EXAMPLE

EXAMPLE. What is the sterling value of 731 piastres at 55$\backslash frac\{1\}\{2\}$d each?

L. 169 0 10$\backslash frac\{1\}\{2\}$ 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 = 185$\backslash frac\{1\}\{2\}$ crowns.

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.

The following places, viz. Switzerland, Nuremberg, Leipzig, Dresden, Osnaburgh, Brunswick, Cologne, Liege, Strasburgh, Cracow, Denmark, Norway, Riga, Revel, Narva, exchange with Britain, when direct exchange is made, upon the rixdollar, the par being 4s. 6d. 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 among them, and on that account have been obliged to substitute a paper currency for a medium of their commerce; which having no intrinsic value, is subjected to many disadvantages, and generally suffers a great discount. In the West Indies coins are more frequent, owing to their commercial intercourse with the Spanish 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 845l. 17s. 6d. currency: How much is that in sterling money, exchange at 80 per cent.?

9) 4229 7 6

L. 469 18 7$\backslash frac\{1\}\{2\}$ Ster. Ans.

2. Boston remits to Britain a bill of 469l. 18s. 7$\backslash frac\{1\}\{2\}$d. sterling: How much currency was paid for the bill at Boston, exchange at 80 per cent.?

5) 4229 7 6

845 17 6 currency. Ans.

3. How much sterling money will 1780l. Jamaica currency amount to, exchange at 40 per cent.?

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 100l. sterling.

The par of one shilling sterling is one shilling and one penny Irish; and so the par of 100l. sterling is 108l. 6s. 8d. Irish. The course of exchange runs from 6 to 15 per cent.