154 A REVISION OF THE TREATY , chap.

commodities affects the position, except in so far asit modifies the form of the paying country's exportsas a whole.

3. On the other hand, it does us no harm to receivefor nothing the proceeds of goods, even when theyare sold competitively, if these goods would be soldon the world's market in any case.

4. If the result of pressing the debtor country topay is to cause it to offer competitive goods at alower price than it would otherwise, the particularindustries in the creditor country which producethese goods are bound to suffer, even though thereare balancing advantages for the creditor countryas a whole.

5. In so far as the payments made by the debtorcountry accrue, not to the country with which thedebtor's goods are competing, but to a third party,clearly there are no balancing advantages to offsetthe direct disadvantages under 4.

6. The answer to the question, whether thebalancing advantages to the creditor country as awhole outweigh the injury to particular industrieswithin that country, depends on the length of theperiod over which the creditor country can reasonablyexpect to go on receiving the payments. At firstthe injury to the industries which suffer from thecompetition and to those employed in them is likelyto outweigh the benefit of the payments received.But, as in the course of time the capital and labour