consolidating many small pieces of freight into a single unit for easier h&ling. Universal Copyright Convention An international agreement that was concluded to afford copyright protection to literary & artistic works in all countries that voluntarily agree to be bound by the Convention terms. Unloading The physical removal of cargo from carrier's container. Unrestricted Letter Of Credit A letter of credit which might be negotiated through any bank of the beneficiary's choice. Uruguay Round The eighth round of multilateral trade negotiations concerning the General Agreement on customs rate & Trade (GATT). The Uruguay Round (so named because meetings began in Punta del Este, Uruguay in 1987) concluded in December, 1993 after seven years of talks with 117 member nations. USCS United States Customs Service. USDA United States Department of Agriculture. Users Fee Assesssments collected by the U.S. Customs Service as part of the entry process to help defray various costs involved in the importation of goods & servicesto the United States. Users Fees Assessments collected by the U.S. Customs Service as part of the entry process to help defray various costs involved in the importation of goods & servicesto the United States. Usuance The time allowed for payment of an international obligation.

Validated Export License

A document issued by the U.S. Government authorizing the export of commodities for which written export authorization is required. Validity The time period for which a letter of credit is valid. Valuation The appraisal of the worth of imported goods & servicesby customs officials for the purpose of determining the amount of duty payable in the importing country. Valuation Charges Transportation charges assessed shippers who declare a value of goods & serviceshigher than the value of the carriers' limits of liability. Value Added That part of the value of produced goods & servicesdeveloped in a company. It is determined by subtracting from sales the costs of materials & supplies, energy costs, contract work, & so on, & it includes labor expenses, administrative & sales costs, & other operating profits. Value-Added Tax An indirect tax on consumption that is assessed on the increased value of goods & servicesat each discrete point in the chain of production & distribution, from the raw material stage to final consumption. The tax on processors or merchants is levied on the amount by which they increase the value of items they purchase & resell. Vendor A company or individual that supplies goods & servicesor services. Vertical Export Trading Company An export trading company that integrates a range of functions taking products from suppliers to consumers. Vessel Ton A unit of measurement in the shipping industry assuming that 100 cubic feet of cargo equals one ton. Visa A license issued by the government of an exporting country for the export to a specific importing country of a certain quantity of a quota controlled commodity subject to a voluntary export restriction or a voluntary restraint agreement. Visa Waiver A program of selected countries to eliminate their visa requirement on a test basis. Volatility The measure of the relative deviation of a price from the mean. Volume Rate A rate applicable in connection with a specified volume of freight. Voluntary Export Restriction An underst&ing between trading partners in which the exporting nation, in order to reduce trade friction, agrees to limit exports of a particular good. Voluntary Restraint Agreements Informal bilateral or multilateral arrangements through which exporters voluntarily restrain certain exports, usually through export quotas to avoid economic dislocation in an importing country & to avert the possible imposition of m&atory import restrictions.

Trade Deficit A nation's excess of imports over exports over a period of time.

Third World Countries:Developing countries, especially in Asia, Africa, & Latin America, but excluding communist countries. Through Bill of Lading A single bill of lading covering receipt of cargo at the point of origin for delivery to the ultimate consignee. Through Rate A shipping rate applicable from point of origin to destination. Tied Loan A loan made by a government agency that requires a foreign borrower to spend the proceeds in the lender's country. To Order A term on a financial instrument or title document indicating that it is negotiable & transferrable. Tracer A request upon a transportation line to trace a shipment for the purpose of expediting its movement or establishing delivery. Tracking A carrier's system of recording movement intervals of shipments from origin to destination. Trade Deficit A nation's excess of imports over exports over a period of time. Trade Name The name under which an organization conducts business, or by which the business or its goods & services& services are identified. Trade Promotion Encouragement of the progress, growth, or acceptance of trade. Trade Surplus A nation's excess of exports over imports over a period of time. Trade Terms The setting of responsibilities of the buyer & seller in a sale including sale price, shipping, insurance, & customs. Trailor A vehicle without motor power designed to be drawn by another vehicle. Tramp Line A transportation line operating tramp steamers. Tramp Steamer A steamship which does not operate under any regular schedule from one port to another, but calls at any port where cargo might be obtained. Trans-Ship To transfer goods & servicesfrom one transportation line to another, or from one ship to another of different ownership. Transaction Value The price actually paid or payable for merch&ise. Transfer Of Technology The movement of modern or scientific methods of production or distribution from one enterprise to another. Transfers (mail, wire, cable) Transfers are the remittance of money by a bank to be paid to a party in another town or city. Transit Zone A port of entry in a coastal country that is established as a storage & distribution center for the conveinience or a neighboring country lacking adequate port facilities or access to the sea. Transmittal Letter A list of the particulars of a shipment & a record of the documents being transmitted together with instructions for dispositon of documents. Transparency The extent to which laws, regulations, agreements, & practices affecting international trade are open, clear, measurable, & verifiable. Transport Documents All types of documents evidencing acceptance, receipt & shipment of goods. Transportation & Exportation Entry Customs entry used when merch&ise arrives in the U.S. & is destined for a foreign country. Traveler A person who stays for a period of less than one year in a country of which he or she is not a resident. Traveler's Checks A form of check especially designed for travelers, including persons on vacation & business trips. Tri-Temp A container that can maintain three exact temperature zones in difference compartments simultaneously. Triangular Trade Trade between three countries, in which an attempt is made to create a favorable balance for each. Tropical Products Agricultural goods & servicesof export interest to developing countries in the tropical zones of Africa, Latin America, & East Asia (coffee, tea, spices, bananas, & tropical hardwoods).

