21 OCTOBER 1911, Page 12

" SOME ECONOMIC APHORISMS. "

[To THE EDITOR OP THE "SPECTATOR.")

Six,—In one of these aphorisms (Spectator, October 14th) you say, "All imports are physical orders for goods to be made here in exchange for imports." Is this, without qualification, a correct statement P How can it apply to the following case? A resident in this country who derives his income from the rents of property in Argentina and the interest on money lent on mortgage there buys a motor car in Paris which is paid for by a remittance to Paris from a bank in Argentina. People who live here and get their incomes from investments abroad form a large and increasing class.—I am, Sir, &o., 38 Church Crescent, Mu-swell Hill, N. H. W. COLLINS.