This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1850 Excerpt: ...it is only because he has no debtor in Loudon, and therefore in buying a bill he buys a debt from some one else. Now assuming that the account between London and New York stood as exemplified, the cotton merchants, or sellers of bills, would be in the market with 130,000, and the buyers, or importers, would want but 50 ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1850 Excerpt: ...it is only because he has no debtor in Loudon, and therefore in buying a bill he buys a debt from some one else. Now assuming that the account between London and New York stood as exemplified, the cotton merchants, or sellers of bills, would be in the market with 130,000, and the buyers, or importers, would want but 50,000. Thus the supply being greater than the demand, the price of bills must fall below par; the cotton merchant would rather sell his bill at 1 or 2 per cent. below par than import the specie at the cost of 2J per cent., and thus the price must fall, until the cotton merchants prefer importing specie, and when they have imported the whole balance due the rate must again rise to par. It can remain at par only as long as the supply of bills is equal to the demand, and when the supply becomes less, then it rises above par. These must be regarded only as the general laws which govern the subject of foreign exchange, when drawing and remitting are confined to the legitimate purposes of commerce. Bills of Exchange are, however, like stocks, frequently speculated upon; and thus the market may rise or fall without affording any positive evidence of the state of the balance of trade; even a general want of confidence may cause bills to fall. For example: I may owe 1,000 in London when bills are selling at $4.70, by which means I could pay the debt with $4,700, but I may prefer shipping specie, although it may cost me $4.93 P, making $4,930. In buying a bill I run the risk of its being dishonoured, while in shipping specie I am secure from loss. In times of great distrust this feeling may put bills below par, when the balance of trade is against us. EXCIJANGE ON LONDON is quoted at so much per unit of 4s. 6d. sterl...
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PLEASE NOTE, WE DO NOT SHIP TO DENMARK. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Please note we cannot offer an expedited shipping service from the UK.
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PLEASE NOTE, WE DO NOT SHIP TO DENMARK. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Please note we cannot offer an expedited shipping service from the UK.
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Seller's Description:
PLEASE NOTE, WE DO NOT SHIP TO DENMARK. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Please note we cannot offer an expedited shipping service from the UK.