cify whether they are to be paid in effective, that is, in cash, or in paper.

The usance of bills is 14 days. The days of grace are 3. The par of exchange is about 10 florins per pound sterling. 743. VENICE AND MILAN-1 lira Austriacha 100 centismi 20 soldi Austriachi. 3 lira Austriacha is of the same value as 1 Austrian florin. The par of exchange is about 29 lira, 50 cent. per pound sterling.

100 grani 5 tari.

744. NAPLES-1 ducat The Neapolitan ducat is of silver, and in value about 3s. 4d. sterling. The par of exchange is about 604 grani per pound sterling.

745. PALERMO.-1 oncia or onza 30 tara. The value of the oncia is about 10s., and the par of exchange about 60 tara per pound sterling.

746. GENOA-1 lira nuova 100 centisimi. The lira nuova of Genoa and the Sardinean States, is of the same value as the French franc.

The usance of bills from England is three months.

747. SPAIN-There are two kinds of money in Spain. At Madrid, Grenada, Bilboa, and Corunna, vellon money is used in account at Cadiz, and Seville plate money is used in ac

count.

Bills of exchange are negotiated in plate money, which is more valuable than vellon.

Plate money of exchange and of account.

34 maravedis 16 quartos

8 reals

375 maravedis

4 dollars of plate

...

...

...

1 real of plate.

1 dollar of plate.

1 ducat of plate.

= 1 pistole of plate.

Vellon money of coin and of account.

85 dollars of plate

64 dollars.

The hard dollar is worth about 4s. 2d. sterling.

In drawing bills of exchange on Spain, it is necessary to insert the words payable in effective, in order to prevent their being paid in váles reáles, a paper currency which is at a great discount.

The usance of bills from England is at Madrid 60 days, at Cadiz 2 months' date.

748. GIBRALTAR-1 hard dollar = 12 reals = 192 quartos. This dollar is the same as the Spanish hard dollar.

749. PORTUGAL-1 milreis = 1000 reis, 400 reis make 1 crusado of exchange. The legal money of Portugal is half specie and half paper. The paper being always at a discount, and that discount varying, it is difficult to fix any par of exchange.

The usance of bills from England is 30 days' sight.

750. DENMARK-1 rigsbank dollar = 6 marks = 96 skillings.

The par of exchange with London is 9 rix dollars 10 skillings per pound sterling.

Exchanges with Denmark are generally conducted through Hamburgh. The par of exchange between Copenhagen and Hamburgh, exclusive of Agio, is 200 rigsbank dollars for 300 marks banco Hamburgh.

751. SWEDEN AND NORWAY-1 Rix dollar = 48 skillings.

The money of account and of exchange on Sweden and Norway is in paper, and consequently is liable to great fluctuation.

752. TURKEY-1 piastre

40 paras.

The money of Turkey is much debased, and consequently its value is in a great measure nominal.

Bills on London are usually drawn at 61 days sight, but on other places at 31 days sight.

753. BRITISH COLONIES OF NORTH AMERICA AND WEST INDIES. The general money of account is, pounds, shillings, and pence, currency. Spanish dollars are also used.

754. CANADA AND THE NORTHERN PROVINCES-901. sterling is worth 1001. currency.

755. JAMAICA-1401. currency is equal to 1001. sterling, and the Spanish dollar is worth 6s. 8d. sterling.

756. UNITED STATES OF NORTH AMERICA-1 dollar = 100 cents, making 40 dollars = 91. sterling.

The price of the United States dollar, until recently, was fixed at 4s. 6d. sterling; but by an act of Congress, 14th July, 1832, the valuation of the pound sterling was fixed at 4 dollars 80 cents. reducing the par of 4s. 6d. to 4s. 2d. per dollar.

Bills on Europe are generally drawn at 60 days sight. The days of grace are 3, the same as in England.

757. BENGAL AND MADRAS-1 rupee 16 annas = 192 pice.

The usance for bills on London, is 6 mo. sight.

758. EXAMPLES.

1. Reduce 1,5001. into francs, at 25.18 per pound sterling. 2. Reduce 2641. 12s. into francs, at 25.35 per pound sterling.

3. Reduce 1871. 6s. into francs, at 25 45 per pound sterling. 4. Reduce 10,000 francs in pounds sterling at 25.50 per pound sterling.

5. Reduce 1,0001. sterling into Flemish, at 11.93 florins per pound sterling.

6. Reduce 1,000 florins into sterling, at 12.05 florins per per pound sterling.

7. Reduce 6,000 Hamburg banco marks into sterling, at 13 marks, 8 schillings per pound sterling.

8. Reduce 8071. sterling into Prussian currency, at 6 dollars 23 gros per pound sterling.

9. Reduce 1,0001. sterling into paper rubles, at 10d. per ruble.

10. Reduce 8,000 rubles into sterling, at 114d. per ruble. 11. Reduce 18401. sterling in silver rubles, at 37ğd. per ruble.

