The Anglo French Loan Conditions Necessitating a Foreign Credit And Its Effet O
The Anglo French Loan Conditions Necessitating a Foreign Credit And Its Effet O
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They are in position, therefore, to offer half a billion dollars of exchange (or an amount equivalent to that sum in pounds and francs) in the London and Paris markets for foreign exchange. A merchant in London, we will say, places an order for goods in New York. To make payment he buys a bill on New York. On receipt his creditor in New York deposits the bill at his bank and the bank, directly or indirectly, draws upon one or another of the banks holding the deposit of the English and French go...vernments, thereby diminishing the credit balance of these governments by the amount owed the New York merchant by the London mer- chant. In other words, the bank account of the two govern- ments has been decreased and that of the New York merchant increased by the transaction. But the New York merchant owes a St. Louis manufacturer a sum equal, let us say for the purpose of keeping the illustration as clear as possible, to that paid him by the London merchant. He therefore sends him his check, by which means this portion of the credit of the English and French governments is transferred to the use of the St.
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To quickly assess the difficulty of the text, read a short excerpt:
They are in position, therefore, to offer half a billion dollars of exchange (or an amount equivalent to that sum in pounds and francs) in the London and Paris markets for foreign exchange. A merchant in London, we will say, places an order for goods in New York. To make payment he buys a bill on New York. On receipt his creditor in New York deposits the bill at his bank and the bank, directly or indirectly, draws upon one or another of the banks holding the deposit of the English and French go...vernments, thereby diminishing the credit balance of these governments by the amount owed the New York merchant by the London mer- chant. In other words, the bank account of the two govern- ments has been decreased and that of the New York merchant increased by the transaction. But the New York merchant owes a St. Louis manufacturer a sum equal, let us say for the purpose of keeping the illustration as clear as possible, to that paid him by the London merchant. He therefore sends him his check, by which means this portion of the credit of the English and French governments is transferred to the use of the St.
What to read after The Anglo French Loan Conditions Necessitating a Foreign Credit And Its Effet O?
You can find similar books in the "Read Also" column, or choose other free books by Na Shawmut Bank of Boston to read onlineMoreLess
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