The a B C of the Foreign Exchanges a Practical Guide
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Discount @ 2J% 172. 37J 13. Stamp Fcs. 25327. 62J This gives a net exchange of 25. 32f, and it is not to be supposed for a moment that the seller will make him a present of the difference. Being well aware that a bank-bill will discount at 2J per cent, the seller holds out for a correspondingly better price, and the com- petition of other buyers forces the merchant to give, say, 25. 46J, which brings the net cost to about 25. 29. The allowance, for interest in the long exchange is xn THE LONG E...XCHANGE 73 based, therefore, on the foreign bank-rate in the case of commercial paper, and on market-rate, or there- abouts, in the case of bank-paper. If bank-rate changes, or is expected to change, the long-rate changes; so that, even if the sight-exchange remained permanently fixed, the three-months rate would rise or fall with every alteration of interest.
As to the other variable element, the allowance for contingencies, the only rule that can be laid down is that it varies inversely with the quality of the bill, being low on good and high on inferior-class paper.
What to read after The a B C of the Foreign Exchanges a Practical Guide?
You can find similar books in the "Read Also" column, or choose other free books by Clare, George to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Discount @ 2J% 172. 37J 13. Stamp Fcs. 25327. 62J This gives a net exchange of 25. 32f, and it is not to be supposed for a moment that the seller will make him a present of the difference. Being well aware that a bank-bill will discount at 2J per cent, the seller holds out for a correspondingly better price, and the com- petition of other buyers forces the merchant to give, say, 25. 46J, which brings the net cost to about 25. 29. The allowance, for interest in the long exchange is xn THE LONG E...XCHANGE 73 based, therefore, on the foreign bank-rate in the case of commercial paper, and on market-rate, or there- abouts, in the case of bank-paper. If bank-rate changes, or is expected to change, the long-rate changes; so that, even if the sight-exchange remained permanently fixed, the three-months rate would rise or fall with every alteration of interest.
As to the other variable element, the allowance for contingencies, the only rule that can be laid down is that it varies inversely with the quality of the bill, being low on good and high on inferior-class paper.
What to read after The a B C of the Foreign Exchanges a Practical Guide?
You can find similar books in the "Read Also" column, or choose other free books by Clare, George to read onlineMoreLess
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