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International exchange; its terms, parts, operations and scope. A practical work on the foreign banking department and its administration by American bankers

International exchange; its terms, parts, operations and scope. A practical work on the foreign banking department and its administration by American bankers

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1912 Excerpt: ...the value of bills, that he desired to impress more upon the mind than the exact figures, such exact figuring being a simple mathematical problem. The description of the diversified types of bills of exchange have not been given extended treatment since all these details were fully outlined in the preceding Chapter XVII, devoted to the English Account. Since the foreign documentary bills of exchange on the different countries are exactly alike, and are treated in the same manner, what applies to documentary bills on England, is also true with respect to bills on the other foreign countries, with the one exception, that, while documentary payment bills can not be forwarded to the London correspondent for credit to the account of the American bank, under discount, continental bankers will place these bills to his credit, under discount "filiales" Or Branch Banks. 139 If the foreign bills of exchange, forwarded for collection and credit are drawn at sight, or three days' sight, in Germany where the Berlin banker has "Filiales" or branches, such bills may be sent direct to the branch offices, under simultaneous advice to the Berlin correspondent of the American bank, and the Berlin bank will credit such bills to the account of the American bank free of commission. Bills at sight, or three days' sight, drawn upon the smaller German cities where no branch offices are located, should be sent to the Berlin correspondent, unless he has authorized the American bank to send such paper direct to his correspondents for his account, but in all cases, the bills will be subject to a collection charge of from one-half to one per mille, or more, according to agreement, and should be purchased by the American bank on this basis. Bills drawn at thirty, sixt...