Should

A be able to obtain British sovereigns 100,000 of i them, if only normally abraded or worn (that is, not abraded. a — or worn to such an extent as to prevent their acceptance in London at their face value), will discharge the obligation. In this case the deficiency in weight has not to be made up; indeed, if the sovereigns can be bought by weight there will be a profit in their purchase. The following table shows the equivalent values of the moneys of countries in which and with which exchange dealings are large: nc Dollar (United States) joe | aa 4.11 e. c £1, or 20 shillings (Great Britain).| 4.86.6 |..... |25.22 [20.43 |12.10 Franc (France)..................| 19.3 | -79 ee | sk 48 Reichsmark (Germany) | 23.8}.98 1.24 Bo 50K 59 Guilder (Netherlands—Holland)..|.40.2 | 1.65 | 2.08 | 1.69 |.... The official name of the reichsmark is mark; reichsmark means imperial mark or the mark according to the government standard; the addition of reichs is superfluous, but it is, neverthele , retained in exchange dealings and in other international financial transactions. The official name of the guilder is florin; guilder is the old uame, but it is, neverthele , retained in exchange dealings and in other international transactions. — For the equivalents of all foreign moneys in United States money and also in the money of Great Britain see Moneys of the world. When a bill of exchange is quoted in the money of the country where it is i ued, but is payable (is to be paid) in the money of the country upon which it is drawn (where it is payable), the higher the quotation (or rate) the higher is the cost of such exchange for the reason that a high rate requires more of the money of the country where the bill is purchased to buy a given amount of the money of the country where the bill is payable than a low rate requires. On the other hand, when a bill of exchange is quoted in the money of the country upon which it is drawn (which is also the money in which it is to be paid), as francs, the higher the:. quotation the le is the cost of such exchange for the reason | that more in the foreign country’s money can be purchased for. ‘$1 at a high rate than can be purchased at a low rate. Illustration: If exchange for £1 is purchased for $4.89 it costs more than if purchased at $4.84. On the other hand, if exchange for 5.25 francs (5 francs 25 centimes) is purchased | for $1 it costs le than if exchange for 5.11 francs is purchased for $1; or, putting it another way, $1 buys more in francs at | the high rate than it buys at the low rate. | Instead of saying exchange on London or exchange on: Paris it is the common practise to abbreviate the expre ion to London exchange or Paris exchange. 211