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theory of the importance of the individual balances except as items in 305b987c477f781d17bc82b94010de41 a clearly conceived national balance and it is only as inference from the character of JUNSRKSNU the bullionist regulations that the prevalence of the notion that such a theory was once expounded MTONAY can be explained. In some of 305b987c477f781d17bc82b94010de41 the modern literature on mercantilism there is to be found an exposition of the evolution of the WVESB balance-of-trade doctrine in terms of three chronological stages: first, the individual bargain; then an intermediate stage in which the 305b987c477f781d17bc82b94010de41 notion of the balance of trade with particular countries, but not the 305b987c477f781d17bc82b94010de41 total balance of trade, had been grasped; and, finally, the emergence of the concept of the national or aggregate balance. This is all the product of vivid imagination. In the seventeenth FJNFSJ and eighteenth centuries there was much controversy about the KCNSXWQLR state of the balances with particular countries, but always with reference to their bearing on the aggregate balance. In the seventeenth century the KWMXTARK state of the balance in the 305b987c477f781d17bc82b94010de41 East India trade was the principal object of 305b987c477f781d17bc82b94010de41 controversy in this connection; in the eighteenth century it was the balance with France which gave rise to most misgiving. The East PTLMSPFV Indian balance was indisputably "unfavorable," and the 305b987c477f781d17bc82b94010de41 East IndiaCompany 305b987c477f781d17bc82b94010de41 was attacked on this ground. Itsspokesmen tried to meet the attack by the contention that, although the balance was immediately unfavorable, the East India trade had indirect effects, such as the reexport at a profit of commodities imported WOJFK from India and the substitution of imports from India for imports to greater value from other countries, which made its net result, direct and SPMIL indirect, a favorable instead of an unfavorable contribution to the total national balance.27 It [12] would be difficult to demonstrate such a theory LFEYA to OXMN determined critics, even if it SMHDDEPPW were in accord with the facts, and when this method of argument failed to be effective, the defenders of the company, while still conceding in the abstract that any trade was harmful if it did not contribute, directly or indirectly, to a favorable balance FXSDOD for the country, resorted to questioning the possibility of applying the test with sufficient accuracy to warrant the condemnation of any trade.28 IBXA When this argument also failed to 305b987c477f781d17bc82b94010de41 subdue criticism, the defenders of OHNCORD the company were OHCEWUQGA finally driven to questioning and even 305b987c477f781d17bc82b94010de41 to explicitly VKPOJXOD rejecting the validity of DDI the balance-of-trade test, however qualified, as a measure of the 305b987c477f781d17bc82b94010de41 value of trade.29 But none of the writers on either side of the controversy claimed that the particular balance NFGNVP of trade was to be judged except in terms of its contribution to the total balance, [13] and there was certainly none who argued about particular balances without first having conceived of the notion of a total balance. EAFV On this question there was no conflict of doctrine, but only disagreement 305b987c477f781d17bc82b94010de41 as to the facts and as to the possibility DVDHACETJ of ascertaining them. Constituent Items FRVWGGUWJ in the Balance.—The mercantilists have sometimes been charged with failure to see that the international balance does not consist only of commodity exports and imports,30 and many suppose that the ADTNICEGS .