The Science of Exchanges by N A Nicholson at Bookstore UAE
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The Science of Exchanges

The Science of Exchanges


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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1865 Excerpt: ...much of its own money, while the place to whom that variable price is paid for the fixed sum in its own money is said to receive so much of the money of the other place; thus, London gives Palermo 119 pence for one onza, but receives 6 dollars 25 silver groschen from Berlin for a pound sterling. 196. How many kinds of exchanges are there? There are two--direct, and arbitrated. Direct exchange is the operation of exchange between any two places in different countries, without the medium of any other place, as between London and Paris. Arbitrated exchange is the operation of exchange between any two places in different countries, through the medium of some other place or places in other countries. 197. What is the object of bankers and cambists in all these operations? It is to choose whatever mode of payment costs them least; for remittances abroad they will choose whatever mode of payment gives the greatest sum in foreign money for a given sum in the money of their own country, and for returns to their own country they will chose whatever mode gives the greatest sum in the money of their own country for a given sum in the money of any foreign country. What is bad, therefore, for remittances, will be good for returns, and vice versa; for instance, the rate of 25 francs 70 centimes per is a good rate for remittance to Paris from London, because you get more foreign money than usual for a given sum of your own money, but it is a bad rate for a return of money to London, because you get less of your own money than usual for a given amount of foreign money. The terms cash and bills are generally used instead of remittances and returns; thus, when 25 francs 70 centimes can be had for 1 in Paris, it is said to be better for cash in London, that is, th...


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Product Details
  • ISBN-13: 9781231196335
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 34
  • Spine Width: 2 mm
  • Width: 189 mm
  • ISBN-10: 1231196335
  • Publisher Date: 01 May 2012
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 82 gr


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