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6. My agent in Charleston, S. C., sells a house and lot for $7500, on commission of 14%, and remits to me the proceeds in a draft purchased at 1% premium; what sum do I receive from the sale of my property?

7. A man in Hartford, Conn., has $4800 due him in Baltimore; how much more will he realize by making a draft for this sum on Baltimore and selling it at 1% discount, than by having a draft on Hartford remitted to him, purchased in Baltimore for this sum at *% premium?

Ans. $11.73+. 8. The Merchants’ Bank of New York having declared a dividend of 68 %, a stockholder in Cincinnati drew on the bank for the sum due him, and sold the draft at a premium of 14%, thus realizing $508.75 from his dividend; how many shares did he own?

9. Sight exchange on New Orleans for $5000 cost $5075; what was the course of exchange ?

Ans. 13 % premium.

CASE II.

600. To compute foreign exchange.

601. The following standards of the decimal currency of the United States were established by the coinage act of 1873: Coins.

Weight.

Fineness. Gold eagle

258 grains 900 thousandths. Gold dollar

25.8

900 Trade dollar

420

900 Half-dollar

121 grammes. 900 Five-cent (nickel). 77.16 grains.

i copper, 1 nickel. Three-cent 30

ht 품 One-cent (bronze).

48

.95 ".05 tin and zinc.

.

602. Money of Account consists of the denominations or divisions of money of any particular country in which accounts are kept.

NOTE.-The Act of March 3, 1873, provides that “the value of foreign coin, ag expressed in the money of account of the United States, shall be that of the pure metal of such coin of standard value; and the values of the standard coins in circulation, of the various nations of the world, shall be estimated annually by the Director of the Mint, and be proclaimed on the first day of January by the Secretary of the Treasury.”

* This “CASE" on foreign exchange has been so modified as to conform to the Act of March, 1873, and only such changes have been made in the Tables and Examples as were necessary to adapt them to that law, and to the usage of 1875.

603. The values in United States money of pure gold or silver representing respectively the monetary units and standard coins of foreign countries, are shown in the following Table published by the Secretary of the Treasury, January 1, 1875.

COUNTRY.

MONETARY UNIT.

STANDARD.

VALUE IN
U.S. MONEY.

STANDARD COINS.

None.
Florin.
5, 10, and

francs.
Escudo, % bolivar, and bolivar.
None.

Argentine Republic.
Austria
Belgium..
Bolivia
Brazil.
British Possessions in N. Am.
Bogota.
Central America.
Chili
Cuba
Denmark
Ecuador
Egypt
France
Great Britain
Greece
German Empire..
Hayti..
Japan.
India
Italy:
Mexico
Netherlands
Norway..
Peru..
Porto Rico
Portugal
Russia.
Sandwich Islands
Spain.
Sweden
Switzerland.
Turkey..
Uruguay

Peso fuerte.
Florin....
Franc ...
Dollar
Milreis of 1000 reis.
Dollar
Peso..
Dollar.
Peso...
Peso...
Crown
Dollar..
Pound of 106 piasters..
Franc
Pound sterling
Drachma
Mark
Dollar
Yen..
Rupee of 16 annas.
Lira
Dollar.
Florin.
Crown
Dollar.....
Peso..
Milreis of 1000 reis.
Rouble of 100 copecks..
Dollar.
Peseta of 100 centimes.
Crown
Franc
Piaster.
Patacon

Gold
Silver
Gold and silver.
Gold and silver.
Gold
Gold
Gold
Silver.
Gold
Gold
Gold
Silver.
Gold
Gold and silver.
Gold
Gold and silver
Gold
Silver,
Gold
Silver.
Gold and silver.
Silver
Silver
Gold
Silver..
Gold
Gold
Silver..
Gold
Gold and silver
Gold
Gold and silver.
Gold
Gold

