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499. To compute foreign exchange.

Ex. 1. What should be paid for the following bill at 91 per cent. premium?

Ans. $ 486.666. Exchange for £100.

Philadelphia, May 21, 1857. . Sixty days after sight of this, my first Bill of Exchange, (second and third of the same date and tenor unpaid,) pay to Langdon Shannon, or order, one hundred pounds sterling, value received, with or without further advice.

WILLIAM P. BROWN. To MESSRS. PEABODY & Co., Bankers, London.

OPERATION

100 x 40

$ 444.44; $ 444.444 x 1.095 = $ 486.666. 2. What is the cost at Amsterdam of a bill on New York for $ 340.67, exchange being at $ 0.38 to the guilder ?

Ans. 896.50 guilders.

OPERATION.

340.67 ; 38

= 896.5

= 896 guilders 50 cents. 3. What must be paid in Boston for a bill on Paris for 3676 francs, exchange being 5 francs 20 centimes to the dollar ?

Ans. $ 706.9211 4. What is the value of a bill on Hamburg for 3000 marks 10 schillings, exchange being at $ 0.35 to a mark banco ?

Ans. $ 1050.217. 5. How large a bill can be purchased on Liverpool for $81727.75, exchange being at 94 per cent. premium ?

6. Paid $ 14400.12 for a bill on Havre for 79000 francs ; how much was exchange below par? Ans. 2 per cent.

7. What is the cost of a draft on St. Petersburg for 5763 rubles 75 kopecks, exchange being at 74 cents a ruble ?

Ans. $ 4265.175. 8. What must the face of a bill on Lisbon be which costs $ 550.66, exchange being at $ 1.10 a millrea?

Ans. 500 millreas 600 reas. 9. What is the cost at Berlin of a draft on Philadelphia for $ 10000, exchange being at $0.68 a thaler ?

Ans. 14705 thalers 26 groschen 511+ pfennings. 10. How much must be paid in Chicago for a bill on Stockholm amounting to 400 specie rix dollars 12 skillings?

Ans. $ 424.265.

11. What is the value in St. Louis of a draft on Dantzic for 300 thalers 20 groschen 10 pfennings, exchange being at $ 0.69 .a thaler ?

Ans. $ 207.477. 12. What must be the face of a draft on Calcutta which costs in Boston $ 5694, when exchange is at $ 0.40 a company rupee ?

Ans. 14235 rupees. 13. How much must be paid in Naples for a draft on Baltimore amounting to $ 615.60, the value of a ducat in exchange being $ 0.80?

Ans. 769 ducats 5 carlini. 14. There was paid in New Orleans $ 7300 for 1500£. draft on Liverpool ; at what percent. of premium was it purchased ?

Ans. 91 per cent. 15. What must be the face of a draft on Paris that can be bought in London for 868£. 17s. 6d., exchange at 23 francs 60 centimes a pound sterling? Ans. 20505 francs 45 centimes.

16. How much must be paid in Genoa for a bill on New York whose face is $ 2640, when exchange' is at $ 0.18 a lire ?

Ans. 14666 lire 66 centesimi. 17. When a bill on Paris for 88128 francs costs $ 17280, at what per cent is the rate of exchange above par ?

18. Robert Anderson, of Cincinnati, has consigned a cargo of pork, valued at 17000£., to Richard Arkwright & Son, Liverpool. Robert S. Davis & Co., being about to import an invoice of books, have purchased of Anderson a bill of exchange, at 8į per cent. premium, for the value of the said

cargo.

What should they pay for the bill ?

Ans. $ 81977.777.

ARBITRATION OF EXCHANGES.

500. ARBITRATION of Exchanges is the process of finding the proportional exchange of two places by means of one or more given intermediate exchanges.

Exchange effected thus, through one or more intermediate exchanges, is called circular exchange.

The exchange when made through a single intervening ex

change is called simple arbitration, and when through two or more intervening exchanges is called compound arbitration.

501. Since the actual course or rate of exchange between any two places is almost always, from various circumstances, different from the arbitrated course, the object of arbitration is to enable an individual in one place to ascertain whether he can most advantageously draw and remit directly between his own place and another, or circuitously through other places.

