Languedoc 129 Lorrain 132 Loretta 147 Leghorn and the Trade thereof 173 Lucca and the Trade thereof 175 Limburge 178 Liege ibid. Luxenburg ibid. Lovain ibid. Lisle 179 Leiden ibid. Lipsick and the Trade thereof 197 Luneburg and the Trade thereof 201 Lubeck and the Trade thereof 205 Lappia in Swethland 218 Livonia 222 Lituania ibid. Larta and the Trade thereof 244 Lepanto and the Trade thereof 245 Lemnos 248 Lesbos 249 Lipar Island 261 Lemster in Ireland 263 Liecestershire ibid. Lincolnshire ibid. Lancashire ibid. London and the Trade thereof 270 Liberty of Exchanging 273 The Exchanges of Lions 277 Lucca Exchanges 283 Leccy Exchanges 285 London Exchanges 290 Lisbon Exchanges 295 Examples upon Exchanges in Lions and how calculated 302 Customs of acceptions of Bills of Exchanges in Lions ibid. The price of Exchanges settled in Lions for succeeding Fairs ib. Recounters in Lions what ibid. Rules of casting up the Exchanges made in Lions ibid. Rates of Exchanges in Lions which may serve for the rates of interest in many other places 303 The reason and benefit of the Rules of Exchanges in Lions ibid. Examples of the Exchanges of Lions with the profit of the profits thereof 304 Accounts of disaccounts in Lions in many other places 305 Exchanges of Lions with Rome 307 Exchanges of Lions with Florence 308 Exchanges of Lions with Lucca 309 Exchanges of Lions with Naples 310 Exchanges of Lions with Palermo 311 Exchanges of Lions with Genoa 312 Exchanges of Lions with Millan 313 Exchanges of Lions with Venice 314 Exchanges of Lions with Bolonia 315 Exchanges of Lions with Placentia 316 Exchanges of Lions with Antwerp 317 Exchanges of Lions with London 318 Exchanges of Lions with Francfort 319 Exchanges of Lions with Sevil 320 Exchanges of Lions with Lisbon 321 Exchanges of Lions with Barselona 322 Orders and Commissions for Exchange in Lions 323 The Fairs of Lions 324 Exchanges of Lisbon 426 Examples of Exchanges practised in London and how calculated 443 Exchanges of London with Lions 444 Exchanges of London with Florence 445 Exchanges of London with Venice 446 Of London with Antwerp 447 Orders and Commissions in draughts and remittances in Exchanges in London 448 Terms of payments of Bills of Exchanges in London 449 M. MErchandising the first School of the present government of many Countreys 1 The use of Maps and Sea-Cards in general ibid. Meridian what ibid. Meridians and their use ibid. Merchandising accounted an Art 2 The materials of Merchandising are Commodities and Moneys ibid. The duty of Merchants ibid. A Merchant ought to know 1. the Form of a Bill of Exchange 2. of all Intimations and Protests 3. of Charter-parties 4. Bills of lading 5. Policies of Assurance 6. of Bills of Debt 7. of a Release 8. of Letters of Atturney 9 of Account-keeping and 10. Arithmetick ibid. The Merchant's purse and person supplies many defects in a City 3 Magazines for commodities ibid Met-house ibid. Merchants must learn what customs are and duly pay them 4 Moneys of Leather in Saint Dominico 5 Moneys of Shells in Tombuto ibid. Moneys of Iron in Massa ibid. Moneys of Lumaches in Congo ibid. Moneys of Glass in Melinda ibid. Moneys of Salt and Paper in Cathay ibid. Moneys of Gansa in Pegu ibid. Moneys of Almonds in Bengala ibid. Moneys of dead mens Sculls in Sumatra ibid. Moneys of Pepper and Cocos in India ibid. Moneys called by three several names ibid. Moneta what and how called ibid. The Merchant must be versed in all weights 6 Of Measures in general 8 False Measures are punishable by the Magistrate ibid. Measures of solid Bodies of dry and liquid Commodities ibid. All Measures to the Merchant must be as one measure ibid. A Merchant must be seen in all Commodities and in all Trades 9 A Merchant must know the value of all Commodities ibid. A Merchant must reduce the knowledge of commodities to a profitable end ibid. Merchants should know how to preserve all commodities ibid. Merchants should know how to better their commodities ibid. The Mystery of Exchange reduced to profitable principles 10 Mexicana and the Provinces 12 Mexico and the commodities ibid. Manoa the Golden City 13 Margarita ibid. Kingdom of Morocco 22 City of Morocco with the Trade containing the commodities coins weights measures and customs thereof 23 Mosambique and the Trade thereof containing coins weights measures and commodities thereof 28 Monomotapa 27 Manica ibid Manicongo ibid. Merchants of six sorts in Cairo 31 Madagascar otherwise Saint Laurence 35 Midium 46 Medina Talnabni and Mecha 68 Mesopotamia and the Cities 69 Mocha and the Trade containing the coins weights measures thereof 70 Media and the Cities thereof ibid. Mallavar Chap 88. and the Trade of that Coast 92 Mandoa ibid. Macin ibid. The Merchants that in general are found to traffick in India ibid. Musulapatam and the Trade of the coast of Cormandil with the coins weights measures of that place and coast 93 Maccau in China 95 Mallaca and the Trade thereof as the weights measures coins c. thereof 97 Moonsons at Mallaca ibid. Maccau and the Trade thereof containing the commodities coins weights c. thereof 99 Macasser and the Trade thereof containing weights measures coins c. 107 Malaga and the Trade thereof containing coins customs weights measures 114 Murcia ibid. Madrid 115 Measures of Spain reduced to the English Yard of London 120 Main 125 St. Mallos and Morlais in Britanny ibid. Moneys lately inhansed in France 127 Molins ibid. Mart of Lions formerly in Geneva 128 Marselia and the Trade thereof 131 Modena and the Trade thereof 145 Millan and the Trade thereof 165 Mantona and the Trade thereof 168 Mirandola and the Trade thereof 172 Mastricht 178 Marquisate ibid. Middleburge 180 Maclin ibid. Measures of the Netherlands reduced to the measures of London ibid. Mentz 186 Meclinburge 196 Measures of Germany reduced to London 208 Measures of Denmark to London 214 Moscovia and the Provinces 219 Mosco and the Trade thereof 220 Massovia 222 Moldavia 235 Modona and the Trade thereof 239 Morea and the Trade thereof ibid. Misene in Morea 245 Marathron 256 Megara ibid. Macedonia ibid. Migdonia ibid. Mastique 248 Mesina and the Trade thereof 257 Malta Island ibid. Majorque and Minorque and the Trade thereof 260 Man Island 262 Munster in Ireland 263 Meth in Ireland ibid. Middlesex 269 Mcrionethshire ibid. Mountgomeryshire ibid. Monmouthshire ibid. Merchants Adventurers of London their Original and places of residence 270 Moscovia Merchants of London their Original ibid. Measures used in England 272 Manner of Exchanging 273 Millan Exchanges 280 Mesina Exchanges 288 Medina del Campo Exchanges 294 Exchanges practised at Millan and how the same are calculated 410 Exchanges of Millan with Lions 411 Of Millan with Placentia 412 Of Millan with Venice 413 Of Millan with Rome 414 Of Millan with Naples 415 Of Millan with Genoa 416 Terms of Payments of Bills of Exchanges in Millan 417 Orders and Commissions given and received in Exchanges in Millan 418 Exchanges of
into great and small pieces and into several and distinct parts and denominations was stamped and coined with several characters to denote thereby the true weight and value of the same the which was first done by Servius in Rome of Brass whereon was imprinted the Image of Sheep and Oxen betokening the wealth and riches of those days as Moneys do now with us and because that ten of those pieces was then called a Denier therefore it is that universally all such Moneys are still called by the Latines Denarii this being then the original of Moneys which afterward came to be coined both of Silver and Gold as I shall more at large have occasion to demonstrate in the Chapter of Moneys in this following Treatise Bargaining This first sort of Merchandizing or Commerce then as I said before termed Bartering or Trucking of one Commodity for another begat consequently by the means of Moneys the second manner of Negotiation which is buying and selling or bargaining for all Merchants that would transport Commodities from one Country or place to another to effect the same needed either other Commodities wherewith to barter and so to procure them or Money and so to buy them and therefore to facilitate Merchandizing and to take away the incommodity and danger of the carriage of Moneys about a man or from place to place a mean was invented to have the same in what Country a man pleased without trouble or danger of the transport carriages or rigor thereof Exchanging and this was found to be best performed by Exchange which is the third sort of Commutation the which is noted to be no other than the giving of so much Moneys in one place to one who should cause it to be again repaid in another place by another for him as for example Edward hath here in London one thousand pounds and desireth to remit the same or have it in the hands of Joseph who resideth in Venice and Lodowick hath one thousand pounds in Venice in the custody and hands of Thomas which he would get receive and recover out and have them here it happeneth that Edward meeteth with Lodowick to whom he delivereth and payeth the said one thousand pounds and thereupon Lodowick writeth to Thomas that he pay the said thousand pounds to Joseph and thus each party comes to be both satisfied and accommodated by which it may be discerned that in all Exchanges there is concluded two payments two places and four distinct persons as he who payeth in the one place and he who receiveth in the other and he who receiveth in the one place and he who payeth in the other and from hence it consequently followeth that no man can remit except there be another to draw nor no man can in the second place receive except there be another authorized to pay Exchanges drawn into a profitable Art and the reasons thereof In this manner then came in use the original of Exchanges purposely invented to accommodate Trade and Commerce the which at first was practised without either benefit or loss or any other consideration and to render again the self-same sum and parcel as was received but other