12. Reduce 2,0001. sterling in Frankfort W. Z., at 1514 batzen.

13. Reduce 1,0001. sterling into W. Z. at Frankfort, at

152 batzen.

14. Reduce 4,000 rix dollars in W. Z. into sterling, at 151 batzen.

15. Reduce 5001. sterling into Austrian Florins, at9 flo. 57 kr. per pound sterling.

16. Reduce 5,000 florins into sterling, at 10 flo. 1 k. per pound sterling.

17. Reduce 3001. sterling into Venetian money, at 30 lires per pound sterling.

18. Reduce 1,000 lire Aus. into sterling, at 29.75 per pound sterling.

19. Reduce 3821. sterling into Neapolitan, at 605 gr. per pound sterling.

20. Reduce 4,200 Neapolitan ducats into sterling, at 606gr. per pound sterling.

21. Reduce 1361. sterling into oncie, at 59 tari per pound sterling.

22. Reduce 636 oncie into sterling, at 59 tari per pound sterling.

23. Reduce 1,2201. sterling into lire nuove, at 24.80 lira per pound sterling.

24. Reduce 8240.25 lira n. into sterling, at 25.10 lira per pound sterling.

25. Reduce 5001. sterling into rials of plate and into rials vellon, at 36 d. per dollar of plate.

26. Reduce 5,000 rials of plate into sterling, at 361d. per dollar of plate.

27. Reduce 5,0001. sterling into Portugal money, at 50d. per milreis.

28. Reduce 13,000 milreis into sterling, at 49 d. per milreis.

29. Reduce 1361. sterling into Turkish money, at 58 piastres per pound sterling.

30. Reduce 8001. Canada currency into sterling, at a par of 100 currency for 901. sterling.

31. Reduce 8621. sterling into Canada currency, at par.

32. Reduce 600 Jamaica currency into sterling, at the par of 140 per cent.

33. Reduce 5680.5 U. S. dollars into sterling, at 4s. 6d. per dollar.

CROSS EXCHANGES.

759. The exchanges between foreign countries, though direct as relating to those countries, are said to be cross as they relate to this. Thus, in this country, the exchange between France and Spain is termed a Cross Exchange.

760. EXAMPLES.

1. How much Hambro' banco will be received for 1,000 francs, exchange 185 francs per 100 marks banco ?

2. How many French francs are equal to 30,620 Dutch florins, exchange 57 florins per 120 francs?

3. How many rix dollars of W. Z. Frankfort must be given in exchange for 1,000 marks banco Hamburgh, at 148 rix dollars W. Z. per 300 marks banco ?

4. Exchange 368.50 florins and cents. of Amsterdam with Paris, at 574 florins per 120 francs.

5. Exchange 1,896 florins of Amsterdam with Naples, at 80 florins per 40 ducats dil regno.

INDIRECT EXCHANGES,

OR

ARBITRATIONS OF EXCHANGE.

761. Indirect exchanges, are exchanges produced through the medium of some other country or countries, and the proportional or mean rate deduced, is termed the arbitrated rate of exchange.

762. The arbitration of exchanges, is the method of discovering the proportionate rate of exchange between two countries, by calculating the course of exchange between these countries and other countries; as when the exchange between two places, which are the first and last in a circuitous route is required, we deduce the mean rate of exchange from the course of exchange between all the places lying intermediate between those two, in the course of negotiation. Or, it is the determining the rate of exchange produced by indirect bills of exchange purchased in one country, and sold in another.

763. The object of the arbitration of exchanges, is to find whether, in remitting or drawing, it will be most profitable to do so directly or indirectly.

764. EXAMPLES.

1. A merchant in London, having to receive 3000 marks banco at Hamburg, whether will it be most profitable for him to draw on Hamburg directly, at 13 marks, 8 sch., or to direct his correspondent to remit the sum to Frankfort on the Maine at 148 rixdollars, W. Z. per 300 marks banco, with directions to invest the value in a bill on London, which can be effected at 151 batzen per pound sterling? The charge for commission, &c., being 1 per cent.

Note. The direct mode would be more profitable than the indirect mode by 41. Os. 74d.

2. When bills on Amsterdam, bought in London, at 12.5 florins, are sold in Paris at 57 florins per 120 francs, what is the proportionate rate of exchange between London and Paris?

3. If a bill upon Hamburg be bought in London, at 13