Notes On Foreign Exchange And a Glossary of Financial Terms
Notes On Foreign Exchange And a Glossary of Financial Terms
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71) for seven days 17-3 Total cost in London £44, 049- 1- o 92 Notes ox Foreign Exchange. Forward £44, 049- 1-5 September 28, 1915. — Paid by U. S. Mint on delivery $203, 500. 00 October 5, 1915. — Balance, less assay char- ges, $22. 27 4, 693 . 75 Net amount from U. S. Mint (being at the rate of $18. 949182 per ounce) $208, 193 . 75 Less express charges, etc 150. 05 $208, 043. 70 Sterling equivalent at 4. 71 cable rate on September 28th, in London £44, 168-14-7 Net profit £ 119-13-2 The Bank o...f England released the bars at the rate of $4. 73, the net cost of same delivered in New York was $4. 7228, and the net amount realized by the sale of a cable on London was $4. 71 per pound, yielding a net profit on the transaction of 1. 28 cents per pound. CHAPTER XIV LONDON THE INTERNATIONAL CLEARING HOUSE London has been for centuries the commercial Clearing House of the world. This is due not only to its central situation, its free trade and its immense mercantile navy, but also because it provides facilities of such magnitude and of such entire efficiency for the final settlement of exchange operations, that drawers or negotiators of bills in every quarter of the globe give preference to sterling over any other form of exchange.
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To quickly assess the difficulty of the text, read a short excerpt:
71) for seven days 17-3 Total cost in London £44, 049- 1- o 92 Notes ox Foreign Exchange. Forward £44, 049- 1-5 September 28, 1915. — Paid by U. S. Mint on delivery $203, 500. 00 October 5, 1915. — Balance, less assay char- ges, $22. 27 4, 693 . 75 Net amount from U. S. Mint (being at the rate of $18. 949182 per ounce) $208, 193 . 75 Less express charges, etc 150. 05 $208, 043. 70 Sterling equivalent at 4. 71 cable rate on September 28th, in London £44, 168-14-7 Net profit £ 119-13-2 The Bank o...f England released the bars at the rate of $4. 73, the net cost of same delivered in New York was $4. 7228, and the net amount realized by the sale of a cable on London was $4. 71 per pound, yielding a net profit on the transaction of 1. 28 cents per pound. CHAPTER XIV LONDON THE INTERNATIONAL CLEARING HOUSE London has been for centuries the commercial Clearing House of the world. This is due not only to its central situation, its free trade and its immense mercantile navy, but also because it provides facilities of such magnitude and of such entire efficiency for the final settlement of exchange operations, that drawers or negotiators of bills in every quarter of the globe give preference to sterling over any other form of exchange.
What to read after Notes On Foreign Exchange And a Glossary of Financial Terms?
You can find similar books in the "Read Also" column, or choose other free books by Edward Lloyd Stewart Patterson to read onlineMoreLess
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