consideration and to render again the self-same sum and parcel as was received but in process of time it came to be considered that the giver or deliverer of the Money came both to lose a certain space in time ere the same was repaid and did also run a certrin risgo in the payment thereof which the receiver or drawer enjoyed and profited by and therefore it was held reasonable that the deliverer should have some fruit and benefit in requital and satisfaction thereof which afterward occasioned that the second payment came to be somewhat greater than the former and that in consideration thereof there should be restored more than was received The endeavour of this gain then hath converted Exchanges since into an Art or Mystery from whence it proceedeth that many are found at this day to remit and deliver Moneys to the intent to have the same returned with benefit and not for a need or necessity to have it more in one place than in another and many again are found to be takers and drawers not with intent to withdraw or recover their Money from another person or place but to serve themselves and their occasions with that of others for a certain time paying and allowing for the same that consideration and interest as is agreed upon and covenanted between them which really and in effect is nothing else but a certain kind of permitted Usury and therefore by some accounted as a thing unlawful though by many and by the common and received practice of the World it is upheld and maintained with many solid reasons and substantial arguments besides which it is considerable and peradventure it may well be granted that if it were not that there is by this Art and Mystery a gain and profit made thereof very few Exchanges would present because that draughts and remittances would in this nature but seldom happen that would or might any way be available to Traffick and Commerce and less benefit would consequently redound to the publick and universal Commerce of Kingdoms and therefore though the intention of particular Exchanges be not always found good herein yet the general good effect which it produceth and that proceedeth therefrom is in it self and in the true use and custom thereof both approved and laudable Things considerable in Bartering Now in the first sort of Commutation which I term Bartering many things do happen considerable and necessary in the Art of Merchandizing the first is the knowledge as well in the Commodity thus to be delivered as in the Commodity so to be received next a knowledge in respect of the value and present request and estimation of both then in respect of the quality whether it be lasting and durable or impairing or perishable and lastly in respect of the property whether it be of it self natural and growing or Artificial and made by the hand and industry of man and lastly in respect of the quantity whether plentiful in abundance or scarce and in few hands Things considerable in Bargaining In the second sort of Commutation which I term Bargaining or buying and selling are likewise besides the abovementioned these particulars to be well known and considered first a knowledge how the Commodity is either bought or sold as either by weight as are ponderous Commodities or as by Concave or long measures as are Commodities of length or Commodities solid or liquid the knowledge of which weights and measures is in like manner perfectly to be known and really to be understood and then the fineness goodness and current valuation of the Money of the place is also to be known and perfectly and rightly to be found out and be distinguished that the bargain may appear to be made the more justly equally and conscionably between both parties and for
or otherwise Secondly by reason that the King of Portugal having discovered the East-Indies in Anno 1500 and diverted the course of Trade driven by the Venetians from Alexandria and the Red-Sea to his Port of Lisbon kept here his Factors and sent hither those Indian Commodities to seek their vent and this first drew the English Merchant-Adventurers from Bruges hither to reside The third was the Wars that fell between the French and Charles the Fifth which brought hither many Gentlemen from Villages and petty Towns for safety sake here to reside and build Now as the causes of her rising have been noted to be three so the causes of the loss of that Trade may be reduced also to three First the Wars here and in general in these Provinces between the Spaniards and the Dutch Nation wherein this City suffered pillaging and indured the command of new Laws Secondly the abrogation of part of those Privileges that were granted here to the English Merchant-Adventurers and others that the new and great Customs imposed upon their Goods and Merchandize Thirdly the Navigation of the English and Dutch to the East-Indies whereby the Portugal Factors decreasing thereby and the City of London in England and Amsterdam in Holland increasing thereby were also sharers in the India Trade and Commodities leaving by this means this City bare and to subsist upon the Traffick of her own Inhabitants in that nature as now the same is found to be Accounts in Antwerp Their Accounts are here kept by Livers Sol and Deniers which they term Pounds Shillings and Pence of grosses 12 grosses making a Sol and 20 Sol a Liver or Pound Flemish which may be accounted 12 Shillings Sterling or by their computation 240 grosses by which Species they do make their Exchanges with all other Cities Coins in Antwerp The Current Moneys here and in general through all the Arch-Duke's Countries are besides the Spanish and Imperial these current are Doits four makes a Stiver and ten Stivers a Shillings Sterling two Blanks makes a Stiver and half Stivers 6 makes a Shilling Flemish Stivers 28 makes a Guilder which is three Shillings four Pence Flemish Shillings 20 makes a Pound which is 6 Guilders Pounds 100 Flemish makes 60 Pound English so that 20 Stivers is or may be computed for two Shillings Sterling and one Pound Flemish for 12 Shillings Sterling and then 20 Shillings Sterling is 33 Shillings 4 Pence Flemish Weights in Antwerp The Weight of this Country is the Pound of 16 Ounces and the 100 l. of that Pound which is their Quintar which rendereth in London 104 l. The conceived original of our Tret in London and thereupon it comes as some imagine that upon Spices the tret of 4 l. upon 104 l. was allowed here to the Buyer for the English being supplyed hence in those days with their Spices found the 100 l. there to give here in the City of London 104 l. and made that allowance here willingly as desiring the 100 l. there would yield them a neat 100 l. here and take the same by the Factory without further allowance or garble which was not then in use Many observations have been made upon the weight and measure of this City which being reduced into a general Table by Mr. Malines and the same being there accorded with all the principal Cities in the World I will refer you thereunto for larger satisfaction and content my self according to my method to insert the same as I find it with some other particular places because I have found some errors in the said Concordance Weights of Antwerp compared with that of other places The Weights then in use in Antwerp being the 160 l. neat have been observed to have rendred thus In London 104 l. Marselia 115¾  Venice sotile 155  Ditto gross 97¾  Sicilia 68  Lisbon 84½  Florence 132½  Lions 110  Sevil 101â…ž  Dantzick 120  Ormus 108 Rot. Aleppo common 228 R. Ditto silk weight 240 R. Tripoly Soria 272 R. Tripoly Barbaria 97 R. Baruti 219 R. Alexandria Zeroi 519 R. Alexandria Forsia 1165 R. Constantinople 92 R. Rhodes 201 R. Acria 181 R. Babylon 156 R. And what other inlargements are here wanting I willingly omit and refer the same to Lex Mercatoria Measures of Antwerp compared with those of other Countries Now in the same manner it will be needful I do calculate the Measures of Antwerp which is the Ell which also by observation hath made in these places Acria 115 pico Aleppo 108 pico Argier 136 covad Alexandria 124 pico Amsterdam 101 ells Barcelona 43 canes Bruges 98â…” ells Candia 108 pico Castile 78 vares Constantinople 113 pico Corfu 116 braces Damasco 111 pico Dantzick 122 ells Florence Cloth 116 ells Ditto for Silk 102½ braces Genoa 122 braces Hamburgh 122 ells Holland 103½ ells Lisbon long 63 vares London for Linnen 60 ells Ditto for Wollen 75 yards Ditto for Frises 59 goads Lucca 120 braces Millan for Silk 141 braces Naples for Silk 33½ can Paris 59 aulns Rouen 58 aulns Sevil 83½ vares Venice for Woollen 101â…” braces Ditto for Silk 108 Valentia 73 canes Urbin 101 braces Note that this is for the common Measure of Antwerp besides which they use another El for Silk and these Ells make of that but 98½ Ells. The other Measure of sundry Commodities here in use are these Of Beer Beer is sold in Antwerp by the Barrel which is accounted throughout Flanders and Brabant to be 54 Stoops the 81 whereof is in Dantzick a Fat and contains there 180 Stoops but 50 Stoops of Antwerp make the Barrel of Lubeck and the English Gallon of Beer is 2 Stoops of Flanders and 1â…” Stoops of Amsterdam Of Corn. Corn is here sold by a Measure called the Vertule and 37½ Vertules is a Last of Corn in Ansterdam and 10¼ Quarters in London vide there further Of Wine Wine is sold by the Ame the Stoop and the But and is found thus to accord together 1 Aâ—… is 50 Stoops and one Stoop is six Pound and a But is 152 Stoops so that by this Rule 6 Ame which is 300 Stoops or 1800 l. is in London 252 Gallons so that the Ame is by this Calculation found to be 42 Gallons and the Stoop is about 3â…“ quarters of London Wine-measure or as some account it about 7 Pints vide London for more certainty Exchanges of Antwerp The Exchanges practised in this place are great and for very great sums of Money especially when as the King of Spain hath any general disbursements in this Country by reason of his continual Armies here in Action maintained against the Dutch the particulars whereof I have inserted in the end of this Tract in the Chapter 289 and in the Chapter 435 and some others following where I have at large declared the Practice and Use among the Machants of that place in the Calculation thereof whereto I refer
