...sum which he must pay in London for a bill on Paris equivalent to his debt, but also the state of the exchange between London and Hamburgh, Hamburgh and...latter. This is termed the ARBITRATION of exchange. An example or two will suffice to show the principle on which it is conducted. Thus, if the exchange...

...must pay in London for a bill on Paris equivalent to his debt, but also the state of the ex. change between London and Hamburgh, Hamburgh and Paris, &c....bill on Hamburgh, Amsterdam, or Lisbon, and to direct hie agent to invest the proceeds in a bill on Paris, rather than remit directly to the latter. This...

...be seen how it happens that when the exchanges are against us, the gold flows out of this country ; and how, on the other hand, when the exchanges are...example, if the exchange between London and Amsterdam be 35s. Flemish per pound sterling, and between Paris and Amsterdam 1 s. 6d, Flem. per franc, then, in...

...Paris, &c., for it frequently happens that it may be more advantageous for him to buy a bill on Hamburg, Amsterdam, or Lisbon, and to direct his agent to invest...on Paris, rather than remit directly to the latter. Thus, if the exchange between London and Amsterdam be 35^. Flemish (old coinage) per pound sterling,...

...&c., for it frequently happens that it may be more advantageous for him to buy a bill on _ Hamburg, Amsterdam, or Lisbon, and to direct his agent to invest...on Paris, rather than remit directly to the latter. Thus, if the exchange between London and Amsterdam be 35;. Flemish (old coinage) per* pound sterling,...