Observations on the Principles which Regulate the Course of Exchange: And on the Present Depreciated State of the CurrencyE. Lloyd, 1810 - 132 Seiten |
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Observations on the Principles Which Regulate the Course of Exchange; And on ... William Blake Keine Leseprobe verfügbar - 2017 |
Häufige Begriffe und Wortgruppen
alteration amount arising augmented bank notes Bank of England bear a premium bills of exchange Bullion merchants cause cent centage against London circulating medium circumstances commodities computed exchange consequence continue contraction convertible correspondent depreciated currency depreciation difference of prices discount dities drain effect excess of exports exchange between Hambro export of bullion export or import exports and imports favor of London fluctuations foreign bills foreign expenditure foreign market foreign payments Gold per oz guineas Hamburgh home market House of Lords increased July Sept London and Hambro March market price melted coin melting minal exchange mint price mium nations nominal prices ordinary produce paper piastre pound sterling preciation price of bullion price of gold Price of Standard purchase quantity real Ex real price remittance rency Secret Committee sell specie Standard Gold take place tion transaction transit of Bullion unfavorable nominal exchange unfavorable real exchange value of currencies wants
Beliebte Passagen
Seite 84 - In answer to this statement it may be observed, first, that the notes given in consequence of a real sale of goods cannot be considered as on that account certainly representing any actual property. Suppose that A sells £100 worth of goods to B at six months' credit, and takes a bill at six months for it; and that B, within a month after, sells the same goods, at a like credit, to C, taking a like bill ; and again, that C, after another month, sells them to D, taking a like bill, and so on.
Seite 9 - ... of their dealings with one another. When neither of them imports from the other to a greater amount than it exports to that other, the debts and credits of each may compensate one another.
Seite 6 - ... residing abroad, directing him to pay a determinate sum of foreign money to the person in whose favour it is drawn, or to his order. The amount of foreign money, therefore, to be paid is fixed by the bill; but the amount of British money (or money of the country in which the drawer resides), to be given for the purchase of the bill, is by no means fixed, but is continually varying.
Seite 45 - ... take place in the price of exchangeable articles. Indeed, this is a principle upon which all the writers on Commerce, both practical and speculative, are agreed ; they have thought it so undeniable as to require no particular illustration, and have rather assumed it as an obvious truth than as a proposition that depended on inference. Upon this idea is founded Mr. Hume's well-known argument against Banks, and it is equally implied in Dr. Smith's confutation of that objection ; it forms the foundation...
Seite 24 - ... not mean to represent that the manner in which this effect resulted from the conduct which they have described, was distinctly perceived by the Bank Directors. The fact of limiting their paper as often as they experienced any great drain of gold, is, however, unquestionable. Mr. Bosanquet stated, in his evidence before the secret Committee of the House of Lords, in the year 1797, that in 1783, when the Bank experienced, a drain of cash, which alarmed them, the Directors took a bold step and refused...
Seite 85 - In order to justify the supposition that a real bill (as it is called) represents actual property, there ought to be some power in the billholder to prevent the property which the bill represents from being turned to other purposes than that of paying the bill in question. No such power exists ; neither the man who holds the real bill nor the man who discounts it has any property in the specific goods for which it was given...
Seite 48 - Blake explains himself to mean (p. 4^) ' the prices at which those commodities would be bought and sold, if no depreciation of currency existed, which, from the convertibility of coin into bullion, and bullion into coin, can be no other than what we should call the bullion prices. But if the bullion prices, or real prices current, were lowered in one of two countries, so as more than to cover the expense of transport, the exports would undoubtedly...
Seite 84 - B at six months credit, and takes a bill at six months for it; and that B, within a month after, sells the same goods, at a like credit, to C, taking a like bill; and again, that C, after another month, sells them to D, taking a like bill, and so on. There may then, at the end of six* months, be six bills of 100/.
Seite 8 - ... statements contained in this publication ; but when we consider the quantity of matter still before us, we are compelled to confine ourselves chiefly to the more invidious task of pointing out what we conceive to be its errors. Mr Blake observes, in his introduction, that ' the computed exchange varies from two causes totally distinct from each other. The first, arising from the abundance or scarcity of bills in the market, is the foundation of what may be called the real exchange ; which depends...
Seite 51 - England, and the importer will not be able to purchase a 50/. foreign. bill for less than 100/. But as the prices of commodities here will have risen in the same proportion as the money has been depreciated, he will sell his linen to . the English consumer for 200/.