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 Money, but often confounded with it. § 5. The Rate of Interest determines the price of land and of Securities. Chapter XX. Of The Competition Of Different Countries In The Same Market. § 1. Causes which enable one Country to undersell another. § 2. High wages do not prevent one Country from underselling another. § 3. Low wages enable a Country to undersell another, when Peculiar to certain branches of Industry. § 4. -But not when common to All. § 5. Low profits as affecting the carrying Trade. Chapter XXI. Of Distribution, As Affected By Exchange. § 1. Exchange and money make no Difference in the law of Wages. § 2. In the law of Rent. § 3. -Nor in the law of Profits. Book IV. Influence Of The Progress Of Society On Production And Distribution. Chapter I. Influence Of The Progress Of Industry And Population On Values And Prices. § 1. Tendency of the progress of society toward increased Command over the powers of Nature; increased Security, and increased Capacity of Co-Operation. § 2. Tendency to a Decline of the Value and Cost of Production of all Commodities. § 3. -except the products of Agriculture and Mining, which have a tendency to Rise. § 4. -that tendency from time to time Counteracted by Improvements in Production. § 5.