*j6 on tbe balance cf trade, and exchanges. J^^' 1 8, 

 ftiillings and four-pence exceeds one fliiillng and nine- 

 pence, which I demonstrate as follows : 



Suppose A. a merchant in Bourdeaux, (hips goods for 

 B. a merchant in London, to the amount of three livres j 

 and C. another merchant in London, fhip goods for 

 D. another merchant in Bourdeaux, to the amount of 

 twenty-one pence Sterling, B. must either remit the 

 three livres to A. or A. must draw a bill on B. for 

 that sum ; and the same thing must happen betwixt D. 

 and C. with regard to the twenty-one pence. D. 

 finding that he must remit this twenty-one pence to C. 

 finds that A. has credit with a merchant in London 

 for three livres; and finds likewise that he cannot pur- 

 chase goods in Bourdeaux for lefs than that sum, that 

 will produce in London, after paying all charges, 

 twenty-one pence ; he is therefore well pleased to give 

 A. three livres for his draft on B. for twenty-one 

 pence Sterling, which he remits, and thereby liqui- 

 dates the debt. In this case, the reader will perceive 

 that the exchange is at the rate of twenty-one pence 

 Sterling per ecu, because a bill on London for twenty- 

 one pence, is sold in Bourdeaux for an ecu; and he will, 

 at the same time, perceive that the amount of exports 

 from London is three livres, because the persons in 

 London receive that sum in return for the said exports, 

 while the imports from Bourdeaux amount to twenty- 

 one pence, because the London merchants give that 

 sum only for what they have received : now find how 

 much silver or gold are contained in twenty-one pence, 

 and how much in three livres; if the former be the 

 greater, tlien the balance of trade -must be against 