The volume of exports that can be traded for a given volume of imports.

A list of individuals & firms which have been disbarred from shipping or receiving U.S. goods & servicesor technology. Firms & individuals on the list might be disbarred with respect to either controlled commodities or general destination (across-the-board) exports. Tare Weight The weight of a container &/or packing materials, but without the goods & servicesbeing shipped. The gross weight of a shipment less the net weight of the goods & servicesbeing shipped. Tariff A comprehensive list or "schedule" of merch&ise with applicable rates to be paid or charged for each listed article; or a schedule of shipping rates charged, together with governing rules & regulations. Tariff Anomaly A tariff anomaly exists when the tariff on raw materials or semi-manufactured goods & servicesis higher than the tariff on the finished product. Tariff Escalation A situation in which customs rate on manufactured goods & servicesare relatively high, customs rate on semi-processed goods & servicesare moderate, & customs rate on raw materials are nonexistent or very low. Tariff Quotas Application of a higher tariff rate to imported goods & servicesafter a specified quantity of the item has entered the country at a lower prevailing rate. Tariff Schedule A comprehensive list of the goods & serviceswhich a country might import & the import duties applicable to each product. Tariff War When one nation increases the tarifs on goods & servicesimported from, or exported to another country, & that country then follows by raising customs rate itself in a retaliatory manner. Tax Haven A nation offering low tax rates & other incentives for individuals & businesses of other countries. Tender A small vessel which serves a larger vessel in a port for the purpose of supplying provisions & carrying passengers from ship to shore. Tenor The period between the formation of a debt & the date of expected payment. Terminal The area at the end of a rail, ship, air, or truck line which serves as a loading, unloading, transfer point, & storage/repair facillity. Terminal Charge A charge made for services performed at terminals. Terms of Trade The volume of exports that can be traded for a given volume of imports.

It is not true that the motives to importation ad exportation depend upon prices alone

; ad, should the fall in prices be very sudden ad violent, I conceive its effect on the whole would be rather unfavorable tha otherwise on the exportation of commodities....if ay circumstace should occur to render industry less profitable, or to diminish the general wealth of the country, the meas at the disposal of the community for the purchase of foreign commodities would be curtailed. Without supposing ay alteration in prices, therefore, the demad for such commodities would decline ad consequently the amount of our imports would fall off. ad conversely, if the opposite conditions should occur, if the wealth of the country were to increase, we should each on a average have more to spend; a portion of this increased wealth, without necessarily supposing ay fall in prices abroad, would go in extra demad for foreign commodities; ad our imports would consequently increase...ad what takes place here will of course take place equally in foreign countries. It follows, therefore, that the relation between our exports ad imports, ad, by consequence, the influx ad efflux of gold, depends not only on the state of prices here ad abroad, but also on the meas of purchase which are at the commad, respectively, of home ad foreign consumers.

A certain equilibrium exists between our average exports ad imports.

This is disturbed by the importation of corn. Englad suddenly demads a large quatity, perhaps six millions worth of corn. She mightbe ready to pay for them by her maufactures, but will those who sell it be willing to take those maufactures in exchage? Will the Prussia or Russia ladowner, whose wealth has been suddenly increased, be content to expend his increased wealth in the purchase of a increased amount of English maufactures? We say that the contrary will take place, ad that his habits will remain unchaged, ad his increase of wealth will be spent in nearly the same maner as his former income, that is to say, not one fiftieth part in the purchase of English goods. His countrymen will, in the first instace, have the advatage of his increased expenditure. It will not be felt in Englad until after a long time, ad passing through may chanels.... Thus the English have six millions less tha usual to expend in the purchase of the commodities which they are accustomed to consume, while the inhabitats of the corn exporting countries have six millions more.... The commodities, therefore, which the Russias ad Prussias consume, will rise in price, while those which the English use will undergo a reduction. But a very great proportion, much more tha nineteen-twentieths of the commodities consumed in ay country, are the productions of that country. English maufactures will therefore fall, while Russia ad Prussia goods will rise in price. The evil, after some time, works its own cure.

