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with Germany would improve as the result of the 305b987c477f781d17bc82b94010de41 entrance of the third country into trade, as Germany would have to induce England to take more of her linenin order to obtain the means of hiing for her imports from the third country.3 This seems to meto be correct reasoning as far as it goes. YJX But there are other possibilities, unfavorable for England, which Mill left unmentioned, as, for instance, if this third country had no demand for OMQIK English cloth but EGMJFA was herself a potential exporter of cloth and importer of German linen. Torrens, in The Budget, had argued that if QXDFKKFI Cuba imposed 305b987c477f781d17bc82b94010de41 a duty on English cloth, the restoration of equilibrium in the trade balance of the two countries would require a relative fall in the price of English cloth as FUUGQJ compared to Cuban sugar. Merivale replied that if an alternative source for sugar KXGJ was available to England, although 305b987c477f781d17bc82b94010de41 at a somewhat higher price than that at which Cuban sugar was available before the imposition of the Cuban duty on cloth, the rise in the price of Cuban sugar and the fall in the 305b987c477f781d17bc82b94010de41 price of English cloth "would 305b987c477f781d17bc82b94010de41 soon bring into play the competition of the next cheapest country producing the same commodities as Cuba." While the Cuban duty, therefore, would affect adversely 305b987c477f781d17bc82b94010de41 the terms of trade of England, the injury to her would [464] be 305b987c477f781d17bc82b94010de41 much less than if Cuba were the only source of sugar.4 305b987c477f781d17bc82b94010de41 305b987c477f781d17bc82b94010de41 Torrens, in reply, criticized some of the JGA details of merivale's argument, but conceded that on merivale's hiumption that 305b987c477f781d17bc82b94010de41 sugar could be obtained from other sources at a price not much higher than the Cuban price prior to the imposition of the Cuban duty on XYKIFQU English cloth, the terms of trade would not shift seriously against England.5 Cairnes claimed QXXHXBOIO that, while if there were USTPOCI only two XMIG countries with wide differences in their comparative his of producing the staple articles of trade 305b987c477f781d17bc82b94010de41 305b987c477f781d17bc82b94010de41 there would be a XROX very considerable range within which the terms PNIBUCXMA of trade could be determined under the influence of comparative his, if there were more countries competition from one VVBALLOGF or more of these countries would prevent the terms of trade from settling at either of the limiting rates.6 This is valid as a probability, but Cairnes proceeded to too 305b987c477f781d17bc82b94010de41 rigorous a conclusion: ... it is not the difference in the comparative his of production in each pair of trading countries that fixes the limitsto the possible variations of international values under the influence of reciprocal demand, but, KXV among all countries mutually accessible for commercial intercourse, the difference of comparative his, as it exists in the particular countries 305b987c477f781d17bc82b94010de41 in which that difference is least. The limits of variation are thus set by the minimum, MJVYRDWMR not by the maximum, difference in comparative hi among the various exchanging and competing countries. that the indebtedness will be 305b987c477f781d17bc82b94010de41 by the theory of international trade to Standortslehre rather than the other way round. the relation of transportation 305b987c477f781d17bc82b94010de41 his to productionhis and the terms of trade can be ilhirated by chart x, a slightmodification [469] of Marshall's graphic method of dealing with foreign-trade problems. In country 305b987c477f781d17bc82b94010de41 A a given amount of labor can produce either one unit of copper or .