$1.00

.45,3
. 19,3
.96,5
.54,5
1.00
.91,2
.91,8
.91,2
.92,5
.26,8

.91,8
4.97,4

.19,3
4.86,6%

.19,3
.23,8
.95,2
.99,7
.43,6
.19,3
.99,8
.38,5
.26,8
.91,8
.92,5
1.08,4

.73,4
1.00

.19,3
.26,8
.19,3
.04,3
.94,9

Dollar.
Condor, doubloon, and escudo.
10 and 20 crowns.
Dollar.
5, 10, 25, and 50 piasters.
5, 10, and 20 francs.
% sovereign and sovereign.
5, 10, 20, 50, and 100 drachmas.
5, 10, and 20 marks.
1, 2, 5, 10, and 20 yen.
5, 10, 20, 50, and 100 lire.
Peso or dollar, 5, 10, 25, and 50 centavo.
% florin, florin, and 242 florins.
10 and 20 crowns.

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Weight, Fineness, and Value of Foreign Gold Coins, as

determined by United States Mint Assays.

Country.

Denomination.

Weight. Fineness.

Value in U.S.

gold coin.

Fourfold ducat
Souverain (no longer coined).
4 florins
25 francs
20 milreis
2 escudos.
4 reals.
10 pesos (dollars)

Ounces. Thous'dths.
0.448 986
0.363 900
0.104 900
0.254 899
0.575 916,5
0.209 853,5
0.027 875
0.492 898

$ cts. m. 9 13 2 6 75 4 1 93 5 4 72 0 10 894 368 8 0 48 8 9 13 6

Austria

Do.

Do.
Belgium
Brazil.
Centr'l America.

Do. do.
Chili
Colombia and S. A.

generally. Denmark

Do. Egypt. England

Do.
France.
Germany

Do.
Greece
India (British).
Italy
Japan.

Do.
Mexico

Do.

870 895 900 8775 916,5 916,5 899 903 900

900

Old donbloon..
Old 10 thaler..
New 20 crowns.
Bedidlik (100 piasters).
Pound or Sovereign (new)
Pound average (worn)...
20 franc (no new issues)
Old 10 thaler (Prussian)
New 20 marks.
20 drachms ...
Mohur, or 15 rupees
20 lire (francs)
Cobang (obsolete)
New 20 yen...
Old doubloon (average).
20 pesos (empire)...
20 pesos (republic), new
10 guilders.
10 pesos (dollars).
20 soles.
Coroa (crown).
5 roubles
100 reales.
80 reales
10 escudos..
Ducat
Carolin (10 francs).
New 20 crowns.
25 piasters..
100 piasters.

0.867 0.427 0.288 0.275 0,256,8 0,256,3 0,207 0.427 0.256 0.185 0.375 0.207 0.289 1.072 0.867 1.086 1.081 0.215 0.525 1.055 0.308 0.210 0.268 0.215 0.270,8 0.111 0.104 0.288 0.161 0.231

15 50 3 7 90 0 5 35 8 4 97 4 4 86 5 4 85 3 84 7 7 97 1 4 76 2 3 44 2 7 10 5 3 84 7 3 57 19 94 4 15 59 3 19 64 3 19 51 5 3 99 7 9 67 5 19 21 3 5 80 7 3 97 6 4 96 4 3 86 4 5 01 5 2 23 7 1 93 5 5 35 2 99 4 37

Do.

916,5 899 572 900 870 875 873 899 891,5 898 912 916 896 869,5 896 975 900 900 900 915

Netherlands
New Granada.
Peru .
Portugal
Russia
Spain
Do,
Do.
Sweden
Do.
Do.
Tunis
Turkey..

NOTES.—1. Foreign gold coins, if converted into United States coins, are subject to a charge of one-fifth of one per cent.

2. For silver coins there is no fixed legal valuation, as compared with gold. The value of the silver coins January 1, 1874, was computed at the rate of 120 cents per ounce, 900 fine, payable in subsidiary silver coin, or 113 cents in gold.