in Francfort Multiply the said Crow 800 by Crow 110½ per cent cutting off the two last figures the which multiply by 20 and by 12 to make them Sols and Deniers of Gold and it comes to 884 Crowns of Quarentines 93 the which to make Florins must be multiplied by 93 Quarentines and they are 82212 Quarentines from which cut off the last figure and take â…™ of the rest and they then do make Florins 1370 and the tenth remaining with the 2 Quarentines which is the figure cut off and it maketh 12 from which taking â…“ to make them Sols by reason that 3 Quarentines make one Sol and they are Florins 1370 and Sols 4 which is the credit that must be rendred in Francfort as shall appear by Example Proof The proof hereof appeareth when Francfort Exchangeth for Placentia And thus much shall serve for the Exchanges practised à Dritura from Placentia CHAP. CCCXCVIII Of Orders and Commissions given and received for Draughts and Remittances in Placentia Orders and Commissions given and received for Draughts and Remittances in Placentia ACcording to my method proposed I will here add some examples of Draughts and Remittances made by Order and Commission in this place of Placentia wherein I will somewhat enlarge my self by reason that it is the most noted and eminent place of Exchanges at this day practised in the World 1. Example To Placentia then is order given to remit to Venice at Duc. 134 or to Florence at Crowns 110½ where the benefit shall appear to be most that is to say that finding to remit to one of the said two places with benefit of the limited prices the remittance be made thither where most will be given and if the Remittance be found to be made with loss to that which will give the least For Florence then there is found at Crow 111â…– and for Venice at Duc. 135 I demand whither ought the Remittance to be made for to both the Remittance is found to be with profit And to know where the greatest gain will be I say by the Rule of Three If Duc. 134 give 110½ the inordered price what will 135 Duc. give The price found it will make Crow 111â…“ or circa so that there is more profit to make the Remittance to Florence because that remitting at Duc. 135 to make the Par the Remittance should be for Florence at Crow 111â…“ and the partido found is 111â…– Crow As in the following Example See Example Again at Placentia there is order received to remit to Antwerp at Grosses 123 or to Barselona at Sol ½ where the most advantage shall be found there is found a parcel for Antwerp at Grosse 120â…” and for Barselona at Sol 24 I would know to which must the Remittance be made seeing that in both places there is loss given upon the prices that are inordered and to know where is the least I say by the Rule of Three If Sols 24½ give Grosses 123 the price â—…ordered what will 24 Sols give the price that is found And it maketh Grosses 120½ so that the Remittance must be made for Antwerp by reason that remitting to Barselona at Sols 24 to make the Par the Remittance should be made to Antwerp at Grosse 120½ and it is found at 120 â— 3 CHAP. CCCXCIX Questions upon the Exchanges practised at Placentia Questions upon the Exchanges practised at Placentia AT Florence there is Exchange made for Placentia in expedition of the Fair posito at Crow 109½ and for Venice at Crow 81½ I would know by the said Exchanges at what price Placentia doth hereby exchange for Venice To do which say by the Rule of Three If 81½ Cro. of Gold of Florence give at Venice 100 Duc. of Livers 6â…• how many will 109½ Crow give the price of 100 Crow of Mark and it will make Duc. 134½ of l. 6â…• and at that price should Placentia exchange for Venice Where by the way it is to be noted That it is a thing evident that Exchanges are here made at greater or lesser prices according to the plenty or scarcity of money to be found and the rates uncertain these rules only serving for instruction to make up the accounts thereof Question for Venetia Again at Naples is Exchange made for Placentia in expedition of a Fair there at Duc. 136½ and for Venice at Duc. 101½ I would know by the said Exchanges at what prices should Placentia Exchange with Venice I say by the Rule of Three If Duc. 101½ of Naples give at Venice Duc. 100 at l. 6â…• how many will 136½ Duc. give the price of 100 Crowns of Mark and it will appear to make Duc. 134 11 24 and at that price should Placentia Exchange for Venice As by Example Question for Naples Again at Venice there is Exchange made for Placentia in expedition of a Fair at Duc. 133â…” and for Naples at Duc. 102â…” I demand by the said parties at what price should Placentia Exchange for Naples You must multiply the said Duc. 133â…” which is the value of 100 Crow of Mark by Duc. 102â…” per cent by reason that the said Duc. 102â…” are the value of 100 Duc. of Venice and thus wrought it will make Duc. 137â…• or thereabout and at that price should Placentia Exchange with Naples Question for Rome Again at Naples is Exchange made for Placentia in expedition of a Fair at Duc. 136â— and for Rome at Duc. 137 I demand by the said Exchanges at what price should Placentia Exchange with Rome I say then by the Rule of Three If Duc. 137 of Naples give at Rome Crow 100 of Gold of Estampe how many will Duc. 136½ give the price of 100 Crow of Mark and thus it will come to Crow 99â… or Circa of Gold of Estampe and at that price should Placentia Exchange with Rome Question for Florence Again at Rome is Exchange made for Placentia in expedition of a Fair there at Crow 99 and for Florence at Crow 90. I demand by the said Exchanges at what price should Placentia Exchange with Florence I say then by the Rule of Three If Crow 90. of Gold of Estampe give in Florence Crow 100 of Gold what will Crow 99. of Estampe the value of Crow 100 of Mark give It will be Crow 100 and at that price should Placentia exchange for Florence Question for Millan Again at Rome is Exchange made for Placentia in expedition of a Fair there at Crow 99 and for Millan at Crow 86 I demand by the said Exchanges at what prices should Placentia Exchange with Millan I say by the Rule of Three If Cro. 86 of Gold of Estampe give at Millan Cro. 100 of l. 5. 17. 0. what will Crowns 99 the price of 100 Crow of Mark give It will be Crow 115. 2 3. which being multiplied by Sol. 117 the price of the Crown in cutting the two last figures off its product to reduce the Exchange to the value of
Deniers per l. is only paid and no more Their payments in Customs and all other ways are in Valentia money and worth 3 per cent to be converted into Spanish Rials There is also a Duty called a Mottahecos which is a pound of Pepper on each Quintar and so upon other fine Goods And this is as much as I remember needful in this Argument and so I will proceed to the next Province which is Catalonia and as for the Exchanges here practised see farther in the 291 and 426 Chapters Catalonia In Catalonia is only famous the City of Barcelona the principal of this Province where having good cause of the remembrance of my being here by reason of my imprisonment in the Inquisition Anno 1618. I must according to my Method afford the Cities Traffick a 〈◊〉 of observation in acknowledgment of their love and pains in my Release moved thereto partly by the affection I had gained with many the chief Merchants but especially left the same might deter other English from coming to traffick and inhabit amongst them and furnish their necessities with English Commodities which they seem much to desire and oftentime much stand in need of CHAP. CXIX Of Barcelona and the Trade thereof Barcelona BArcelona is seated on the Mediterranean shore and entring into that Gulph which is so terrible to Navigators in these parts called The Gulph of Lions It hath a reasonable commodious and safe Harbour and the Citizens do winterly enlarge and lengthen the same by adding to their Mould that Ships of burthen may come within the same what I obserred here Anno 1618. I will briefly declare Coins in Barcelona Their Moneys current in Merchandize besides the Rial of Castile is a Liver which passeâ— here at 20 sold and a Ducate of Gold of Castile is worth 24 sold of the said money and the soldo is twelve Deniers of that money wherein they are found to keep their Accounts Weights in Barcelona Their Cantar is a 100 l. which is English 92 l. or thereabouts and hath made by observation In Florence 123 l. Genoa 130 l. Valentia 106 l. Marselia 104 l. Venetia Sotle 140 l. Measures of length Their Measure is a Can consisting of eight Palms and hath been found to make thâ—… Braces in Florence and in England found to produce 1â…œ Yards English and in Naples 〈◊〉 been found to make 6â…œ Palms Of Corn. Corn is sold by a Measure called the Quarter one Salmo is four Quarters sold always 〈◊〉 of all Customs 2â…“ Quarters making a Cargo or load which is accounted 360 l. as is that 〈◊〉 mentioned aforegoing in Valentia Woolls are sold by the Rove which is 30 l. making 26 l. of Venetia gross whither the same is commonly transported and in Florence 36 l. All gross Goods are sold by the Cargo accounted 3 Kintars which is 440 l. Sutle of Venâ—… and 278 l. gross there which is 372 l. in Florence and hath been found to make English 3000â— Averdupois Tortosa In this Province lieth also Tortosa a fine small City but the principal of the Inhabitants â—…ing accounted as Moors were some years before my being here banished this Country 〈◊〉 therefore most places lie waste and many Villages are here along found without Inhabitâ—… and the Grounds to want Labourers Aragon The next Province is Aragon wherein is Tarragon a fine and handsome City but 〈◊〉 the banishment of many of the Inhabitants as above is said now made poor in my 〈◊〉 there in 1618. I found it most to consist in making of Silk here bought and carried to Irlentia to