Foreign Exchange

Front Cover
D. Appleton, 1919 - Foreign exchange - 646 pages
 

Selected pages

Contents

The insurance certificate
106
The hypothecation certificate and other docu ments
107
The documentary instructions
117
Prepayment and the retirement rate of discount
119
The actual mercantile receipts for and costs of the goods
123
THE BANK CREDIT AND LETTER OF CREDIT
131
The grant by one bank of the right to draw on another bank
133
How merchants make use of commercial credits
136
Banking operations involved and the acceptance account
141
The contract for a letter of credit
148
The bankers legal interest in the merchandise
152
Release of the goods to the importer The trust receipt
154
The bank credit as a means of financing a ship ment
160
The risk of exchange
164
Advantages of the letter of credit system sum marized
167
The confirmed credit
169
The authority to purchase and authority to draw
171
The practical nature of the right of recourse
176
The commissions charged for bank credits
179
The travelers letter of credit and the travelers cheque
181
FOREIGN MONEY MARKET FACTORS
190
The services and compensation of correspondent banks
199
the joint stock banks
207
The bill brokers and discount houses
218
The branches of foreign and colonial banks
227
The Bank of England
231
The bank rate
237
Rediscounting at the bank in times of stringency
244
Interest and discount rates customarily in fixed relation with the bank rate
250
CHAPTER PAGE 61 The group of London money rates
252
The arrival discount rate
255
Stamp taxes
256
THE PURCHASE OF BILLS FOR DIRECT CREDIT TO THE FOREIGN BALANCE
258
Buying long bills drawn by merchants on banks
266
Trade bills documents for acceptance
267
Trade bills documents for payment
268
Selling sight drafts and cables
271
DEALINGS OF A MORE INVOLVED CHARACTER
275
The bankers buying price for such a bill
282
The bill on a foreign country in money of a third country
284
2 The three national currencies involved
286
3 The disposal of the return draft
287
4 The risks of exchange and their incidence
288
5 Computing the sterling face value
289
6 Comparison with a more familiar method of settlement
292
7 The outcome to the purchasing banker
293
8 Special contracts with respect to the risk of exchange
296
10 Purchasing the draft on the basis of a discount rate
297
11 The reason for sterling drafts on outlying countries
299
12 Concerning the use of a longterm return draft
300
13 How London indirectly finances the Ar gentine import
303
14 Instructions as to drawing on South America
304
The bill with an interest clause
306
The colonial clause
310
Settlement without draft by exporter Delega tions
318
BORROWING BY MEANS OF EXCHANGE
359
The sterling franc or mark loan
365
The borrowing banks sale of its own long bill
367
The spread between the local and the foreign money rates
369
A jointaccount transfer of loanable funds
372
American loans in foreign monetary capitals
377
Observations on the finance bill
378
SPECULATION IN EXCHANGE
381
Operations in futures as a means of hedging
382
Going long of exchange
384
Going short of exchange
389
Recovery of funds laid out for documentary pay ment bills
391
ARBITRAGE
397
The two methods of direct transfer of funds
404
Twopoint arbitrage
408
Methods of indirect transfer of funds
416
Threepoint and more complex arbitrage
418
Arbitrage speculation and futures
423
Arbitrage in stocks
426
COINAGE LAWS AND EXCHANGE RATES
429
Mint pars of exchange
432
Mint pars distinguished from actual values
435
Free and gratuitous coinage
437
the two chief standards
440
THE MINT PRICE AND THE MARKET PRICE OF GOLD
443
The mint price of standard bullion
445
The mint price of fine bullion
446
The market price of gold
448
The fluctuating purchasing power of gold
451
STANDARD MONEY
453
The quantity of money and its value
460
The coining value and market value of token
468
The features of a perfected system of token
474
The gold points
497
The London market price for bar gold and
507
The mint and bank price of gold in Germany
513
Variant methods of calculating the interest
539
Manipulation of the discount rate
546
Manipulation of the price of gold
556
The goldpremium policy of the Bank of France
564
Further methods of influencing the gold move
571
ment
574
THE THEORY OF THE EXCHANGE RATES 571
578
The manner in which supply and demand regu lates a rate
582
Interpretation of apparent contradictions
583
The sources of exchange supply and demand
588
152 How national credits and debits affect the market
592
The several spreads in the group of rates on a given country
596
The spreads for the long rates
599
The telegraphic transfer spread
601
Arbitrage and the interrelation of rates
611
The international distribution of gold
618
ADDENDUM THE QUESTION OF DOLLAR EXCHANGE
624
599
634
Copyright

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Common terms and phrases

90 days acceptance American bank amount annum arbitrage balance Bank of England bank rate bank's banker bill of exchange bill of lading bills drawn borrower bullion buyer cable cash cash against documents charge collateral commercial commission correspondent dealers demand deposit discount rate documents drafts drawn draw drawee exporter exporter's foreign exchange francs funds future sum gold coin holder importer indorsement instrument investment issue joint stock banks legal tender letter of credit liability loan London bank long bill long sterling maturity means ment merchandise merchant milreis money market negotiable operation ounce outlay Paris payable pounds sterling present profit purchase quoted rate of discount rate of exchange rate of interest remits risk of exchange seigniorage sell shipment sight bills sight drafts sight rate sight sterling silver sold speculation sterling bill telegraphic transfer tion token money U. S. Dollars United York

Bibliographic information

TitleForeign Exchange
AuthorAlbert Conser Whitaker
PublisherD. Appleton, 1919
Original fromthe New York Public Library
Digitized7 Oct 2008
Length646 pages
  
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