EXAMPLE. What is the Sterling value of 731 piastres, at 55½ each?
| s. | d. | 731 piastres, at 55½ d. |
|---|---|---|
| 4 or 48 | = | 146 4 |
| 6 | = | 18 5 6 |
| 1½ | = | 4 11 4½ |
L. 169 0 10½ Ans.
Sterling-money is reduced to money of Leghorn, by reversing the former operation; and exchange-money is reduced to lire-money by multiplying by 6, and lire-money to exchange-money by dividing by 6.
100 piastres of Leghorn are
In Naples = 134 ducats | In Geneva = 185½ crowns.
Soldi of Leghorn.
The above are the chief places in Europe with which Britain exchanges directly; the exchanges with other places are generally made by bills on Hamburg, Holland, or Venice. We shall here, however, subjoin the par of exchange betwixt Britain and most of the other places in Europe with which she has any commercial intercourse.
| Rome, | 1 crown | = | 6 1½ |
| Naples, | 1 ducat | = | 3 4½ |
| Florence, | 1 crown | = | 5 4½ |
| Milan, | 1 ducat | = | 4 7 |
| Bologna, | 1 dollar | = | 4 3 |
| Sicily, | 1 crown | = | 5 0 |
| Vienna, | 1 rixdollar | = | 4 8 |
| Augsburgh, | 1 florin | = | 3 1½ |
| Francfort, | 1 florin | = | 3 0 |
| Bremen, | 1 rixdollar | = | 3 6 |
| Breslau, | 1 rixdollar | = | 3 3 |
| Berlin, | |||
| Par in Sterling L. s. d. | ||
|---|---|---|
| Berlin, | 1 rixdollar | = 4 0 |
| Stetin, | 1 mark | = 1 6 |
| Embsden, | 1 rixdollar | = 3 6 |
| Bolffenna, | 1 rixdollar | = 3 8 |
| Dantzic, | 13½ florins | = 1 0 0 |
| Stockholm, | 34½ dollars | = 1 0 0 |
| Russia, | 1 ruble | = 4 5 |
| Turkey, | 1 asper | = 4 6 |
The following places, viz. Switzerland, Nurem-
burgh, Leipzig, Dresden, Osnaburgh, Brunswick, Co-
logn, Leige, Strasburgh, Cracow, Denmark, Nor-
way, Riga, Revil, Narva, exchange with Britain,
when direct exchange is made, upon the rixdollar, the
par being 4 s. 6 d. Sterling.
In North America and the West Indies, accounts,
as in Britain, are kept in pounds, shillings, and pence.
In North America they have few coins circulating a-
mong them, and on that account have been obliged to
substitute a paper-currency for a medium of their com-
merce; which having no intrinsic value, is subjected to
many disadvantages, and generally suffers a great dif-
fidence. In the West Indies coins are more frequent,
owing to their commercial intercourse with the Span-
ish settlements.
Exchange betwixt Britain and America, or the West
Indies, may be computed as in the following examples:
1. The neat proceeds of a cargo from Britain to
Boston amount to 845 l. 17 s. 6 d. currency: How
much is that in Sterling money, exchange at 80 per
cent.?
| If 180 : 100 | ||
| 18 : 10 | L. | s. d. |
| 9 : 5 | 845 | 17 6 |
| 5 | ||
9)4229 7 6
L. 469 18 7½ Ster. Ans.
2. Boston remits to Britain a bill of 469 l. 18 s.
7½ d. Sterling: How much currency was paid for the
bill at Boston, exchange at 80 per cent.?
| If 100 : 180 | ||
| L. | s. | d. |
| 5 : 9 | 469 | 18 7½ |
| 9 | ||
5)4229 7 6
845 17 6 currency. Ans.
3. How much Sterling money will 1780 l. Jamaica
currency amount to, exchange at 40 per cent.?
| If 140 : 100 | ||
| L. | s. | d. |
| 14 : 10 | 1780 | |
| 7 : 5 | 5 | |
7)8900
1271 8 6½ Ster. Ans.
Bills of exchange from America, the rate being high,
is an expensive way of remitting money to Britain; and
therefore merchants in Britain generally choose to
have the debts due to them remitted home in sugar,
rum, or other produce.
At Dublin, and all over Ireland, books and accounts
are kept in pounds, shillings, and pence, as in Britain;
and they exchange on the 100 l. Sterling.
The par of one shilling Sterling is one shilling and
one penny Irish; and so the par of 100 l. Sterling is
108 l. 6 s. 8 d. Irish. The course of exchange runs
from 6 to 15 per cent.