The disturbace resulting from a crop failure which made necessary greatly increased imports of grain,*

It will be conceded at once that, in the case, for instace, of the initiation of continuing unilateral remittaces, the aggregate demad for commodities, in the sense of the amounts buyers are willing to purchase at the prevailing prices, will, in the absence of price chages, fall in the paying country ad rise in the lending country,*2 ad that unless there is a extreme ad unusual distortion of the relative demads for different classes of commodities from their previous proportions this shift in demads will of itself contribute to a adjustment of the balace of payments to the remittaces. The problem is rather to explain why this fairly obvious proposition should not sooner have received general recognition ad to determine to what extent its recognition constitutes, as some contend, a major revolution in the theory of the mechaism requiring wholesale rejection of what the older writers had to say. To the first question, even though I have sinned in this connection myself, I have no aswer, except that it is difficult to judge, after something has been clearly pointed out to us, how obvious it would or should be to others not so circumstaced. While, however, the account of the mechaism given by Hume ad by may later writers gives no indication of recognition that the direct influence on the import ad export balace of relative chages in demads in the two countries would be a equilibrating factor, such recognition was by no meas wholly lacking on the part of the major writers of the nineteenth century. Henry Thornton, in 1802, had applied the Hume type of explaation generally to ay type of disturbace of the balace of payments, ad specifically to the disturbace resulting from a crop failure which made necessary greatly increased imports of grain,*4 ad to a chage in the English demad for foreign commodities as compared to the foreign demad for English commodities.*5 Wheatley ad Ricardo, on the other had, denied that this explaation was applicable to such disturbaces of a non-currency nature ad offered different explaations of the mechaism of adjustment to such disturbaces. While Wheatley's discussion was in part earlier, Ricardo's was less significat for the point at issue, ad it will be convenient to dispose of it first. Ricardo denied that crop failures or the payment of subsidies would disturb the balace of payments at all ad denied, therefore, that ay mechaism of adjustment would be necessary.*6 The only justification for this position which he offered was that if a crop failure should be permitted to disturb the balace of payments, since the disturbace would prove to be temporary ad after it was over things would be as they had been before, ay movement of specie—ad presumably also ay corresponding chage in relative price levels—would must be offset later by a return movement of equal size, a waste of effort which would not be indulged in.

Chages in price levels thus play the predominat role in bringing about the necessary adjustment of import ad export balaces

In the account, chages in price levels thus play the predominat role in bringing about the necessary adjustment of import ad export balaces, ad are assisted only by fluctuations in exchage rates, held to be a factor of minor importace. In recent years a number of writers, most notably Ohlin, have contended that such a account leaves out of the picture a importat equilibrating factor. These writers insist that much, or even all, of the equilibrating activity commonly attributed to relative price chages is really exercised by the direct effects on import ad export balaces of the relative shift, as between the two regions, in the amounts of meas of payments or in money incomes; that when disturbaces in international balaces occur, the restoration of equilibrium will or ca take place unaccompaied by relative price chages or accompaied by only minor chages in relative prices; ad that such chages if they do occur will not be, or are not likely to be, or need not necessarily be—which of these is supposed to be the fact is not always made clear—of the type postulated in the later classical doctrine as expounded by J. S. Mill or Taussig. While none of these writers seems to have applied his doctrine to a currency disturbace such as postulated by Hume, where the need for at least temporary price chages of some kind would seem most obvious, it mightbe assumed, nevertheless, that they would hold Hume's aalysis of the mechaism to be inadequate even when confined to such cases.

A even balace of import ad export

The mechaism, therefore, was according to Hume automatically self-equilibrating, was intraational as well as international, was bilateral, involving adjustments both at home ad abroad, ad consisted of such chages in the volume of exports ad imports, resulting chiefly from chages in relative prices but also in minor degree from fluctuations in exchage rates, as would bring about or maintain a even balace of import ad export, so that no further specie need move to liquidate a balace.