502. Exchange of merchandise, and the different weights and measures of different countries, may be arbitrated in the same manner as bills of exchange and currencies.

503. The value, in the standards of the United States, of the principal weights and measures of the most important commercial places, is shown in the following

TABLE.

Value
ENGLAND.

Fuder
Value.
= 6 ahms,

229.5gal. Avoirdupois pound,

Last of grain,

89.64bu. 1lb.

Stock Old wine gallon,

134.4bu. Igal.

1.} last, Imperial gallon,

27.58in. 1.20gal.

Brabant ell, Old ale gallon,

1.22gal. DENMARK AND NORWAY. Old Winchester bushel,

lbu.
.
Pound,

1.10lb. Imp. corn bu. (= 8 iinp. gal.), 1.03bu. Centner 100 pounds,

110.281b. Quarter of grain (=8 imp.bu.), 8.25bu. Viertel of wine,

2.04gal. Imperial yard, 36in. Anker of wine,

10gal. FRANCE. Ahm = 4 ankers,

40gal. Kilogramme, 2.20lb. Fuder of wine,

237.16gal. Quintal = 100kil.,

220.541b. Toende or barrel of grain, 3.95bu. Millier 1000kil., 2205.481b. Last = 12 toende

47.50bu. Litre, 2.11pt. Danish ell,

24.66in. Velt,

2gal.

SWEDEN. Decalitre = 10 litre,

.931b. Hectolitre = 100 litre, 26.42gal. Pound of iron,

.751b. Hectolitre 100 litre,

2.84bu.
Anker of wine,

10 35gal. Metre,

39.36in.
Eimer of wine,

20.75gal. HOLLAND AND BELGIUM. Ahm = 2 eimers,

41.50gal. Pond, 1.081b. Pipe 3 ahms,

121.25gal. Fr. kilogramme,

2.20lb. Tun or barrel of grain, 4.16bu. Last, marine, 44101b. Ell,

23.36in. Vat = 100kan = 1 hectol. Fr., 26.42gal.

BREMEN. Ahm of wine,

1.091b. Mudde=100 kop=1 hectolitre, 2.84bu.

Centner,

1161b. Last of grain, 85.25bu. Viertel of wine,

1.93gal. Amsterdam ell,

27in.
Anker = 5 viertels,

9.65gal.
HAMBURG.
Oxhoft = 6 ankers,

58gal. Pound, 1.061b. Scheffel of grain,

2bu. 100 pounds, 106.8lb. Last = 40 scheffels,

80.70bu. Ahm of wine, 38.25gal. | Ell,

22.75in.

2.64gal. Pound,

2000 p.

41gal. Pound,

TRIESTE.
Value.

Value. Pound,

1.23lb. Cantaro or arroba of wine, 4.25gal. 100 pounds,

123.60lb. Moyo of wine = 16 arrobas, 68gai. Eimer of wine,

15gal. Botta = 38ar. of wine = 38far. Staro of grain,

234bu.
of oil,

127.5gal. Ell for silks, 25.20in. Fanega of grain,

1.57 bu. Ell for woollens, 26.60in. Cahiz = 12 fanegas,

18.91bu. Vara or yard,

33.37in. CONSTANTINOPLE.

CUBA. Quintal, 124.45lb.

101.751b. Alma for liquids,

Quintal,

1.37gal. Kisloz of grain, .94bu.

4.1gal. Arroba of wine,

3bu.

Fanega of grain,
Pik, commercial,

27in.
Vara,

33.34in. CALCUTTA.

NAPLES.
Maund,

74.661b.
Rottolo,

1.961b. 82.13lb. Bazaar maund, Guz,

36 in.

Cantaro grosso=100 rottolo, 196.50lb.
Cantaro piccolo,

1061b.
RUSSIA.
Salma of oil,

42.75gal. Pound, .901b. Carro of wine

264gal. Pood 40 pounds, 361b. Carro of grain,

52.20bu. 100 pounds, 90.26lb. Canna,

83in. Wedro of wine,

3.25gal.

SICILY. Sorokovy 40 wedros, 130gal.

