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ing and paying such sums as are due from one man to an: other ; commonly called running cash.

Q What is usance ?

À It is a certain time allowed for the payment of bills of exchange ; bat different according to the usage or custom of the place where the bill is made, compared with thie distance of that place on which the bill is drawn ; that is, the nearer the place on which the bill is drawn, is to the place where it was drawn, the time is the shorter ; but the farther those places are from each other, the length of the time allowed for the payment of that bill, from the date of it, is the greater.

Note. Bills are payable five ways, viz.
1. At sight. 2. At so many days after sight.

3. At usance, or a certain length of time agreed on between the two places.

4. At double usance, which is double the time agreed on between the two places.

5. Marts or fairs, which is to be understood at some certain days, accounted for fairs in the same places where the bills are made Payable.

Q What are the days of grace ?

A In London it is customary to allow three days to the time mentioned in the bill, which are called days of grace, on the last day of which (if it be not on Sunday, but if it is on Saturday) the bill must be demanded, and if not then paid, must be immediately protested.

Note. In some places they allow a larger number of days of grace,

than we do at London ; and in others none at all. Q How are questions in Exehange proved? A By changing the order of thein.

CASE 1. Q What places doth London exchange with in dollars, or pieces of eight of Mexico ?

Å With Madrid and Cadiz, in Spain, and with Genoa and Leghorn, in Italy.

Q How do they keep their accounts in Bpain?
A In Rials and Maryadies.
Note. 372 Marvadies make 1 Rial.
8 Rials

1 Piece of Eight. Q What is the par of exch. between Lond. and Spain?

A The par of the money Between London and Spain is, that 1900 rials are exactly equal to 511 sterling : con sequently I rial is worth 6d 197

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Note 1. Spain gives to London one dollar or piece of eight for an uncertain number of pence sterling, 2 In Spain they allow 14 days of grace. Q How do they keep their accounts in Italy? À In livres, sols, and deniers, some few cities excepieck Note 1, 12 Deniers make 1 Sol. 20 Sols

1 Livre.
5 Livres 1 Piece of Eight, at Genoa.

6 Livres 1 Piece of Eight, at Leghorn. 2. The Usance of Genoa to London is 3 months after date. 3. At Genoa they allow 30 days of grace.

EXAMPLES | What is the amount of 631 sterling, in pieces of eight? at 56 pence per piece ? Ans 270 pieces of eight.

2 A factor has sold goods at Cadia for 1468 pieces of eight, at 46 6d 2qrs per piece; how much sterling is the sum ? Ans 3331 75 2d

A Bill of Exchange, viz. Leghorn on London. Leghorn, July 31, 1781, for 786 pieces of eight of Mexica,

at 55d sterling per piece of eight, at 3 months. Three months after date, pay this my first of excbange to Mr. James Le Morte, or order, seven hundred and eighty-six pieces of eight at Mexico, for the value received of himself, at 52d sterling per piece, and place it to account, as per

advice. Your humble serv't. 'To Mr. William Mahew,

James Douglass. Merchant, in London. How much money must be received in England for this bill ? Ans 180L 2s 6d.

CASE 2. Q What place does London exchange with in Ducats? A With Venice, in Italy. Note. 6 Solodi make 1 Gross,

24 Grosses 1 Ducat. Q What is the par of exch. between Lond, and Venice? A 100 livres are worth 3 pounds sterling. Q How many sorts of ducats are there at Venice? A Two sorts, viz. Ducats banco, or bank-ducats, which are usually given in exchange ; and ducats picoli, or current-ducats, which are usually bargained for and paid in the purchase of goods and merchandize, and are 20 per cent. worse than the bank-ducats.

Note 1. The par of the ducat-banco, is 52 pence sterlivg; and the par of the ducat.picoli, is 40 pence sterling.

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2 The usance of Venice to London and back again is 3 months, or 90 days after date, two usance is that time doubled.

EXAMPLES. i If 100 livres are worth 31 sterling, what is one livre worth? Ans 7d sterling.

2 There are 2000 ducats, at 48 4d each, remitted to London, to be paid in pounds sterling, what is the amount i Aos 4331 6s 8d.

3 A bill of 1001 sterling is remitted to Venice, to be paid in ducats at 4s 4d each, what is the amounts

Ans. 46 i 1 ducats. 4 A traveller would exchange 233l 165 8d sterling, for Venice ducats, at 4s 9d per ducat; how many must he bave ?

Ans. 984 ducats. A bill of exchange, viz. Venice on London. Venice, August 17, 1781, for 4000 ducats banco, at 5440

sterling, per ducat, at usance. At usanee, pay this my first bill of exchange to Mr. Abraham Jennings, or order, four thousand ducats, at fifty-four pence farthing sterling per ducat, value received, and place it to the account of To Samuel Jones, Esq.? Your humble servant, Merchant in London.

