Respecting the term short affixed to the preceding rate of direct bills on Paris, it is to be remarked, that it refers to the prices of bills at sight, or rather to the net price of bills having any time to run, after taking off the discount for that time, because indirect bills are sold for present payment, and therefore to make a just comparison, the direct price must be brought as nearly as possible to the same point of time. EXERCISES. Ex. 1. Find whether bills on any of the following places give a higher arbitrated rate for making remittances to Paris, than direct bills on that place at the Exchange of 25.70 short. Ex. 2. Find whether bills on any of the following places give a higher arbitrated rate for making remittances to Paris, than direct bills on that place at the Exchange of 25.95 at 3 months,* discount 4 per ct. per annum. *This being the price of direct bills at 3 months, it must be discounted, to reduce it to the short price, by taking off 1 per ct. for the interest for 3 months at 4 per ct., 1 per ct. on Frs. 25.95 is reckoned at 26 Cents. Ex. 3. Find whether bills on any of the following places give a higher arbitrated rate for making remittances to Amsterdam, han direct bills on this place at the Exchange of Flor. 12 12 St. or Flor. 12.082 Cents) at 3 months, discount 4 per ct. per an Ex. 3. Paris Amsterdam 12.083, short 11.963. 12.21 24 Cents Better 2 per ct. 12.03 61 BRITISH AND FOREIGN INVOICES AND ACCOUNT-SALES. An Invoice is a mercantile document containing a description of goods sold or sent for sale, with an account of the charges, if any, that are made to the buyer or consignee. Inland Invoices are usually made out in the form of bills of parcels, containing in the head, the place, date, and names of the parties. Shipping or exportation Invoices are generally headed with a short account of the goods shipped, the names of the vessel and captain, the port of destination, the name of the consignee, and a specification of the account on which the goods are sent. Account-Sales are accounts of the sales of goods, with the attendant charges, for the purpose of showing their net proceeds. When the goods have been sold on commission or on joint account, an Account-Sales is a document rendered to the sole or joint owner. When Pro-formâ Invoices and Account-Sales are statements of suppositious transactions, made out for various purposes. separately made out, they are used to show the ordinary allowances and charges on goods, and consequently, with the prices, to show the estimated amount or net proceeds. When the two statements are combined, they serve to show either the probable result of the purchase and sales in an estimated gain or loss, or an arbitrated rate of exchange; or, when the price at one place, with the charges at both places of operation, and in foreign transactions, the rate of exchange, are given, what arbitrated price at the other place will cover the given price and all the expenses. Inland Invoices are sometimes distinguished as being buying or selling Invoices, according as they relate to goods bought or goods sold. Thus the first two of the four following Invoices, which are made out in the form of Bills of Parcels, are the buying Invoices of Pepys & Peacock, and the second two are the selling Invoices of the same parties. |