666 
EXCHANGE. 
sun pose 1 per cent.) for bills of exchange, 
would have to pay 202,000/. in order to liqui- 
date the dforesaid balance of 200,000/. there- 
by losing 2000/. on the transaction. 
"Thus it is that the balance of trade effects 
the fluctuation of exchanges. The principal 
exchanges of Europe are governed by those 
of London, Amsterdam, and Venice, and the 
exchanges from foreign countries are to be 
only had by advices from the merchants and 
bankers residing abroad. 
It frequently happens, that sums of money 
sent to the continent for subsidies and the 
like purposes, have their influence on the 
course of exchange, as it enables the mer- 
chants resident there to keep down the ex- 
change, were they even obliged to remit over 
their balances in cash. 
When England remits to Spain, Portugal, 
Italy, or any other kingdom or nation to 
which it gives the uncertain price, the lower 
the price of exchange is, the more it is to the 
advantage of England ; as for instance, giv- 
ing to Spain 33d. for their piastre or dollar, 
instead of giving 36d. to 38 d. giving 60 d. to 
Portugal for the milreis, instead of giving 
66d. the same with Italy, &c. The contrary 
is to be observed in drawing. 
When England remits to France, Holland, 
Hamburgh, Ireland, and all other places to 
which it gives the certain price, the higher 
the exchange is, the better : as for instance 
giving to France 1/. sterling for 26 livres, is 
better than 25 or 24 livres; giving to Holland 
1/. sterling for 36 schillings Flemish, is better 
than 35 or 34 schillings Flemish; or 112/. 
Irish for the 100/. sterling, than 108/. 6s. 8 d. 
the par of exchange ; the contrary to be ob- 
served in drawing. 
It is to be remarked that the course of 
exchange governs the entire sum which is to 
be negotiated ; and although it would appear 
at the place which gives the certain price, 
that the fluctuation falls altogether upon 
the other, yet it is not so, as it falls 
equally en both ; for one may as well 
say that 100/. sterling is only equal to 106/. 
Irish, when the exchange is 6 per cent, 
(though the paris i08/. 6s. 8 d.) as that 100/. 
sterling is equal in value to 112/. Irish, when 
the exchange is 12 per cent, and so of other 
exchanges. The certain price always falls 
or rises in its value, as the course is above or 
below par, and the uncertain price fluctuates 
in value the contrary way. 
As banco money of Holland is always 
better than cash or current money, so there 
is usually a dilference'which is called the agio, 
and fluctuates from lx to 5f per cent. 
The exchanges on the continent are nego- 
tiated in the following manner, subject to the 
like fluctuations as before mentioned : viz. 
From Amsterdam to London, from 30 to 40 schillings Flemish, per pound sterling. 
to Paris, Bourdeaux, &c. from 50 to 60 groots Flemish, per ecu of 3 livres. 
to Madrid, Cadiz, &c. from 90 to 100 ditto, per ducat of 375 marvedis plate, 
to Lisbon, Porto, &c. from 40 to 50 ditto, per crusado, or crown of 400 reis. 
to Genoa and Leghorn, from 80 to 90 ditto, per pezzo or dollar, of 5 livres 
banco at Genoa, or 6 livres at Leghorn, 
to Hamburgh, fron 30 to 40 stivers, per exchange ducat of 2 marks, 
to Petersburg!), from 40 to 50 stivers current per rouble. 
From Paris, Bourdeaux, &c. to London, from 20 d. to 36d. per ecu, or crown of 3 livres, 
to Amsterdam, from 50 to 60 groots Flemish, per ecu of ditto, 
to Madrid, Cadiz, &c. from 13 to 17 livres, per doubloon, of 32 reals old 
plate. 
to Lisbon, Porto, &c. from 4 to 500 reis per ecu. 
to Genoa and Leghorn, from 90 to 100 sous, per dollar or pezzi of livres, 5.15 
fuera banco at Genoa, or 6 livres at Leghorn, 
to Hamburgh, from 25 to 28 schillings banco, per ecu of three livres. 
From Naples to London, from 30c/. to 50 d. per ducato. 
From Venice to London, from 40cZ. to 60c/. per ducat of 24 gro.si. 
From Madrid, Cadiz, &c. to London, from 30d to 40 d. per peso or dollar of 8 reals old 
plate. 
to Hamburgh, from 70 to 80 groots, per ducat of 375 marvedis. 
to Amsterdam, from 90 to 100 groots Flemish, per ditto. 
to Paris, Bourdeaux, &c. from 13 to 17 livres per doubloon of 32 reals old 
plate. 
to Lisbon, Porto, &c. from 2000 to 2200 rejs, per doubloon old plate, 
to Genoa, from 620 to 660 marvedis plate, per escudo d’ore marche. 
to ditto,, from 21 to 25 livres fuera banco, par pistole of 40 reals plata. 
to Leghorn, from 120 to 130 pesos or Spanish dollars, for 100 pezzi or Leghorn 
dollars of 6 liras each. 
From Lisbon and Porto to London, from 60cZ. to 75 d. per millrea. 
to Amsterdam, from 40 to 50 groots I lemish per crusado of 400 reis. 
to Paris, Bourdeaux, &c. from 450 to 500 reis per ecu ol 3 livres. 
to Madrid, &c. from 2000 to 2200 reis per doubloon, of 32 reals plata. 
to Genoa and Leghorn, from 600 to 800 reis, per peso or dollar ol livres 5.15 
at Genoa, or 6 livres at Leghorn. 
to Hamburgh, from 40 to 50 groots Flemish, per crusado of 400 reis. 
From Genoa and Leghorn to London, from 40 d. to 50 d. per dollar or pezzo of 5 livres 
banco. 
to Amsterdam from 80 to 90 groots Flemish, per ditto, 
to Paris, Bourdeaux, &c. from 90 to 100 sols, per ditto. 
to Madrid, from 620 to 660 marvedis plate, per escudo d’ore marche, (or 22 to 
24 livres per pistole of 40 reals plata.) 
to Cadiz from 120 to 130 pesos per 100 pezzi. 
to Lisbon, Porto, &c. from 600 to 800 reis per dollar, of livres 5.15 fuero 
banco. _ 
From Hamburgh to London, from 30 to 40 schillings Flemish per pound sterling. 
to Paris, Bourdeaux, &c. from 25 to 28 schillings bank, per ecu of o livres. 
to Madrid, Cadiz, &c. from 60 to 80 groots, per ducat of 375 marvedis. 
to Amsterdam, from 30 to 40 stivers, per 2 banco marks, 
to ditto (in current money, at 120 marks, from 105 to 1 10 guilders.) 
to Lisbon and Porto, from 40 to 50 groots Flemish, per crusado ol 400 reis. 
From Petersburgh to London, from 25c/. to 40 d. per rouble. 
to Amsterdam from 40 to 50 stivers per rouble, 
to Hamburgh, from 25 to 35 schillings banco per rouble. . 
