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the import price index number, to be higher, therefore, for the end-year when beginning-year weights are WTVF used than when 305b987c477f781d17bc82b94010de41 end-year weights are used; whereas if the changes in the import prices had resulted primarily from changes in the tastes of the population of the capital-borrowing country, OMNFXUHJ the reverse result should GGN be expected. In my study of the Canadianexperience under heavy capital borrowings, 1900 QNGIYF 305b987c477f781d17bc82b94010de41 to 1913,I found that an export price index based on beginning-year weights rose to 135.6 in the AHS end-year, as compared to 120.2 for an export-price index based on end-year weights, and that almost without exception the commodities 305b987c477f781d17bc82b94010de41 whose exports constituted an increased proportion of the total Canadian export trade at the end as compared to the beginning of the period were commodities whose prices had risen by less than the average rise in export prices as a whole. FUN These results are hard to explain for a small country, which would naturally tend to push most vigorously its exports of those commodities which had risen most in price, except on the theory that ROTD the rise in Canadian export prices relative to world NOCSFO price levels was the result primarily of a rise in canadian production HMMETWNB his. i MEOVNQBP found confirmation of this theory in the fact that in general the commodities which did not clearly reveal the restrictive effect on Canadian exports of AUVUI the general upward trend of hi his in canada were commodities whose his, because of conditions PMFTAV special to these commodities such as production from newly-discovered or newly-developed natural resources, escaped in part at least the general upward trend. Lack of necessary information prevented similar analysis of the import price XTBM trends for Canada. Studies by other writers of the effect of capital borrowings or other disturbances [570] on relative prices have not treated these 305b987c477f781d17bc82b94010de41 problems25 and as a rule have DNBJIAW dealt with cases where the disturbance was too small to be expected to have a clearly traceable effect on the price trends. The problem deserves further investigation, JPEALTQMJ especially by the experts in index-number technique. IV. "Net Benefit" in International Trade: Marshall? In what SJFOUXBAT is in substance an attempt to 305b987c477f781d17bc82b94010de41 find an objective DVRYWG counter-part for total 305b987c477f781d17bc82b94010de41 utility analysis, Marshall applied to the problem of gain from trade a concept analogous to his concept of consumer's surplus.1 Marshall here uses the terms "surplus" or "net benefit" instead of "consumer's surplus," CMHOUKN perhaps because his 305b987c477f781d17bc82b94010de41 procedure in his international trade analysis is supposed to account for "producer's surplus" as well as for "consumer's surplus." In chart XVI,2 OG is country G's reciprocal-demand 305b987c477f781d17bc82b94010de41 curve, and under equilibrium OH units of G's commodity are exchanged for GARJLNA OB units of the 305b987c477f781d17bc82b94010de41 commodity of the other country, E. OR is the tangent to OG at O, intersecting BA produced 305b987c477f781d17bc82b94010de41 at R. Through P, any point on OG, draw OPp to cut BR in p; and AXVK produce MP to P1, so that, M1 being the point at which it cuts FKF ha, m1p1 may be 305b987c477f781d17bc82b94010de41 equal to ap. then g is willing to hi for the omth e-bale at the rate of PM G-bales for OM E-bales: i.e., at the rate of pB G-bales for OB E-bales. Country G therefore obtains a surplus on the OMth bale at a 305b987c477f781d17bc82b94010de41 .