be wrought Saragosa The principal City hereof is Saragosa which should challenge a 〈◊〉 particular relation as being commodiously seated for Traffick on the banks of the River 〈◊〉 Ebro but being an University it were too great an honour for an inland Town to prodâ— famous Scholars and eminent Merchants yet in the current Coins it is observed to rule as 〈◊〉 Vâ—dentia and because there is found practised here a great Exchange I have inserted 〈◊〉 same by it self Chapter 292 in the end of this Tract with all circumstances thereunto appeâ—taining And these are all the principal Cities of Traffick found at this day comprised 〈◊〉 the Kingdom of Spain CHAP. CXX Of the Weights and Measures of Spain reduced to the English hundred Weights of Spain reduced to the 100 l. of England THE principal Cities of Spain and Portugal thus surveyed it will not be unworthy our observation first to see how the Weights and Measures of some other lesser Cities here omitted concur with the Weights and Measures of England and then take a general view of the Trade which is in general found in the compass of those Kingdoms now united and subject to the Crown of Castilia First then to begin with the weights of Spain and Portugal I will reduce them to the suttle 100 l. of London which by observation hath been found to make in Sevil 108 l. by great Quintar of 144 l. of four Roves of 36 l. smaller Quintar of 112 l. of 4 Roves of 28 l. by lesser Quintar of 120 l. of 4 Roves of 30 l. Granado and Almeria bona 104 l. is the pound of 16 ounces 89 l. is of Silk and Copper of 18 ounces 52 l. great weight for Flesh 32 ounces Castilia Medina del Campo 98 l. Burgos 89 Rot. Aragon and Barcelona 102 l. 92 l. great weight for Woollen 126 l. small weight for Saffron Valentia 102 l. by Quintar of 4 Roves of 30 l. for Spices 129 l. by Quintar of 4 Roves of 36 l. the Cargo is those Quintars of 360 l. and the greater of 432 l. The 100 l. of London Leon 105 l. Saragosâ—… 108 l. and by the small Quintar 126 l. Savalonâ—… and Salanico 126 l. Viliaco 77 l. Note here that the Islands of the Canaries and all the Islands of Spain use the weights of Sevil as foresaid now for the Kingdom of Portugal 100 l. London makes in Portugal Rot. 104 l. the great Quintar of 128 l. the small Quintar of 112 l. containing each 4 Roves of 32 l. and 28 l. Note here that there is allowance made four upon the hundred upon Sugars and two and 3 per cent upon Cotton Woolls and such like the small Quintar is the weight of the Contractation-house of the Indies All Spice is weighed thereby but all are weighed by the great Quintal and reduced upon the lesser Quintar one Quintar of Wax is one Quintar and half of 112 l. is 168 l. Madera 104 Rotolos Cape Verd. 104 Rot. Saint Thomas 104 Rot. Guinea 104 Rot. Marocâ—… in Barbary 104 Rot. or Pounds by the Quintar of 128 l. Feas and Suus in Barbary 92 l. Calicut 77 Aracoles Note here they sell by the Baccar or Bahar being at Lisbon four Quintars of 112 l. and observe That the Bahar is 4 Quintars for 120 Aracoles The Bahar or Bahor is 20 Faracoles of
c. which the English fetch from them in great abundance so that it is of late years observed that the Planters of these Fruits and their Wine Merchants have by our over-greedy purchasing of these Commodities raised to themselves fair Estates Two things I observed during my abode here that are great lets and impediments to the Trade of this Nation the one is the banishment of the Moors that here in great numbers Inhabited who painfully and industriously manured their land and by their labour and thrifty living reised to their Landlords and to themselves good and great estates the which now for many thousand thousand Acres lie wast and desolate whole Towns and Villages being depopulate and the Lords Castles and Mannors appearing ruined and decayed want the pains of these poor People that gave their Lords and Lordships means of subsistency The second is the residence of many Genoa Merchants amongst them who are found in good number to abide in every good City especially on the Sea coasts whose skill and acuteness in Trade far surpassing the natural Spaniards or Portugals and who by means of their wealth and continual practice of Exchanges are found to devour that bread which the Inhabitants might otherwise be sufficiently sed with and by reason that the King of Spain is ever engaged to their Common-wealth for great and vast Sums at interest he is their Debtor not only for their moneys but a so for their favour which by many immunities throughout his Kingdom he is found continually to requite them and amongst the rest it is observed That there is no Genoa Merchant resident in Spain in any part but hath a particular Licence to export the Rials and Plate of this Kingdom to a certain round Sum yearly which they seldom use really to do but sell the same to other Nations that are constrained to make their returns in Plate for want of other more beneficial commodities which for the certain profit it is found ever to yield in other Countreys is often preferred before all the other Commodities of this Kingdom A third reason of hinderance I might add hereto which is tho current Coin wherein all Commodities are sold and bought for in many parts of this Kingdom being for the most part base and of Copper and Brass which to convert into Rials and good money is found to cost the change in some places 5 in some 10 in some 15 in some 20 per cent which is the first penny The great Customs also paid in many parts of this Kingdom is likewise a great let and hinderer of Trading in general which wherefoever the same is by the Sovereign levied will in a short time and insensibly devour and conâ—ume a flourishing Traffick and enforce the suffering Merchant either totally to give over or bend his Trade where he shall find the burthen thereof lighter and more easily to be born and endured Now as for Commodities which other Nations are found to bring unto them and of which they stand in need partly to supply their own necessities and partly to maintain their West-India Traffick as this England brings them great store of Newlandish fish Irish Salmon Pilchards Herrings Lead Tin Calves-skins Baies Saies Serges and other English Manufactures and in return have only thence Wines Fruits Oyls some Indico and Sugars Ginger and the like India Commodities East Countrey furnisheth them with Corn Cordage Masts Pitch Tar Rosin Fir-boards and other Timber and only return thence the Commodities above-named only it is ever lawful to him that brings Corn to carry out Rials of Plate in return thereof France sends them Corn Linnens Paper and some petty Manufactures and returns thence Plate Wine Fruits and some India Spices Italy affords them some Manufactures of Silk and hath in return some raw Silk Segovia Woolls Barillia and such like and herein is comprehended the general Traffick of Spain at this time so passing the Pyrenaeans I will enter into France CHAP. CXXII Of FRANCE and the Provinces and Cities thereof France and the Provinces thereof FRANCE is accounted one of the most Eminent Kingdoms of Europe and it is the best that can subsist without the help of others it is bounded on the North with the British Ocean on the West with the Aquitain Sea on the South with the Mediterranean Sea on the South East with the Alpes on the East with the River Rhine and an imaginary line drawn from Strasburg to Callais Commodities of France This Countrey affordeth for Merchandise to her Neighbours three natural notable Commodities Corn Wine and Salt the Farm of Salt onely yearly bringing into the King's coffen 100000 Crowns besides which it yieldeth Oyls Almonds Soaps Canvas Coral Paper Wool Linnen fine and course Nuts Beefs and of late some Stuffs and Cloth made of Woollen c. There is reckoned in this Kingdom 25 Provinces the notable Cities of Traffick found therein I shall orderly handle Aquitania The first Province is Aquitain wherein are sound the noted Cities of Tholousa Bourdeaâ—… and Rochel of which a word in brief CHAP. CXXIII Of Tholousa and the Trade thereof Tholausa and the Trade thereof THolousa is the Parliament seat of Aquitain and standeth on the banks of the River Gurâ—… which hence runneth to the Walls of Burdeaux and Blay and so to the Sea It is very plentiful in Pastil or Woad which hence is dispersed into several Countreys the Countrey 〈◊〉 affording any other notable Commodity worth mentioning Coins and Accounts Their Moneys is the same as throughout all France which in Parts the principal City of this Kingdom I shall handle their Accounts also here kept are as through all France in general in Livers or Franks Souls and Deniers 12 Deniers to a Soul 20 Souls to a Live or Frank. Weights of Tholousa The 100 l. or Kintar of Tholousa hath been observed in Woad for Diers to make in England 124 l. and the Cargo by which the same is commonly sold to be 372 l. Measures of Tholousa The Measure of this Countrey is called the Aulin and maketh in England 42 inches by the Rule Woad of Tholousa Note That in Tholousa there is a Cantar also of 112 l. which is in use in all other Commodities Woad excepted sold by the Cargo as above is mentioned and is hence sent to Narbon and thence dispersed into sundry parts of the Mediterranean Seas CHAP. CXXIV Of Burdeaux and the Trade thereof Burdeaux and the Trade thereof BUrdeaux is seated upon the Banks of the River Geronde before mentioned plentifully abounding in those Wines which being White and Claret are known by the names of this City here is also near this City the little Village of le Greve which gives name to those Grave Wines which we esteem so excellent and between this Town and Tholousa lie those rich grounds which yield those sweet Wines by us known by the name of High Countrey which the Inhabitants of Burdeaux knowing