Cantaro grosso,

192.501b. Chetwert of grain,

5.95bu.
Cantaro sottile,

175lb. Arsheen, 28in.

70lb

100 Sicilian pounds, Sashen,

7ft.
Tonna,

9.38gal.
PRUSSIA.
Salma grossa,

9.48bu. Pound, 1.03lb. Salma generale,

7.62bu. 100 pounds, Dantzic, 103.3lb. Conna or yard,

38.40in. Quintal = 110 pounds, 113.421b.

GENOA. Liner of wine, 18.14 gal.

76.871b.

Cantaro grosso, Ahm, 39.66gal.

69.891b. Scheffel of grain,

Cantaro sottile,

1.52bu. Last of grain,

39.25gal. Mezzarola, 91bu.

3.50bu. Mina of grain,

25.5in. Berlin Eli,

87.50in. Prussian Ell,

26.28in.

Canna piccola,
Canna
grossa,

116.70in. PORTUGAL.

VENICE. Pound or arratel,

1.01lb. Arroba = 22 arratels, 22.26lb. 100 pounds, pesso grosso,

105.181b. Quintal = 4 arrobas, 89.05lb. 100 pounds, pesso sottile,

66.421b. 100 pounds or arratels, 101.191b. Miro of oil,

4.02gal. Almude of wine, 4.37gal. Anfora of wine,

1.37gal. Tonelado 52 almude, 227.25gal. Staja of grain,

2.27bu. Moyo, 23.03bu. Moggio 4 staji,

9.08bu. Vara, 43.20in. Braccio for silks,

24.84in. Braccio for woollens,

26.64in. SPAIN. Pound,

1.01b.

CHINA. Arroba = 25 pounds, 25.38lb. Catty,

1.33lb. Quintal 4 arrobas, 101.521b. Pecul,

133.33lb. Cantaro or arroba of oil, 3.75gal. I Covid,

14.62in. NOTE. — The weights and measures of Mexico, Central America, and of the republics of South America are the same generally as those of Spain; of Brazil, the same as those of Portugal; of the British North American Provinces, the same, in general, as in England; and of Hayti, the weights are the same as in the United States, except about 8 per cent. heavier, and the measures the same as in France,

OPERATION,

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504. To compute arbitration of exchanges.

Ex. 1. When the exchange between New York and London is at a premium of 9 per cent., and that between London and Paris 25 francs to a pound sterling, how much must be paid in New York for a bill on Paris for 1000 francs ?

Since $ 45 $ 40 9 £.

1£. of the nomi109 £. - 1 0 0 £.

nal par of ex1 £. 2 5 fr.

change (Article 10 0 0 fr.

497), $ 40=9£.; 16

and 109£. of the 10

same value 40 X 109 X1 X 1øøø

100£. at 9 per

= $ 193.77+ Ans. 9 X 1ØØ x 25

cent. premium. We write the terms of equivalent value as antecedent and consequent, and proceed as in conjoined proportion (Art. 341).

Note. - When it is required to find which of several routes of exchange is the most advantageous, the rate of exchange by each route may be determined first, and the results then compared.

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EXAMPLES.

2. When exchange at Lisbon on Paris is at the rate of 5 francs 95 centimes per millrea, and at Paris on the United States at 5 francs 20 centimes per dollar, how much must be paid in Lisbon to cancel a demand New York for $ 3500 ?

Ans. 3058 millreas 823 reas. 3. A merchant in Boston wishes to pay 2000£. in Liverpool. Exchange on Liverpool he finds is at 10 per cent. premium, on Paris 5 francs 20 centimes to a dollar, and on Hamburg 35 cents to a mark banco; and the exchange between France and England at the same time is 24 francs to a pound sterling, and that of Hamburg on England 137 marks banco to a pound sterling. Which is the most advantageous course of remittance, that direct to Liverpool, or that through Paris or Hamburg ?

4. A merchant of St. Louis wishes to pay a debt of $ 5000 in New York. The direct exchange is 13 per cent. in favor of New York, but on New Orleans it is į per cent. discount; and between New Orleans and New York at į per cent. premium. How much would he save by the circular exchange compared with the direct ?

Ans. $ 87.564

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