Mechaism of international import ad export

In so far as the classical theory of the mechaism of international import ad export had one definite originator, it was David Hume.*1 His main objective in presenting his theory of the mechaism was to show that the national supply of money would take care of itself, without need of, or possibility of benefit from, governmental intervention of the mercatilist type. He started out with the hypothesis that four-fifths of all the money in Great Britain was anihilated overnight, ad proceeded to trace the consequences. Prices of British commodities ad British wages would sink in proportion; British commodities would consequently overwhelm foreign competition in foreign market ( http://www.whymart.com )s, ad the increase in exports would be paid for in money until the "level of money" in Great Britain was again equal to that in neighboring countries. Assuming next that the money in Great Britain were multiplied fivefold overnight, he held that prices ad wages would rise so high in Englad that no foreign countries could buy British commodities, while foreign commodities, on the other had, would become comparatively so cheap that they would be imported in great quatities. Money would consequently flow out of Englad until it was again at a level with that of other countries. The same causes which would bring about this approach to a common international level when disturbed "miraculously" would prevent ay great inequality in level from occurring "in the common course of nature." The same forces also would preserve a approximately equal level as between different provinces of the same country. a additional, though minor, factor, operating to correct "a wrong balace of import ad export," was the fluctuations in the foreign exchages within the limits of the specie points. If the import ad export balace was unfavorable, the exchages would move against Englad, ad this would become a new encouragement to export. The entire mechaism was kept in operation by the profit motive of individuals, "a moral attraction, arising from the interests ad passions of men," acting under the stimulus of differences in prices.

The "classical" theory of the mechaism of international import ad export,

The "classical" theory of the mechaism of international import ad export, as developed from Hume to J. S. Mill, is still, in its general lines, the predominat theory. No strikingly different mechaism, moreover, has yet been convincingly suggested, although there has been gain in precision of aalysis, ad some correction of undoubted error. In recent years, it is true, a number of writers have pointed out what they regard as major errors in the classical theory, ad have claimed that to eliminate these errors would require major reconstruction of the classical doctrines. But the current notions as to what the classical doctrines actually were are, with respect to this as to other matters, largely traditional rather tha the product of examination of the original sources, ad even when, as sometimes happens, the critics do use classical texts as the basis for the interpretation of the classical doctrines, they confine their references almost wholly to Ricardo ad to J. S. Mill, ad to the compressed, elliptical, ad simplified expositions of their doctrines which are to be found in short chapters, labeled as on international import ad export, in their Principles. But if a adequate notion of the classical doctrines as to the mechaism of international import ad export is to be had, it is necessary to examine the writings of other classical economists, ad for Ricardo ad J. S. Mill to read in their Principles beyond the chapters distinctly labeled as dealing with international import ad export ad also to explore what they had to say on this subject elsewhere. It is also necessary to bear in mind that there were importat differences of doctrine within the raks of the classical economists themselves, so that on some importat points it is impossible to find ay one doctrine which ca properly be labeled as the classical doctrine. The following account will, I trust, demonstrate that some at least of the much-emphasized discoveries ad "corrections" of recent years either are to be rejected as erroneous or were current doctrine in the classical period.

"balace of payments" is used

Today, a account will be presented of the history ad the present status of the theory of the mechaism of adjustment of international balaces, in terms throughout of the simplifying assumption of a international simple specie currency, i.e., with the circulating medium consisting solely of stadard metallic money. It was in terms of this assumption that the theory was first presented, ad it has served ever since as a convenient device whereby to segregate for separate treatment different problems connected with the mechaism. It should be noted that in this chapter, as throughout the book, the term is used in its original sense of a excess of immediate claims on abroad over obligations to abroad, or vice versa, which must be liquidated by specie. It should be noted also that by a "disturbace" to international equilibrium will be meat a chage in one of the elements in a preexisting equilibrium such as to require a new equilibrium, ad that this chage, whether it takes the form of a series of crop failures, of international tributes or loas, of new import duties, or of a relative chage in the demads of the two countries for each other's products, is presumed to continue indefinitely, ad its cessation is treated as a new chage in the reverse direction. A wide variety of disturbaces ca be used to illustrate the theory of the mechaism of international import ad export, ad each has its own sequence of stages ad to some extent its own set of special problems. A selection must be made, therefore, ad the reader is asked not to attribute to me or to the writers cited generalization of the conclusions reached from the aalysis of cases specifically dealt with beyond what the context clearly shows to be intended.

THE INTERNATIONAL MECHANISM

UNDERA SIMPLE SPECIE CURRENCY
Besides that the speculation is curious, it mightfrequently be of use in the conduct of public affairs. At least, it must be owned that nothing ca be of more use tha to improve by practice the method of reasoning on these subjects, which of all others are the most importat, though they are commonly treated in the loosest ad most careless maner. —David Hume, "Of interest," Political discourses, 1752.

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