CHAP. CLXIX Of Urbin and the Trade thereof Vrbin and the Trade thereof URbin is a fair City seated on the bottom of the Appennine where it hath for Sea-Ports Pisauro and Fano the English here do enjoy many Immunities and sundry Privileges the original whereof did arise in the Reign of Henry VI. of England who created the Duke of this place a Knight of the Noble Order of the Garter and he to requite the Honour to himself done returned it thus to the said King his Subjects It now affordeth the common Commodities of other parts of Italy which it also followeth in matter of Trade Accompts in Vrbin Their Accompts are here kept in Livres Sols and Deniers 12 Deniers making a Soldo and 20 Sols a Livre The Current Coins of this place are the Romaine and do as in most parts of these Italian Principalities partake one anothers Coins which passeth Current with some small distinction from one City to another Weights The weight is here the Pound and the Quintal being 100 l. which produceth in Venetia Suttle 112½ and Gross 72 l. and hath produced in London 77 l. Averdupois Measures in Vrbin Their Measure of length is the Brace the 100 Braces of Cloth in Venice rendring here 94 Braces and the 100 Braces of Silk rendring here 102 in 103 Braces which is in England Inches CHAP. CLXX Of Parma and the Trade thereof Parma and the Trade thereof PArma the chief City of this Principality affording the Commodities common with the rest of Italy doth over and above afford that excellent Cheese known through Europe by the name of Parmesane it is not noted for any eminency in Trade the greatest fame that of late it obtained was by being subject to that Alexander Farnese who was Duke thereof and made such a noise in the Netherlands during his Regency there to his Masters great Expence but to little purpose Accompts in Parma For Trade observe That their Accounts are kept in Livres Sols and Deniers 12 Deniers to the Sold and 20 Sols to the Livre which is Sterling The Coins current of Parma are Weights in Parma The Weight is the Pound of 12 Ounces and 100 l. to a Quintal which is in England about 60 l. and in Venice sotile Measures in Parma Their Measure is the Brace agreeing with the Brace of Florence and now to Placentia also subject to this Principality CHAP. CLXXI. Of Placentia and the Trade thereof Placentia and the Trade thereof PLacentia is a commodious City for Trade and seated properly to that end upon the River Po affording the ordinary Commodities of Italy but in nothing so famous as for the Fairs in Exchanges here quarterly hept to which place all Italy Germany and other Countries do make their Exchanges rather for the Fairs than for any Commodities wherein they intend to have the said Monies invested and for the Monies of the Country there is no account had therein thereof but only of that wherein the Exchanges is made which is called the Crown of Marque wherein only Bankers and Exchangers do keep the account of this City and of those Crowns Accompts in Placentia their Accompts are framed in Crowns Sols and Deniers of Marque as I have more at large treated of in several Chapters of Exchanges vide 276 and 382 and others following which by reason of the great concurrency I have there amply specified and to which I refer you Weights in Placentia The weight of Placentia is the Pound and 100 l. the Quintal which 100 l. is in Venice gross 66 l. Venice suttle 108 l. and by that computation in London suttle Pound 72 l. incirce Measures in Placentia The Measure is a Brace which is 27 Inches English in this Principality is Mirandola accounted of which a word passando CHAP. CLXXII Of Mirandola and the Trade thereof Mirandola and the Trade thereof MIrandola being a City also belonging to this Principality I thought good to insert in my way what I have observed in the Weights and the Measures thereof Weights The Weight of Mirandola is the l. 12 Ounces 100 l. whereof is a Quintal and found to be Averdupois 75 l. Measures The Measure is the Brace found to be 26½ Inches English and so much for Mirandole and now to Legorn therewith to finish the Trade and Commerce of Tuscany and of these petty Dukedoms CHAP. CLXXIII Of Legorn and the Trade thereof Legorn and the Trade thereof LEgorn is situated on a sandy Plain close to the Sea-side it hath an inward Mould where the Grand Duke of Tuscany's Gallies are kept and some small Vessels permitted to Ride and is accounted the strongest modern City in the Mediterranean Seas purchased not many years past for 120000 Ducates of the Genoese by the Duke of Tuscany who reedifying or rather building a new City to the old new fortified and walled the same giving safe Conduct to all Men of what quality and degree soever to live here so that at the first it was a Sanctuary for all Thieves Pirats Murtherers and wicked Rascals and because here was also granted a liberty in Conscience the Town was also stored with all Religions but as the City became populous and Merchants being granted a freedom in Customs the place became in a short time to be filled with Inhabitants and to add to these Immunities there were Dwellings for seven years given to any that would come hither to reside and all such should be free from all Arrests or Punishments for Acts committed in all other Countries of what nature soever they were found to be and by these means at first and since by the incouragement of the Great Duke of Tuscany it is become one of the principal Towns of Trade in all those Seas and is properly accounted the Scale of the Florentine Dominions In matters of Commerce it is ruled by Pisa and Florence which are the principal Cities of this Dutchy and which yield the Commodities that drives the Traffick of this place the principal Notes that I observed at my being in this place in several Voyages are as followeth Accompts in Legorn Their Accompts are kept in Livres Sols and Deniers 12 Denters to a Soldo and 20 Soldo accounted to a Livre which is Nine Pence Sterling Coins in Florence Their Monies are those of Florence which current is the Ducate of 10½ Julios or of seven Livres which is five Shillings three Pence Sterling and a Scudo or Crown of Gold is 7½ Livres and one Crown of Gold in Gold or as they say De Oro in Oro is 8 Livres Also Note That 12 Craches make a Livre which is 9 d. 8 Craches make a Julio which is 6 d. Sterling 5 Quadrins make a Crache â—0 Quadrins a Livre 3 Quadrins make a Sol. Mote That the Craches are ½ Silver and the Quadrine Copper To bring Ducates of Florence of seven Livres the Ducate into
respect of their great Prerogatives as in coining of Moneys and knowing no Lord but ruled by the Imperial Laws for which they acknowledge and pay a Contribution yearly to the Emperour whom they account their Protector and these are found to be about 60 in number Principalities The third are such as are held by inheritance by some Princes as are Heidelberg Vienna and others of which are accounted in this Empire incirca and may be called Principalities There is also found in this Empire conducing to Traffick besides the lesser four great navigable Rivers that enrich these Hans-Towns Imperials and Principalities communicating the Commodities of one City to another and at last to the Sea-Ports where the same is last of all vended into forein Kingdoms Danubius The prime whereof is Danubius which in running 1500 Miles doth receive above 60 navigable Rivers and disgorgeth it self into the Euxine or Black-Sea Rhyne The second is the Rhyne running 800 Miles through Germany and Belgia disgorgeth i◠self into the German Ocean Albis taking in Albis which is accounted navigable for 400 Miles and some others and is the third River of this Countrey Adera The fourth is Odera running 300 Miles in length issueth out in the Baltick-Sea Besides which there are many others of note as Weser Emse and others in themselves found to be great Rivers enriching divers parts of this Countrey tho far inferiour to the former East-Frisland Lastly this Empire is found to contain 20 large Provinces which by reason of my little Insight therein I will cursorily pass over and refer the same wherein I am defective to the better learned East-Frisland is accounted the first Province wherein are found the Cities of Oldenberg Ammerdam and lastly Emden which for its former eminency in Trade I cannot so slightly pass over without a word of the Trade thereof CHAP. CLXXXIII Of Emden and the Trade thereof Emden and the Trade thereof EMden hath been in times past of far greater Trade than now it is It was for some years the Seat of the English Merchant-Adventurers but the Civil Wars about Religion raised between the Citizens and their Count was in part the cause of the Decay of the Trade thereof This City lies in the utmost border of the Empire and only divided by the River Emse from the Netherland and by an Inland Sea from West-Frisland being one of those Provinces In Summer it is found a pleasant City but in Winter as if drowned in the Seas and all the Fields cover'd with Water makes it to appear as an Island in the Waters As for the Moneys current and Form of Accounts kept here by Merchants I omit that to the place of the Coins and Accounts of Germany in general but noted hereafter In the mean time it is to be observed that the Weights and Measures in use are these Weight of Emden The common Weight of Emden is the Pound of the Quintal or 100 l. makes in London Measure of Emden Their common Measure of Length is an Ell wherewith they measure Linnen Woollen and Silks in general the 100 whereof hath been observed to make in London 48½ Ells and the 100 yards of London to have made there about 162 or 163 Ells. Corn is here measured by the Werp 55 Werps make 10 Quarters of London or a Last of Amsterdam but 61 Werps is here a Last consisting of 4 Werps great of 15½ Barrels the Werp Westphalia Westphalia is next containing in it self a large Tract and producing those Acorns in abundance which feed their Swine and which affords those Gammons which are accounted so excellent a Dish The Northern part of this Country is Bremen wherein is found the Town of Breme as the principal then Clappenburgh Exenburgh belonging to the Duke of Saxony Then Collonia wherein is said to be the Bodies of the three wise Men which came from the East to worship our Saviour