Money And Currency in Relation to Industry, Prices, And the Rate of Interest
Money And Currency in Relation to Industry, Prices, And the Rate of Interest
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If the supply of sterling bills is so large in New York that bankers are forced to offer them for less than 1^4.846, it soon becomes profitable for some house to buy sterling at this rate and at the same time order gold shipped from London. If a banking house can buy sterling at $4,843 and import gold from London at an expense of only two cents on the sovereign, it makes a small percentage of profit by the transaction ; if the importation amounts to a million dollars, the profit would be 1 Duri...ng the last quarter of the nineteenth century the cost of shipping gold from New York to London fell from three to two cents per pound sterling. The charges for freight and insurance both declined, while the increased speed of transatlantic liners reduced the loss on account of interest.
The following figures, showing the cost of shipping $1,000,000 in gold from New York to London, were furnished by the representative of one of the largest New York banking houses.
Invested in fine bars, 23,200,000 gr.
What to read after Money And Currency in Relation to Industry, Prices, And the Rate of Interest?
You can find similar books in the "Read Also" column, or choose other free books by Johnson, Joseph French, 1853-1925 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
If the supply of sterling bills is so large in New York that bankers are forced to offer them for less than 1^4.846, it soon becomes profitable for some house to buy sterling at this rate and at the same time order gold shipped from London. If a banking house can buy sterling at $4,843 and import gold from London at an expense of only two cents on the sovereign, it makes a small percentage of profit by the transaction ; if the importation amounts to a million dollars, the profit would be 1 Duri...ng the last quarter of the nineteenth century the cost of shipping gold from New York to London fell from three to two cents per pound sterling. The charges for freight and insurance both declined, while the increased speed of transatlantic liners reduced the loss on account of interest.
The following figures, showing the cost of shipping $1,000,000 in gold from New York to London, were furnished by the representative of one of the largest New York banking houses.
Invested in fine bars, 23,200,000 gr.
What to read after Money And Currency in Relation to Industry, Prices, And the Rate of Interest?
You can find similar books in the "Read Also" column, or choose other free books by Johnson, Joseph French, 1853-1925 to read onlineMoreLess
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