STOCK TABLE,

Showing the rate of Interest received on Stocks purchased, from 25 per

cent. discount to 25 per cent. premium.

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NOTES.-1. The standard value of gold as compared with silver in the United States, is as 15.407 to 1 in the coinage of 1792, as 15.988 to 1 in the coinage of 1837, and as 14.884 to 1 in the coinage of 1853. By the new Coinage Act of 1873, there is no fixed legal valuation of silver as compared with gold. The price paid at the mints varies according to demand and supply.

2. The relative values of gold and silver differ in the coinage of different countries. In England, the ratio is 14.288 to 1; in France, it is 15.5 to 1; in Prussia, 15.5 to 1.

3. In the gold coinage of the United States, a Troy ounce of fine gold is equal to $20.672; and an ounce of standard gold, .900 fine, at the legal rate of 25.8 grains to a dollar, is worth $18.605.

604. Sterling Bills, or Sterling Exchange, are bills on EngLand, Ireland, or Scotland. Such bills are negotiated at a rate fixed without reference to the par of exchange.

NOTE.-Formerly such bills were quoted at a certain rate % above the old par value of a pound sterling, which was $4.44;. As this was entirely a fictitious value, and always about 9 % below the real value, the course of exchange always appeared to be heavily against this country, and thus tended to impair its credit. By the Act of March, 1873, "all contracts made after the first day of January, 1874, based on an assumed par of exchange with Great Britain of fifty-four pence to the dollar, or $4.44; to the sovereign or pound sterling," are declared null and void. The pa.'of exchange between Great Britain and the United States is fixed at $4.8665.

605. Exchanges with Europe are effected chiefly through the following prominent financial circles : London, Paris, Antwerp, Amsterdam, Hamburg, Frankfort; Bremen, and Berlin.

NOTE.-1. In exchange on Paris, Antwerp, and Switzerland, the unit is the franc, and the quotation shows the number of francs and centimes to the dollar, Federal Money. In exchange on Amsterdam, the unit is the guilder, quoted at its value in cents ; on Hamburg, Frankfort, Bremen, and Berlin, the quotation shows the value of four reichsmarks (marks) in cents.

2. The following shows the manner in which quotations of foreign exchange are made in this country, and as quoted Jan. 2, 1875:

Sixty Days Three Days. London ........Prime Bankers' Sterling Bills..... 4.85%

4.86

4.90 @ 4.90% Do. ........ Good

do.
do.

4.85 @ 4.85% 4.8972 @ 4.90 Do. ..Prime Commercial do.

4.84 @ 4.85 4.8872 @ 4.89% Paris.... .Francs...

5.17%. @ 5.1634 5.13% @ 5.12% Antwerp. Francs.,

5.17%2 @ 5.164 5.13%4 @ 5.1242 Switzerland.... Francs..

5.17% @ 5.16% 5.1334 @ 5.12% Amsterdam Guilders..

41% @ 4144 4172 @ 4158 Hamburg ...... Reichsmarks

94% @ 95% 96 @ 9674 Frankfort. ..Reichsmarks

94% @ 95%8 96 @ 9644 Bremen. .Reichsmarks

94% @ 95% 96 @ 9614 Berlin.... ...Reichsmarks

94% @ 95% 96 @ 964 In the above, “Prime Bankers' Bills” are those on the most reliable banking houses; “Good" is applied to those of somewhat inferior credit; and “Prime Commercial” are merchants' drafts, which usually command a less price in the market. The quotations in the first column are those of 60-day bills, and in the second column those of 3 days.

1. What will be the cost in Boston of the following bill of exchange on Liverpool, the course of exchange being 4.873 ? £432.

Boston, June 16, 1875. At sight of this First of Exchange (Second and Third of same tenor and date unpaid), pay to the order of J. Simmons, Boston, Four Hundred Thirty-two Pounds, value received, and charge the same to account of

JAMES LOWELL & Co.

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