and imaginary moneys. The real are stivers, bits and twobit pieces. The doubloon with the parts, viz. 2, 1, §, and. The stiver is a brass coin, of which there are 75 to a dollar. The bit is a coin, part silver and part brass, and equal in value to 5 stivers. The two-bit piece is of the same metal, twice as large and double in value to the other. The doubloon goes by weight and passes for $16, if it weighs a Spanish dollar. The parts of the doubloon pass at the nominal value. ST. MARTINS. On the French or south side of the island, the government standard of France is the money of account; but sales are frequently made for dollars, which have to each, 8 bits, of 6 stivers each. Four twenty cent pieces with heads pass for a dollar, giving only eighty cents to the dollar. On the Dutch side, 6 stivers make a bit, 8 bits are called a piece of Eight-12 bits make a current dollar-15 bits make a Spanish dollar. There are small pieces of silver, or 5, 6, 9, and 10 stiver pieces. The value of the doubloon depends on the plenty or scarcity of money. It is generally at 19 to 20 dollars. The English measures are used in buying and selling on both sides of the island. The Dutch 100 lbs 110 lbs. English. ST. EUSTATIA. This place has the same currency as the Dutch side of St. Martins. BRAZIL RIO JANEIRO. The standard or par value of a Spanish dollar was formerly considered at 800 reis, but it is now enhanced by Government to 960 reis, by the coinage of the dollar bearing that value in Bank Paper. The quintal is 4 arobes of 32 lbs. each, 100 lbs. = 1021 lbs. Eng. The Vara is 43 inches, the Covado= 26 inches. 180 Medidas 140 gallons, 12 alquiers 13 W. bushels. Sugars. The best sugars are those which come earliest to market. Age makes a material alteration in the quality by rendering them damp, and destroying the crystallization. The crop generally begins to appear in October, and by February following it is nearly all brought in. Coffee. The greater part of the crop is exported from July to December, during which period, the quality is better than that which comes to market in other months. Coffee embarked on board vessels partly laden, generally loses colour. When vessels are entirely full, this complaint is seldom made. The custom of this port is, that the expense of landing and taking in cargo on freight, is payable by the vessel, unless expressly stipulated to the contrary in the bills of lading, or by special contract. Hard Spanish dollars should be expressed in contracts for freight, when that coin is bargained for; and the vague expression of $ must be avoided, as it leads to many disputes. No vessel should be chartered to this place, having less than thirty working lay-days, exclusive of Sundays and holydays, and those carrying 1000 barrels or upwards should in no case have less than 60 lay-days. 500 hides of 28 lb. each, purchased here, cost on board Reis 2277,795, which amount, with 24 per cent. commission for endorsing and negotiating the bill, was drawn for on London at 50d. for 1000 reis. The remittance from the United States to meet this sum being made, when bills on London were at $4,3 per £. Required the actual cost in the United States of the hides per lb. on board at Rio Janeiro. 100-2,50-97,50: 100 :: 2277,795 : 2336,200 ARBITRATION OF EXCHANGE. When the rates of exchange between several countries in succession are given, to find the rate of exchange between the first and last place in the correspondence. RULE. Find by proportion the value of the sum originally remitted in the different moneys of the countries through which it passes according to the rates of the different exchanges, and so proceed till the whole is finished. Or, Multiply all the first terms of the different statings together for a divisor, and the second terms, together with the sum remitted, for a dividend, and the quotient is the amount received in the denomination of the last place in the correspondence; from this result the rate of exchange is readily found by proportion. EXAMPLES. 