Foreign Exchange

Front Cover
D. Appleton, 1921 - Foreign exchange - 646 pages
 

Selected pages

Contents

THE NEGOTIABILITY OF COMMERCIALPAPER 9 Negotiability
22
The defenses against payment of negotiable
24
Negotiation
26
The liability of parties
29
DISCOUNT AND INTEREST 13 Future sum and present price
39
The rate of discount and the rate of interest
43
Illustrative problems
45
The terminology of discount and interest
52
Discount conceived of as interest in advance
53
COMMERCIAL BANKING 18 The functions of the commercial bank
56
Deposits and reserve
57
The loans and their limits
58
THE RATES OF EXCHANGE
62
The methods of quoting a rate of exchange
73
Specimen market reports
74
Comment and explanations
78
The classes of exchange quoted
84
The telegraphic transfer or cable
89
Sterling rates
90
The rates on France
92
The rates on Germany and other countries
95
PAGE
96
CHAPTER PAGE VI THE DOCUMENTARY TRADE BILL
98
The bill of lading
102
The insurance certificate
106
The hypothecation certificate and other docu ments
107
17
117
Prepayment and the retirement rate of discount
119
20
121
The actual mercantile receipts for and costs of the goods
123
222 88NO BON 24
129
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
154
The bank credit as a means of financing a ship trust receipt 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
26
177
The commissions charged for bank credits
179
The travelers letter of credit and the travelers cheque
181
29
183
39
185
FOREIGN MONEY MARKET FACTORS
190
The services and compensation of correspondent banks
199
the joint stock banks
207
43
210
The bill brokers and discount houses
218
62
253
THE PURCHASE OF BILLS FOR DIRECT CREDIT TO
258
DEALINGS OF A MORE INVOLVED CHARACTER
275
7 The outcome to the purchasing banker
293
11 The reason for sterling drafts on outlying
299
The bill with an interest clause
306
73
310
74
318
Terms and methods of settlement summarized
325
Dealing in exchange on places where no balance
337
78
343
84
351
BORROWING BY MEANS OF EXCHANGE
353
The sterling franc or mark loan
365
A jointaccount transfer of loanable funds
372
89
378
90
381
92
384
Recovery of funds laid out for documentary pay
391
ARBITRAGE
397
The two methods of direct transfer of funds
404
Methods of indirect transfer of funds
416
Arbitrage speculation and futures
423
COINAGE LAWS AND EXCHANGE RATES
429
THE MINT PRICE AND THE MARKET PRICE OF GOLD
443
STANDARD MONEY
453
The exportability of commodity money
463
MONETARY SYSTEMS OF THE LEADING NATIONS
479
SPECIE SHIPMENTS
517
practical
523
Gold import by New York from London
531
Variant methods of calculating the interest
539
Manipulation of the discount rate
546
Manipulation of the price of gold
556
PAGE
558
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
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
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
601
640
429
641
624
634
443
637
Copyright

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Common terms and phrases

90 days acceptance acceptor American bank amount annum arbitrage balance Bank of England bank rate bank's banker bill of exchange bill of lading bills drawn buyer buying cable cash cash against documents charges checks collateral security commercial paper commission Company correspondent customers demand deposit discount rate dishonor documentary draft documents drafts drawn draw drawee exporter exporter's foreign exchange funds future sum gold holder hypothecation importer indorsement instrument investment issue joint stock banks legal tender letter of credit liability loan London bank long bills maturity means ment merchandise merchant milreis money market negotiable Negotiable Instruments outlay parties secondarily liable payable person pounds pounds sterling practice prepayment present purchase quoted rate of discount rate of interest remit risk of exchange sell seller shipment sight bill sight draft sight rate sight sterling sterling exchange tion trade bill U. S. dollars United York

Bibliographic information

TitleForeign Exchange
AuthorAlbert Conser Whitaker
PublisherD. Appleton, 1921
Original fromCornell University
Digitized31 Jan 2014
Length646 pages
  
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