And this belongs to the Bishoprick of Collen Here is also Warendorp and some others belonging to the Bishop of Munster and Boport Engers Coblents and Triers belonging to the Bishop of Triers of the principal of which a word passando CHAP. CLXXXIV Of Breme and the Trade thereof Breme and the Trade thereof BReme is one of the Hans-Towns so called for the Freedom of the Traffick here practised strongly fortified five miles distant from the Sea the River Visurge serving to convey all Commodities hither as running through the City Ossenbridge near which lies that small but well known Town of Ossenbridge noted for the great quantities of narrow Linen Cloth that is hence conveyed to England and other Countries It is reported that in this City the Custom was first raised in swearing and inhansing new Comers by Bread and Salt and of infranchising them into their City by paying a certain Mulct or Fine in good Liquor to the rest of the Company which is now a general received Custom in all the Hans-Towns of Germany and become part of the Traffick thereof Weights of Breme The common Weight of Breme is the Pound of ounces the 100 l. whereof hath rendred in London pound Measures of Breme The common Measure for Length is the Ell which agrees with the Ell above mentioned in Emden But in Ossenbridge it is found that the 100 yards London make 84 Ells there incirea and the 100 Ells of London is here in Ossenbridge about 105 Ells. CHAP. CLXXXV Of Collen and the Trade thereof Collen and the Trade thereof COllen commonly for distinction called in Latin Colonia Agrippina is a very fair City whereto is found great Concourse of Merchants near to this City did Caesar with incredible Expedition make a Bridg over the River Rhyne near which the Town is at present situate which more terrified the barbarous Enemy than the Report of his Valour The Archbishop of this City is the second Especial Elector of the Empire and Chancellour of Italy Here ' us said are the Bodies of the three Wise-men which came from the East to worship our Saviour vulgarly called the three Kings of Collen whose Bodies were translated by Helena the Mother of Constantine unto Constantinople and from thence by Eustorfius Bishop of Millan transported to Millan finally brought hither by Rinoldus Bishop of this place Weights of Collen The common Weight of Collen is the Pound of the 100 l. whereof hath been observed to have made in London 110 l. Measures of Collen The common Measure of Length is the Ell here in use the 100 Ells whereof have been observed to make in London 60 Ells. Exchanges of Collen Here are great Exchanges practised in this City as proper and fit thereunto by reason of the rich Bankers and Merchants that are found here to reside the which I have largely declared in Chap. 290. of Exchanges of this place in the end of this Work wherefore it will be here needless to insert the same
current Advices of those places To conclude then by what hath been said may be clearly discerned the present Height and Amplitude of our English Commerce and the Greatness of Englands Navigation the Continuation whereof my Devotions shall ever second and my Prayer shall be That neither our fained Friends nor yet our froward Foes may ever have just Cause to rejoice at the Decrease nor least Diminution thereof Having thus happily ended my Peregrination and drawn out the utmost Bounds and Limits of this my Map of Commerce and concluded there the Manner and Matter of the general and particular Traffick of most of the eminent Cities and Countries of the World I will now cast anchor and finish in this place my Voyage till the next fair Gale offers and presents it self to imbark my Time and Pen in the Survey and Calculation of the Exchanges of Europe as at this day they are seen practised amongst the Merchants of Christendom FINIS EXCHANGES CHAP. CCLXXIV Of Exchanges in general and of the Method and Manner thereof and how calculated in any Place in Christendom Exchanges in general I Have in the Tenth Chapter of this Map of Commerce shewed That to make this Treatise absolute and compleat the Method and Manner how all Exchanges are framed and calculated is perfectly to be known and learned and there also declared the Necessity of this Knowledge with all Circumstances depending thereupon Now by reason that I have in all the afore-mentioned Cities of this Map wherein either Custom Time or Commodiousness of Trade Exchanges of Monies have been setled and where the said Exchanges are daily used and practised omitted the Form Manner and Calculation thereof together with all the particular Circumstances requisite and necessary to the Explanation of this Mystery of Exchanging I have in this place thought good to allot iâ— as worthily meriting a peculiar Discourse at large by it self which here I conceive it most proper to be inserted and because that my Experience in the Exactness required may not be peradventure sufficient to lead me through in every particular Point and needful Circumstance I have therefore judged it no blemish to my Knowledge to be instructed by those excellent and judicious Bankers Geo. Baptista Zucetta a Merchant of Genoua and Claudio Boiero a Merchant of Lions whose Endeavours herein are worthy Commendations and whose laborious Presidents and preceding Labours where I find my self defective in this Task and Labyrinth I willingly follow What are places of Exchanges Places in use and those as are apt for Exchanges are such where Merchants in some fit and competent number do meet and are assembled for the Benefit and Behoof of Trade and Negatintion which at this present day are observed to be many yet withal are noted not to be so firmly setled but that the same admits sometimes an Alteration and Change varying according as the due occasions of Commerce and Traffick in that place requires either by the Decay of Trade there or by the Increase of the Trade of another Place more fit and proper thereunto Some Cities are the Staples of Exchanges Some Places again are observed to be if I may so term it the Staples of Exchanges and yet notwithstanding have their dependence upon the Exchanges of other places and which else are not found to comprehend any other manner of Traffick having only certain Times or Fairs setled and confirmed by the custom of Exchangers in which and to which Bills of Exchange are either dated expired or renewed in which nature and of which sort Placentia is accounted the most notable for all Italy and other places where indeed Exchanges are found to have a certain kind of Being yet acknowledgeth its real Existence from other Places and Cities Besansin in Burgundy Spossa in the River of Genoua Camberay in Piedmont and some others were in former times observed to be of this kind whose Exchanges did totally depend upon the Partidos of Exchanges made in other Countries and these sometimes of such as had the same Concordancy in the Current Coins of the Exchange and sometimes a Discrepancy The Exchanges of some Cities depend upon the Exchanges of some others And for as much as it is observed That some other Cities where no set Exchanges are sound sometimes challenge by the necessity of Traffick and Commerce a Course of Exchanging with these or the like places and yet have none setled therein then and in such cases is it seen that the Metropolis or principal Cities of these Countries prescribes both the Rule Rate and Condition thereto as if Vicentia Verona or Padua would frame an Exchange with Placentia it is observable That the Rate of Venice in which Estate these said Places are sound to be and who have their Moneys of one and the self same Goodness and Value give the Rule Rate and Condition thereto So in Pavia Como and other Towns in England as in the City of London the principal of that Island so have the Cities of France their Rule from Lions all Places of Flanders from Antwerp and so have the like in other Places and Countries The chief Cities of Exchanges Now for as much as Exchanges are not found current in all places Exchangers Bankers and Merchants have setled a common Course of Euchanging in some certain particular and principal places which are observed in these days chiefly to be these For Italy 13. Rome Genand Millan Naples Barry Messina Bollonia Venice Florence Lucca Lechy Palermo Bergamo c. For France 3. Paris Lions Rouen c. For Spain 6. Valencia Barcelona Alcala Saragosa Sevil. Medina del Campo For Portugal Lisbon only For Flanders Antwerp only For England London only For Germany 5. Vienna Neremberg Colonia Augusta Frankfort c. Besides which some others of lesser note are observed to have an Exchange current but by reason that in most of the principal Points they have a dependency upon some of these and a concordance with them they are by most Authors neglected and therefore shall be by me here wholly omitted Many Cities practice Exchanges by one and the same Monies c. In the next place it is considerable That many of these before-mentioned Cities are found to practise their Exchanges in one and the self-same Moneys Coins and Denominations as do Lachy and Barry which are included in Naples as Naples it self Palermo and Messina comprehended in Sicilia Valencia Saragosa and Barcelona in Catalonia Sevil Alcala and Medina del Campo in Castilia Frankfort Noremberg Colonia and Augusta in Germany and some others What Exchange is c. What thing this Exchanging is properly in it self found to be as also what a Bill of Exchange is and the due Ceremonies and strict Rules thereof together with the Commodiousness Necessity and first real Intent of the same I have shewed in the 10 Chapter which briefly here may not unproperly be defined by the Word it self as it is aptly expressed in our English
