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SECT. XIX.

OF EXCHANGE.

EXCHANGE is that rule which teacheth to find what sum of the money of one country is equal to a given sum of the money of another country, the courfe of exchange being known.

The courfe of exchange is that fum of the money of one country which is propofed to be given for a certain conftant fum of that of another country: thus, when we say the eourfe of exchange between England and Holland is 34. Flemish per pound fterling, it fignifies that 1 pound fterling is equal to the value of 345. in Flemish money. This courfe of exchange varies on the part of the foreign coins, according to the ftate of public affairs.

The par of exchange is that quantity of the coin of one country which is intrinfically equal to a certain quantity of the coin of another country, according to the value of the metal.

Moft foreign countries have two forts of coins, called current money and banco money; the first is that in general use throughout the country; the latter is that kept in the banks of thofe places, and is finer than the other; the difference between any fum as it is valued in current money and banco money is called the agio.

The money used in exchange is generally imaginary, and different from that in which the accompts are kept in most places: the money ufed in exchange alfo differs from current money in its value.

Before

Before the learner can refolve any questions in this rule, it is necessary that he know how the country with which the exchange is to be made keep their accompts.

Holland, Flanders, and Germany.

In these countries accompts are kept in gilders, ftivers, and pennings, fimilar to the Englif pounds, fhillings, and pence.

But the different denominations of their money are contained in the following table:

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Note. The money of Holland and Flanders is called Flemish money, and they exchange by the pound fterling.

The course of exchange with these countries has moftly been (except during the troubles on the Continent) from 335. 4d. to 365. 6d. Flemish per pound fterling; and the agio from 3 to 6 per cent.

As the exchange with all countries is fuppofed to be made in banco money, the current money must be turned into banco before the exchange can be made.

Rule. By the rule of three, or practice.
Proof. By reverfing the question.

1

To change current money into banco, and banco money into current.

Say, by the rule of three, as 100l. with the agio added to it, is to 100l. fo is the given fum current money to its value

in banco.

And

And, as tool. is to 100l. with the agio added to it, fo is the given fum banco to its value in current money.

Example 1. In 110%. 10s. 6d. sterling, how many florins, ftivers, and pence current, the courfe of exchange being at 355. 7. Flemifi per pound fterling, agio 47. per cent.?

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Then to find the value of this fum in current money, I fay, as 100l. is to 104/. fo is 1967. 175. 54d. to 2047. 145. *11d.

Anfwer 1228 flor. 9 ftiv. 6 pence.

6

1228 9 6

By the rule of practice, I first reduce 110%. 10s. 6d. fterling, into Flemish money, and it produces 1967. 175. 5‡d. *. Then by the rule of three, as before directed, I bring this money into current money, and it produces 204/. 145. 11d. omitting the fraction of a farthing; and this multiplied by 6, the number of florins in a pound Flemish, produces 1228 florins 9 ftivers 6 pence, for the answer.

Qu. 2. In 9124 16s. fterling, how many rix-dollars current, agio 4 per cent. exchange 36s. 11⁄2d. ?—Anf. 4141 rixdollars.

Qu. 3. In 1876 florins 7 ftivers 1 grote, current, agio. 54 per cent. how many pounds sterling, exchange at 35s. 11d.? -Anf. 1651. 1s. d.

In Hamburgh

Accompts are kept in marks and fols lub, but the exchange is by the pound sterling, as in Holland.

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The exchange with this place has moftly been from 32 to 355. Flemish per pound sterling, and agio from 18 to 20 per

cent.

Example 4. In 886 marks 12 fols lub banco, how many pounds fterling, exchange 36 fols gros 2 deniers per pound sterling?

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reign coin the dividend, and 434)1384(3

the quotient is 651. 75. 7 d. for

the answer.

1302

82

Qu. 5. In 10727. fterling, how many marks, the exchange at 36s. 4d. Flemish per pound sterling?—Ans. 14606 marks. Qu. 6. In 16861. 25. 54d. sterling, how many rix-dollars and fols lub current, exchange at 33 fols gros 9 deniers, agio 18 per cent. ?- Answer 8434 rix-dollars 23 fols lub.

VOL. I.

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In

In France

Accompts are kept in livres, fols, and deniers; and the exchange is by the ecu, or crown tournois.

The exchange has mostly been from 30d. to 32d. sterling per ecu *.

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24 livres

Louis d'or, or guinea

Example 7. In 2465 livres 12 fols 9 deniers, how many

pounds sterling, exchange 312 per ecu?

Here the livres, fols, and deniers are brought into crowns tournois, by dividing by 3, and that quotient divided by the aliquot parts of the course of exchange gives the answer.

liv. fol. den. 3)2465 12 9

30d. 8)821 17 7 1d. 20) 102 14 8 5 2 81 £107 17 5

Answer

Qu. 8. In 15431. 15s. fterling, how many French pistoles, exchange 30 d. per ecu?-Anfwer 3600.

In Spain

Accompts are kept in piastres, rials, and marvadies; and the course of exchange is by the piaftre, and is generally from 38 to 42d. fterling per piaftre.

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The course of exchange mentioned in every part of this fection means the exchange as it generally ftood before the late unhappy affairs

on the Continent.

Examble

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