William Sherston. I demand the value of this bill in sterling money?

Ans. 9041 38 40 Another, viz. London on Venice. London, September 14, 1781, for 9041 39 4d sterling, to

be paid at Venice, in ducats at 544d sterling per ducat banco at usance.

At usance, pay this my second bill of exchange, my first. not paid, to Mr. Samuel Dobbins, or order, nine hundred and four pounds three shillings and four pence sterling, in ducats, at fifty-four pence farthing per dueat, value 11s myself, and place it to account, as per advice from To Mr. James Torriano, Your bumble servant, Merchant at Venice.

Michael Tassio. What is the value of this bill in ducats banco ?

Ans. 4000 ducats.

CASE 3. Q What places does London exchange with for French erowns? Ans. with Paris, Lyons, Rouen, &c. in Fra:1:8

Q How do they keep their accounts in France ?
A la livres, sols, and depiers.

Note 1. 12 Deniers make 1 Sok. 20 Sols

1 Livre. 3 Livres 1 Crown. 2 The livre is imaginary.

3 By an Order of Lewis XV. their Money is brought to the English Standard, for the benefit of Trade,

Q What is the Par of Exchange between London and France ?

A One Livre is worth 18d Sterling-and one Crown is worth 4s 6d Sterling.

Note 1 In France they allow 10 Days of Grace-but when Bills are drawn at Sight, they are payable the same Day.

2 The Usance between France and London is one month, consisting of 30 days.

EXAMPLES. | A Bill of 200l is remitted to Paris by a Merchant in London--what is the value in French Crowns, at 4s 6d each? Ans 888 Crowns.

2. There are 800 French Crowns, at 4s 6d each, remitted to London by a merchant in Paris-What is the value in pounds sterling? Ans 1801 sterling.

A Bill of Exchange, viz. Paris on London. Paris, September 17, 1781, for 1000 Crowns, at 4s 2d at

2 Usance. At double Usance, pay this my second bill of Exchange, my first not paid, to Mr. James Jackson, or order, the sam of one thousand crowns, at four shillings and two pence per crown, value received, and place it to account, as per advice of To Mr Simon Surepay,

Your humble servant,
London.

Daniel Abbot.
What is the value of this Bill in Sterling Money?
Ans 2081 6s 8d.

CASE 4. Q What places does London exchange with for Mill Reas ?

A With Oporto and Lisbon, &c. in Portugal--and with the island of Madeira.

Q How do they keep their accounts in Portugal ?
A In Reas.
Note 1. 1000 Reas make 1 Mill-Rea.

2 They separate the Reas from the Mill-Reás, by some particular mark, thus 6870496, that is, 687 Mill-Reas, and 496 Reas, which is the same with 687496 Reas.

3. Very near 14 Reas, of 13 Reas, make a penny Eng.

Q What is the Par of Ex. between Lon. and Portugal?
X One Mill-Rea is worth 58 7;d which appears thus ;

800 Reas (or 8. Testoon Pieces) are = 45 6d
200 Reas (or fourth part)

Ils

are =

1000

5 71

Note. The Usance between London and Portugal is twen months, or 60 days after date.

EXAMPLES.

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i If a bill is drawn from Lisbon of 1432 mill-reas, at 6s 8d per piece ; how much English money is that bill ?

Aus 4771 68 8d. 2 If a bill be drawn from London of 1333l 6s 8d ster. ling, how much is it at Lisbon in mill-reas, at 68 8d each?

Ans 4000 mill-reas. A Bill of Exchange, viz. Lisbort to London. Lisbon, Oct. 14, 1781, for 47610 764, at 58 8d at usance.

At usance, pay this my first of exchange, to Mr. Henry Zozomon, or order, four thousand seven hundred and six. ty-one mill-reas, seven hundred and sixty-four reas, at five shillings and eight pence Sterling per mill-rea, value received,

and place it to the account of your humble serv't, To Mr. John Joliffe,

John Minors. Merchant, London. 3 What is the value of this bill in Sterling money

Ans 13491 3s 3d 39 166o Q What place does London exchange with for ducatoons, crowns, or ecues ?

A With Florence in Italy.
Q How do they keep their accounts in Florence ?
A In ecues, sols and deniers pecoli or current.
Note. 12 Deniers make 1 Sol.
20 Sols

1 Ecue, Crown, or Ducatoon.
Q What is the Par of Exchange between London and
Florence ?
A One ecue, crown, or ducatoon, is worth 60d sterling.

Vote. The usance between Florence and London, is three months, or 90 days after date.

EXAMPLES. 1 A bill of 120 ducatoons is remitted from Florence, at 53d each, what is the value in pounds sterling A 261 10s

- A bill of 2201 16s 3d is drawn from London, what is the value at Florence in ducatoons or eeues, at 53 d each?

Ans 990107 ecues.

CASE 5.

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