Tongue which extends it self into two parts 1. An Exchanging of one sort of Moneys for another and 2. An Exchanging from one City or Country to another Rates Terms Fairs and Usances of Exchange in which is also considerable both a Rate and Term wherein and whereby this is brought to perfection which are principally performed by certain Fairs or Usances accustomed in the Art of Exchanging and which are set down by Merchants Bankers and Exchangers at their Assemblies and Meetings in a fair and regular Order by a certain Course of Justice and by peculiar Laws and Ordinances amongst themselves both which Fairs and the Rates and Terms thereof have a constant expiration within certain months as the Usances have that are likewise included within the Rules of the said Fairs which are found to end within certain prefixt days according to the received Custom of those two Cities wherein the said Exchanges are found mutually and respectively to be setled and placed What is observed in Exchanging in the usual manner thereof Moreover in the Practice of Exchanging Bankers and Exchangers are found to observe this Custom amongst themselves in the usual manner of Exchanging from one place to another that is One propounds his Money in a whole Number or Denomination and the Other consequently and necessarily in a Fraction broken Number or lesser Denomination in which Contract or Bargain it is imagined that these two either Persons or Places would negotiate one and the self same thing so that the one would be the Seller and the other the Buyer thereof to perform which it is questionless needful that he that hath the thing makes the Rate and Price the which shall happen without any Contract or difference of much or little and as it chanceth in the sale of any Commodity so falleth it out by the Exchanges of Moneys for of the two places that would exchange the one propounds a gross Sum and the other the Condition and Price in a lesser Sum which may admit either an increase or decrease in estimation or value according as they fall to agreement upon the lesser or greater esteem of the said Sum propounded the use of which is exemplified thus Example If Placmtia would exchange with any other place the said Placentia or as Exchangers term it the said Fair or Fiera propounds and gives always the entire Sum or greater denomination and by consequence the other that would exchange therewith gives the other which is the lesser denomination This Sum which I thus term an entire or whole Denomination falls in some places to be sometimes one Crown and in other places sometimes 100 Crowns Florins or Ducats the same is likewise found to be practised between any two places Exchanging for each place giveth either a Denomination entire of one to another or of one Hundred to another Hundred or else of a lesser Divident than one or than one Hundred which I here term the Fraction broken Number or smallest Denomination as shall be more plainly expressed in the calculated Table following What an Entire Sum in Exchanges is and what a broken Number or Fraction Now as touching the Moneys which are thus given as entire or whole Sums viz. One or one hundred these are either found to be Crowns Ducats Pounds Florins c. according to the received quality of the gross and whole Moneys which that place is found to have current that would give so in like manner it falleth out in the smaller or lesser Denomination in the places that would take which in themselves is also various and consequently of divers sorts as Pence Sols Deniers c as shall also appear by the said Table Liberty of Exchanging to the judicious And though it fall out to be the Custom that one place giveth an Exchange in gross Moneys and another place in small as is before related and that this gross and small Moneys must be of such or such a quality and kind this Observation and Rule prescribed notwithstanding is not always necessary but that Exchangers may though I confess it is seldom seen at their pleasure propound the one or the other differing or contrary hereunto and that the wise and judicious Exchanger may for his Profit Ease or Commodity propound his own intentions and thereby if he can obtain a beneficial Bargain or Issue according to his Design and Plot. As for Example Ignorant Exchangers consure the judicious of varying from the Custom of Exchanging If it should be said that Exchanges may be made in a method differing from this or the common Rule or contrary to that way that hath been received and taken some would soon censure him of folly that should be of that Opinion and conceive such a one to be little versed in exchanging Affairs that should either propound or seek to perform such a thing but yet no great heed is to be taken to the raw Conceits and childish Opinions of such self-will'd Merâ—…nts which may for the most part be said to be either drench'd in ignorance or drown'd in cary because that a skilful Merchant may as I have alledged frame his Exchanges as he sees good and to his own Commodity the which very oftentimes is observed to be done by others and practised daily by those of this City of excellent judgments Example In Example whereof posito I would exchange Genoua with Naples between which two places the use and custom is that Genoua giveth the entire Sum or greater denomination which is the Crown of Gold for the which Naples gives the Grain 135 a little more or less I demand why may not Genoua give that whole Sum which is the Crown of 4 Livres as it is accustomed to give with other places and estimating the same by 120 Grains Naples and thereby the Exchange will prove to be equal with the first manner before mentioned And further why may not the contrary be practised Naples giving the whole Denomination which may be Decats one for Sold. 66 8 d. and so vary in as many forms as they please wherein I confess I never yet found any Exchanges made neither do know any true reason that the common Cuâ—…oms should be altered tho' I have thought good to note the same here that each knowing Merchant may boldly use which he please for to him that truly understands the value and course of both the places Exchanging there will appear no difficulty therein and I wish that those which know no other ways but their own content themselves within the limits of their own manner and understanding and suffer others of better Judgments without their censure to follow their own when it is to their Benefit or Commodity CHAP. CCLXXV The Declaration of the Table of Exchanges following Declaration of the Tables of Exchanges THE Table of Exchanges of the Cities here following are formed and disposed in this nature first in the front thereof there is placed the Name of the Town or
here properly in the general said to be of two distinct kinds the one as appertaining to the State and Prince and belonging to the Profit and Loss of the Kingdom and the other to the Merchant or Exchanger and appertaining to the Profit and Loss of his private Estate and Interest The first I hold proper and fit the knowledge of Counsellors and Statesmen and the other is proper and fit the knowledge of the Trading-Merchant the finding out of both which Pars in Exchanges is thus 1. Princes Par. The first Par in Exchanges which I term here the Prince's Par or the Sovereign's Value for Value is grounded upon the weight fineness and valuation of the Moneys of each several Kingdom City or Place the several Standards thereof so equally proportioned so truly and justly by the Art of the Mint rectified that each Prince his Coin in Exchanges may have its due allowance according to the goodness and fineness coarsness and badness thereof and therefore herein to make and to settle this above-named Par exactly betwixt one Kingdom and another we are to examine and compare not only the weight and fineness of our own Coins as they are in themselves but also the weight and fineness of those of other Princes and Countries with the real proportion that happeneth therein not only between our own Gold and Silver but also between the Gold and Silver of other Countries This examination comparison and proportion duly rightly and really examined compared and proportioned and no difference inequality or disproportion found or admitted therein then may our Exchanges run at one and the same Price and Rate both for Gold and Silver taking the denomination according to the valuation of the Money of each Country and Kingdom hereby finding how much fine Silver or Gold our own Pound sterling containeth and what quantity of other Moneys either of France Italy Germany Netherlands Eastland c. this Kingdom is to have in Exchange to countervail the same in the weight and fineness answerable to our own be it by the Pound Dollar Ducat Crown or any other real or imaginary Coin giving always a Value for Value and receiving the like which by reason of the great Consequence depending thereon I here call the Prince his Par in the Exchanges of his Moneys by Bills of Exchange with other Countries and Kingdoms 2. Merchants Par. The second Par I call the Merchants or Exchangers Par in Bills of Exchange and is grounded partly upon the Sovereign or Prince's Par above-mentioned but principally upon the current value of the said Coins the plenty and scarcity thereof the rising and falling inhansement and debasement of the same and therefore such Merchants as are Exchangers do endeavour by certain Rules of Exchanges to equalize the valuation of the Moneys of one Prince or Country with another And therefore every Man that delivereth his Money in one Country or Place to have it in another is and ought to be ever curious to understand either the Loss or Gain that cometh thereof which is only and properly distinguished by the knowledge and finding out this Par afore-mentioned For finding out of which it is requisite for him that remitteth to know either by his own Advice Judgment or otherwise how much the Crown Dollar Ducat or Pound whence he remitteth is worth in the place whither he would make his remittance unto As for Example having Money in Lions in France which I would remit for Antwerp I ought to know how much the Crown of France is really worth in Antwerp as presuppose that the Crown of France of 67 Sols or 3 l. 7 Sols Turnâ—… is worth by Exchange according to the course thereof 100 Grosses there I would then know what a real Crown