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Modern foreign exchange; monetary systems, intrinsic equivalents and commercial rates of exchange of all countries and their relation to United States money

Modern foreign exchange; monetary systems, intrinsic equivalents and commercial rates of exchange of all countries and their relation to United States money

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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. 1920 Excerpt: ...if against money in deposit or against a shipment of goods. A buyer of the draft is needed, and to secure same the seller must have a commercial standing. Any bank will take a draft for collection, but may not be willing to advance the money (buy it). The standing of the drawer, as well as that of the drawee, must be considered. When assuming extra risks buyers often pass gold point limits. Then, there are many countries on which drafts are not easily negotiable, because there is no demand for exchange on them. As an investment ordinary rates may not satisfy and extra inducements are. necessary. These extra inducements cause rates to pass gold point limits. While rates of exchange on countries with which the United States maintains active trade, to and from which there is frequent and easy communication, and where commercial paper is easily rediscounted, are close to the gold points, they are much beyond or below these points when dealing with places where the requirements of trade do not call for, nor is there, facility to dispose of bills. Countries shipping raw materials to the United States usually draw against bills of lading, when not in advance, there being infrequent need for direct exchange to pay for same. Bills on these countries are negotiated as investment, the money usually being tied up until remittance, after collection, is received. Long time paper on London, Paris or Hamburg, or other money markets, whether documentary or clean bills, can, as a rule, be sold easily at convenient rates, there being a constant demand for it. While drafts on the Philippine Islands, South American and other countries, on which there is no demand for exchange, may be negotiated as investment (or loan) only. Gold points are not necessarily the factors for limiti...