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. 1893 Excerpt: ...in which case he is tempted to buy; or, being scarce, he may be able to dispose of a cheque at 25.77J, in which case he draws on his correspondent and sells. Take the former case, and say he buys a thousand pounds' worth. After 'Change is over he wires his correspondent, "Bought 1000," and the same evening sends him a ...
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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. 1893 Excerpt: ...in which case he is tempted to buy; or, being scarce, he may be able to dispose of a cheque at 25.77J, in which case he draws on his correspondent and sells. Take the former case, and say he buys a thousand pounds' worth. After 'Change is over he wires his correspondent, "Bought 1000," and the same evening sends him a bill for Lit.26200 at three months. The latter, on his part, at once buys and dispatches a parcel of bills amounting, we will say, to 1008/. 2s. 2d., on London, which at 25.60 cost him Lit.25807.55. Two or three days afterwards the following statements are exchanged: --A. B. & Co., London. Grs. L.26200.--3 months, Italy. 1 327-50 3 months' discount @ 5 %. 343.70 16-20 stamp. L.25856.30 (against a debit of L. 25807.55). G. D. & Co., Italy. Grs. 1008 2 2 3 months, London. 7 112 3 months' discount @ 3 %. 8 2 2 11 0 stamp. 1000 0 0 (against a debit of 1000). It is seen that on this side the transaction balances, but that on the other the joint account shows a profit of about 50 lire, or nearly 1 per mille each. This is an instance of arbitrage business, which plays a very important part in the economy of the exchanges, for it not only acts as a leveller of the differences that may arise on either side, but, like the fly-wheel of an engine, converts what would otherwise be a series of jerky movements into a steady and gradual rise or fall. Before passing on, look again at the two long-rates, and notice that long London, plus our stamp and interest, gives sight-rate, and that sight-rate, plus the Italian stamp and interest, gives long Italy. The sightexchange must always be the same, or practically the same, on both sides; and cheques on Italy cannot be in demand and rising in value in London at the same time that ...
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Add this copy of The ABC of the Foreign Exchanges: A Practical Guide to cart. $25.27, new condition, Sold by Ingram Customer Returns Center rated 5.0 out of 5 stars, ships from NV, USA, published 2022 by Legare Street Press.
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