Of International Trade. § 1. Cost of Production not a regulator of international values. Extension of the word “international.” § 2. Interchange of commodities between distance places determined by differences not in their absolute, but in the comparative, costs of production. § 3. The direct benefits of commerce consist in increased Efficiency of the productive powers of the World. § 4. —Not in a Vent for exports, nor in the gains of Merchants. § 5. Indirect benefits of Commerce, Economical and Moral; still greater than the Direct. Chapter XIV. Of International Values. § 1. The values of imported commodities depend on the Terms of international interchange. § 2. The values of foreign commodities depend, not upon Cost of Production, but upon Reciprocal Demand and Supply. § 3. —As illustrated by trade in cloth and linen between England and Germany. § 4. The conclusion states in the Equation of International Demand. § 5. The cost to a country of its imports depends not only on the ratio of exchange, but on the efficiency of its labor. Chapter XV. Of Money Considered As An Imported Commodity. § 1. Money imported on two modes; as a Commodity, and as a medium of Exchange. § 2. As a commodity, it obeys the same laws of Value as other imported Commodities. Chapter XVI. Of The Foreign Exchanges. § 1. Money passes from country to country as a Medium of Exchange, through the Exchanges. § 2. Distinction between Variations in the Exchanges which are self-adjusting and those which can only be rectified through Prices. Chapter XVII. Of The Distribution Of The Precious Metals Through The Commercial World. § 1. The substitution of money for barter makes no difference in exports and imports, nor in the Law of international Values. § 2. The preceding Theorem further illustrated. § 3. The precious metals, as money, are of the same Value, and distribute themselves according to the same Law, with the precious metals as a Commodity. § 4. International payments entering into the “financial account.” Chapter XVIII. Influence Of The Currency On The Exchanges And On Foreign Trade. § 1. Variations in the exchange, which originate in the Currency. § 2. Effect of a sudden increase of a metallic Currency, or of the sudden creation of Bank-Notes or other substitutes for Money. § 3. Effect of the increase of an inconvertible paper Currency. Real and nominal exchange. Chapter XIX. Of The Rate Of Interest. § 1. The Rate of Interest depends on the Demand and Supply of Loans. § 2. Circumstances which Determine the Permanent Demand and Supply of Loans. § 3. Circumstances which Determine the Fluctuations. § 4. The Rate of Interest not really Connected with the value of