1. A merchant in London has credit for 500 piastres in Leghorn for which he can draw directly at 52d. sterling per piastre, but choosing to have it remitted by a circular rout, they are sent, by his order, to Venice at 95 piastres for 100 ducats banco; from thence to Cadiz at 350 maravadies per ducat banco; from thence to Lisbon at 630 reas per piastre of 272 maravadies; from thence to Amsterdam at 48d. Flemish for 400 reas; from thence to Paris at 54d. Flemish per crown; and from thence to London at 30d. sterling per - crown: What is the arbitrated price between London and Leghorn per piastre, and what is gained or lost by this circular remittance, without reckoning expenses? piast. d. ban. 95 : 100 piast. : : 500 : d. ban. 526 in Venice. d. b. 1 : 350 reas. mar. 272 mar 184210 reas. 426664 cr. : 30 : :: £ s. d. 118 10 4 sterling. BY THE CHAIN RULE. Antecedents. 95 Piastres 1 Ducat 54 d. Flemish Product of Consequents Consequents. 500 Piastres. 100 Ducats. 48 d. Flemish. =15876000000 =£118 10 41 Antecedents = 58814400 The calculation may be abridged by omitting such antecedents and consequents as are alike, and reducing such as admit of a common measure, to the lowest term, as in vulgar fractions. The demand may be placed at the bottom instead of the top as above: The result would be the same. Amount received by circular remittance 500 piastres at 52d. Gained by circular remittance Ans. £ s. d. 118 10 41 108 68 £10 3 81 Arbitrated value of a piastre.by ditto "It is very easy to fancy problems and theories in Compound Arbitration, where great advantages might be made by numerous combinations of exchange, but seldom does any opportunity occur in practice of realizing such speculations. On the contrary, men of experience are satisfied with combining the exchanges of three places only, and there are few instances of the kind that will not afford room for a reasonable profit. Comparative values of English, French, Spanish, and United States' Coins. The fineness of English and United States' gold being 22 carats, or, an ounce of it must contain 440 grains pure and 40 grains alloy; and it is minted into £3 17s. 101d. or 934 pence: therefore, as 934.5d.: 240d. :: 440: 113.0016 grains, the weight of pure gold in one pound sterling or gold sovereign. The United States' gold eagle contains 247 grains pure and 221 grains alloy; therefore, as 113.0016: 247.5:: 240d : 525.657d. the sterling value in British gold of one eagle: hence, that of the dollar is 52.5657d. or 4s. 4.5657d. Again: the standard fineness of British silver is 37: therefore, loz. of it must contain 444 grains pure and 36 grains alloy, and is minted into 5s. 6d. or 66 pence. 1664 The United States' and Spanish dollar contain 3711 grains pure and 442 grains alloy, the fineness in each being 1485: therefore, as 444 : 66, or 74 : 11 :: 371.25 : 55.1858—4s. 7.1858d. the value of the dollar in sterling silver: hence, as 52.5657: 55.1858 :: 100: 104.985, or 5 per centum nearly, the difference of its value in sterling gold and silver. Again: as 11: 74: 240d.: 1614.5444 grains of pure silver in one pound sterling or British sovereign. 40 Again: since 4s. 6d. is of a pound sterling, it will be as: 1 :: 1 : 4.44, differing from the estimated par of one pound $4,44, by per centum; and as 66d. : 54d. :: 444 : 363 grains pure silver in 4s. 6d. which is 743, almost 8 grains less than 3711 grains, the quantity in one dollar. As 113.0016: 1614.5454 :: 1:14.288, the ratio of the value of silver to gold in the British monetary system; and as 24.75: 371.25 :: 1 : 15, the ratio of the same in the coins of the United States. Therefore, it will be as 14.288: 15 :: 100 105, or more than 5 per cent. difference in the comparative values of silver. Again: as 416 480;: $1 15.38 : $1.2929, the value of 1 oz. do. pure silver: hence, 1 grain of these is value for .002404 and .0026936 of a dollar, respectively. Also, as 247.5: 440 ::$10 $177, the value of one ounce United States' gold; and as 11: 12 :: 177: $1913, the value of one ounce do pure. Hence one grain is worth .040404. Again: as 113.0016: 440:: £1: £3 17s. 101d. the value of one ounce sterling gold; and as 11: 12 :: £3 17s. 103d. £4 4s. 11.45d. the sterling value of 1 oz. pure gold. Likewise, as 37 : 40 :: 66d. : 711d. 5s. 114d. the value of one ounce pure silver in sterling money. The kilogramme is equivalent to 15434 grains Troy; and a kilogramme of French standard gold, fine, is minted into 77 forty-franc pieces of gold: hence, one gold franc must contain 4.48084 grains of pure gold: therefore, as 113.0016: 4.48084: 240d.: 9.5167d. sterling, the British value of the gold franc in British gold. Again: the kilogramme of French standard silver, fine, is minted into 200 francs: hence, the pure silver in one franc is 69.453 |