of exchange with Amfterdam to balance this alteration? Anf. 338. 11148. 8. A factor at London is directed to remit to Amfterdam, at 35s. 6d. Flemish per pound fterling; and in order to this to draw on Spain at 36d. per piastre. When he received these directions, bills for Amfterdam were only at 33s. 9d. Flemish. At what rate must he draw on Spain that his employer may be no lofer? Anf. 38. 11 d. COMPOUND ARBITRATION. In compound arbitration the course of exchange between three, four, or more places is given, in order to find how much a remittance, paffing through them all, will amount to, at the laft place; or to find the arbitrated price, or par of arbitration, between the first place and the last. This may be done by the following, R U L E. Make two columns of the courses of exchange, and write the course of exchange of one country in the first column, and its equal of another country opposite to it in the second column, and fo on till all the courfes are written down; obferving, that the money of any one country, must never appear twice in the fame column, except it is opposed to the money of two different countries. Then, divide the product of the quantities in the larger column, by the product of the quantities in the leffer column, and the quotient will be the arbitrated price of exchange. Ift. To fhorten the operation, terms that happen to be equal or the fame in both columns may be rejected, and the other terms may be abridged. 2d. When the arbitrated price of exchange is found, the gain or lofs, or the most advantageous method of remitting or drawing, may be found by attending to the nature of the queftion. 3d. When commiffion is allowed, you must observe what exchanges it is to be charged upon, and deduct it from each either by the rule of three or the rules of practice. dies each will the 500l. fterling amount to in Spain? marvadies per ducat; how many piaftres of 272 marva100 ecus per 60 ducats; and thence to Spain at 360 to France at 58d. Flemish per ecu; thence to Venice, at of Holland, at 35s. Flemish, per pound fterling; thence 1. If London remits 500l. fterling to Spain, by way EXAMPLES. 2. London has a demand upon Amsterdam of 1000l. Flemish; which London orders to be remitted to France at 55d. Flemish per ecu; thence to Venice at 60 ducats per 100 crowns; thence to Hamburgh at 8s. 4d. Flemish per ducat; thence to Lisbon at 48d. Flemish per crufadoe and thence home at 5s. 3d. fterling per milrea; what is the arbitrated rate of exchange between Amsterdam and London? Anf. 348. 11d. Flem. per £. fterling. 3. The exchange between London and Amfterdam is I pound fterling for 11. 18s. Flemifh; betwixt Amfterdam and Francfort is 72d. Flemish for 65 cruitzers; and between Francfort and Paris is 56 cruitzers for I ecu; what is the arbitrated rate of exchange between London and Paris? Anf. 7 ecus per £. fter. 4. A merchant in London has credit at Venice for 5000 ducats banco, which he orders to be remitted to Cadiz at 326 marvadies per ducat; thence to Lisbon at 634 reas for 270 marvadies; thence to Amfterdam at 4s. 4d. Flemish for 400 reas; thence to Paris at 4s. zd. Flemish per ecu; and laftly home at 33d. fterling per ecu. Required the arbitrated par of exchange between London and Venice; and what London will receive after allowing per cent. commiffion at each place ?— Anf. The arbitrated par of exchange is 6579453d. per dt. London will receive 1354l. 128. 10d. nearly. BILLS of EXCHANGE. A money to BILL of exchange is a written order for be received in one place or country, for the value paid in another. R U L E. Date it as a promiffory note, and put the value in figures, on the fame line with the date, either on the left-hand or right as is moft convenient. Then, begin with the time when the bill is to be paid; next, put the the perfon's name for whose use it is drawn, adding or order, or bearer, or any other circumftance that is agreed upon; after that, mention of whom the value was re. ceived, or put the words value received, adding as advised, or without further advice, if you think neceffary. This done, let the drawer fign his name on the right hand of the bill, and put the name, occupation and place of abode of the perfon who is to be the payer on the lefthand thereof. NOT E. Ift. When both the drawer and payer live in one country, the bill is called an inland bill of exchange; but when the drawer lives in one country, and the payer in another, it is called a foreign bill of exchange. 2d. A bill of exchange may be made payable to a certain perfon or company, to order, to bearer, at fight,' fo long after fight or date, or at a particular time or place. 3d. When a bill is made payable to a particular person or company, without either bearer or order annexed, it' cannot be negotiated; when it is made payable to bearer it will pass from one perfon to another without any additional names being written upon it; when it is made payable to order, the perfon on whofe account it is drawn may indorfe it (that is write his name on the back of the bill) and fo deliver it to another, who may pay it again by indorfing it; and fo it may pass through any number of hands, each receiver indorfing it before he delivers it to another. 4th. Advice is giving a perfon notice, either by the poft or otherwife, that a bill is drawn upon him; and it is necessary that this should be done when the words as advifed, or as per advice, are inferted in the bill. 5th. Days of grace are certain days allowed after the bill becomes due before payment is demanded, and their S number |