Régime des chambres de commerce

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Monograph

Identifikator:: 834582015

URN:: urn:nbn:de:zbw-retromon-77707

Document type:: Monograph

Title:: Régime des chambres de commerce

Place of publication:: Paris

Publisher:: Libr.-impr. réunies

Year of publication:: 1894

Scope:: 1 Online-Ressource (390 S)

Collection:: Economics Books

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130 MODERN MONETARY SYSTEMS in greater detail the technique of normal exchanges.! But it is necessary to note a few of the essential data which it supplies. In the first place it will be observed that taking the exchange between two countries each possessing a cur- rency of the same metal which can be freely exported, imported and coined, the rate of exchange does not express, strictly speaking, a variation in the exchange value of the two currencies, Zaken in the abstract; the ratio between the two monetary units is all the time constant and fixed by the metallic par, or, in other words, by the respective weights of fine metal in these two units. It does express the variable rate of one of these currencies, not only trans- formed into another currency, but also zransported into another country. When sterling was quoted in Paris before the war at more than 25-221 francs, that is to say, when more than 24'221 francs was given for each pound sterling, the reason was that it was necessary to transport this sum to London ; the rate expressed, not the value of the franc, but the value of the gold franc delivered in London, where, as was known, one pound sterling could also be procured for 25221 francs. Conversely, if less than 25221 francs was given for one pound sterling the reason was that it would otherwise have been necessary to bring a certain number of pounds sterling to Paris, each one of which would, it is true, have represented 25-221 francs, but only after it had been delivered in Paris. The extreme rates of exchange were therefore governed by the actual cost of shipping specie when necessary. The intermediate rates fluctuated about par within the limits of the gold points and were more or less than par according as the profits of negotiating bills of exchange went to the debtors or creditors of foreign countries ; in other words, according as the former or the latter had to have recourse to shipping the precious metals.?2 Thus as 1 Various technical works may be consulted on this subject, in particular “La monnaie, le crédit et le change,” by M. Arnaune. 2 This explains why bank notes occasionally stand at a premium on a foreign market. This was certainly not due, as was sometimes thought by

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