Banking Practice; a Textbook for Colleges And Schools of Business Administration
Banking Practice; a Textbook for Colleges And Schools of Business Administration
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Long bills can usually be purchased at a lower price than sight or cable exchange because the banker selling the long bill has the use of the money during the period the bill has to run. The difference in price, therefore, tends to vary with the rate of interest prevailing at the time the bill of exchange is sold. It is modified, however, by anticipated changes in the rates of exchange between the date of the sale of the bill and the date of its maturity.
The use of the bankers' long bill may b...e made clear by illus- tration. A in America owes B in England £i,ooo payable in 90 days from date. A has the money at hand to pay immediately, but there is no advantage in paying B in advance nor does A want to have his money idle. He finds that the rate for a bankers' check today is $3.76, while for a 90-day bill it is $3.70. In the one case it would cost him $3,760 and in the other $3,700 to buy the exchange with which to pay B. The long bill would obviously be cheaper by $60. He therefore invests his $3,700 in a bankers' long bin of £1,000 due in 90 days and sends this to his English creditor.
What to read after Banking Practice; a Textbook for Colleges And Schools of Business Administration?
You can find similar books in the "Read Also" column, or choose other free books by Langston, L. H. (Loyd Helvetius), 1891- to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Long bills can usually be purchased at a lower price than sight or cable exchange because the banker selling the long bill has the use of the money during the period the bill has to run. The difference in price, therefore, tends to vary with the rate of interest prevailing at the time the bill of exchange is sold. It is modified, however, by anticipated changes in the rates of exchange between the date of the sale of the bill and the date of its maturity.
The use of the bankers' long bill may b...e made clear by illus- tration. A in America owes B in England £i,ooo payable in 90 days from date. A has the money at hand to pay immediately, but there is no advantage in paying B in advance nor does A want to have his money idle. He finds that the rate for a bankers' check today is $3.76, while for a 90-day bill it is $3.70. In the one case it would cost him $3,760 and in the other $3,700 to buy the exchange with which to pay B. The long bill would obviously be cheaper by $60. He therefore invests his $3,700 in a bankers' long bin of £1,000 due in 90 days and sends this to his English creditor.
What to read after Banking Practice; a Textbook for Colleges And Schools of Business Administration?
You can find similar books in the "Read Also" column, or choose other free books by Langston, L. H. (Loyd Helvetius), 1891- to read onlineMoreLess
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