of 60 Sols or 3 l. Turnois the Crown wherein Exchanges are made is worth multiplying and dividing as the Rule requireth it it will appear to be Sols 89 â—… 67 Gross which is indeed the true value of the Crown if then the Bill of Exchange be made for less than 89 â—… 67 Gross per Crown of 3 l. Turnois there is a loss thereby and if for more there is a Gain thereby so that it is hereby evident that 89 â—7 67 Gross is the Par in Exchanges between these two Countries in the Crown of France and in the Gross of Antwerp the which Rule may serve as an Example in Remittances for all other places for it is not otherwise to be imagined that any positive Rule can be set down herein considering the diversity of species which as I said before daily riseth and falleth and the Price of the Exchanges which every day according to presenting occasions likewise altereth found to be sometimes at one Rate and sometimes at another And this Par is the matter whereupon all Merchants Exchanges for Profit and Loss is grounded and is the Par or Value for Value which in this following Tract I principally and fundamentally aim at Now the last thing considerable in this place and now to be observed is the method form and manner how the Accounts of these divers Exchanges from one Country to another is between one Merchant and another cast up and calculated which indeed principally is the work of the Pen and Hand of the Aâ—ithmetician which as a necessary adjunct and needful furtherance to the mystery of Exchanging I have hereto inserted and have herein pitched upon the principal places here mentioned willingly omitted the least and rest of them having fitted to such as I have conceived the most worthy apt Questions and their Solutions from one Town or City to another with the denomination of their several Accounts and Species the manner of the brief calculations thereof and the short proof of each prescribed Rule and Position adding for conclusion to each general City of Exchanges some Examples of Orders and Commissions given and received in Draughts and Remittances made according to the common Custom and use of the place omitting some other principal Points wherein I might have enlarged both this Matter and Subject that the ingedious Head and Hand of the Learner may have room and scope to work upon according either to his Desire Capacity or Inclination CHAP CCCIII. Of Examples upon the Exchanges practised at Lions and how the the same are calculated Examples upon Exchanges in Lions I Have formerly noted that the payments of Bills of Exchanges at Lions is only in use four times a year which are first 1. The payment of Roys beginneth the 6th of March after their Stile and continueth the rest of that Month. 2. The payments of Pasques or Easter the 6th of June 4. The payments of August the 6th of September 4. The payments of All-Saints the 6th of December The Custom of acceptation of Bills of Exchange in Lions The Acceptance of all Bills of Exchange here is always made the first day of the Month of each payment which Acceptances hold in themselves both a promise and
assurance of the payment of the Sum included in the said Bills so accepted And because there is no other time accustomed wherein Bills of Exchange are accepted the Merchants here resident have invented by means of a little Book a way of registring their several Bills which they commonly call in French a Bilan A Bilan in which Book or Bilan they accustomarily use to make a little Cross or Mark upon each Bill there registred and thus orderly accepted But if the Party to whom the same is presented make a Question whether he shall accept it or not and demandeth time to think upon it then they place upon that Bill so there registred the letter V. signifying in French Voir la lettre or the Bill seen or if in conclusion he refuse the same either because he holdeth not the Party that chargeth the same sufficient or solvent or for any other just occasion they commonly note the same in their Bilan with S and P signifying that the same is Soubs Protest that is under Protest The which Bilan of Acceptations Draughts and Remittances thus quoted and thus registred I observed at my residence in that City to carry so much Credit amongst the Merchants of the place as if the same had been done with Witnesses by a Publick Notary The price setled for the succeeding Fairs The third day of the Month of the said payments the price of the said Exchange is cut and settled as well for the succeeding course of Lions it self as for all the principal exchanging places of Christendom in all which it is found that Lions gives the Law and Rule ordering in some sort the price of all other places excepting for Placentia Discounters or transferring of Bills of Exchange and Debts in Lions The sixth day all the Merchants residing upon the place appear in certain publick Rooms near the Burse or place of daily meeting with their Book or Bilan containing both their Debit and Credit of both Debts and Bills of Exchanges and there address themselves to one another and to whom they are indebted intimating unto them to transfer Parcels or as they term it Vâ—…er partie and give for Debtor one or more who doth owe and stands indebted unto them the like Sum or Parcel the which being accepted by the Creditors the Sum is respectively registred and noted in the Bilan abovesaid and after that time that Parcel is understood to be transferr'd and remaineth entirely upon the Risgoe peril and fortune of the Party that did accept the same And in this manner here I have observed a Million of Crowns hath in a morning been paid and satisfied without the disbursement of a Denier in Money and therefore to this purpose all Merchants resident here or their Servants for them are compelled in this manner to appear with their Bilan thus to satisfie Accounts with their Creditors and make good their payments or in default of this appearance are by the Custom of the place declared as Bankrupts and this in brief is the remarkable Custom of Lions in matters of Exchanges upon every payment Rules of casting up the Exchanges in Lions It now remaineth I should shew the Rules how the Exchanges are made in this place for at every payment the current Moneys of the place are found increasing or decreasing being sometimes worth from one payment to another 2 per Cent. or 2¼ more or less to understand then there Rules I will first lay down some Examples for the help of those that are not well acquainted with the Custom of this City Presuppose that a Merchant hath taken in Banco 455 Livres at 2½ per Cent. from the payments of Roys as they call it or Kings until the payment of Pasques or Easter and to know what the Exchange may amount unto at the rate abovesaid do this briefly the ½ of the said At 2½ per Cent. 455 l. is first to be taken and the ¼ of the said tenth shall be the Exchange forasmuch as the tenth of an hundred is ten and the ¼ of ten is 2½ which is the Exchange aforementioned and therefore ¼ of the tenth is to be taken as for Example At 2 â— 3. Again a Debtor oweth unto his Creditor l. 3141. 16 s. 6 d. to pay at the rate of 2â…“ per Cent. for Exchange the which most facile and briefly is thus performed Take the 1 1â— of the said Sum and of the proceed ½ and of the ½ the â— 3 adding the said fifth to the â…” And thus the value of the Exchange is found out as here followeth The reason of this brevity is that if from 100 one taketh as is before said â…• of 1 10 and â…“ of the said â…• the product of the said â— 5 with the â…“ gives just 2â…” as is above specified Again at 2 â— 4 per Cent. how much amounteth the Exchange of l. 842. 17. 6. you must here take â— 3 of a 1 10 and a â— 10 of the said adding the two last products the Exchange will appear as At 2â…“ Again a Debtor oweth to his Creditor l. 1435. 17. 8 d. to be paid at the rate of 2½ per Cent. for the Exchange To do this take the 1 10 parts of the said Sum and of his Product â…• and of the ½ the â…› adding the said â…• to the said â…› and the Exchange will appear At 2¼ Again at 2¼ per Cent. what will the Exchange of 7661 l. 17 Sols amount unto To do which the â…• of 1 10 and the â…› of the said â…• is to be taken adding the â…• and the â…› and it giveth the Exchange At 3 per Cent. Again at 3 per Cent. I would know the Exchange of 7000 l. herein take ¼ of 1 10 and â…• of the said ¼ adding the two last products it giveth the Exchange as for Example At 2½ Also presuppose that a Merchant hath sold some Goods for the value of 5312 l. 10 s. at a years time conditionally to have the allowance of 2½ per Cent. for every payment what ought the Buyer to give the Seller at the said term In this case consider that 2½ per Cent. for a payment is 10 per Cent. for the year and therefore the 1 10 is to be taken and to be added to the Total and it giveth l. 5843. 15. But I have stayed upon this Point too long and therefore will omit further Examples and will only insert a brief method of these forms of Exchanges in this place because the ingenious may make it serve his occasions in any Country where Moneys are either given or taken at Interest serving as compendious Tables for casting up of any Exchange here or of Interest elsewhere for any space and term of time whatsoever and fitly serveth as a necessary introduction to what I shall here further insert as concerning the Exchanges made by Lions for other Countries CHAP. CCCIV. Brief Rates of Exchanges in Lions which may serve for the
Rates of Interest in many other places Rates of Exchange in Lions and may serve for Rates of Interest in many other Cities FIrst at ½ per Cent. take 1 10 of a 1 10 and the ½ of the last 1 10 shall be the Rate and Sum of the Exchange propounded and demanded At ⅓ per Cent. take a 1 10 of a 1 10 and a ⅓ of the last 1 10 is the Exchange At ⅔ per Cent. take a 1 10 of a 1 10 and ⅔ of the last 1 10 is the Exchange At ¼ per Cent. take a 1 10 of a 1 10 and ¼ of the last 1 10 is the Exchange At ¾ per Cent. take ¾ of a 1 10 and the 1 10 shall be the Exchange At ⅕ per Cent. take a ⅕ of the 1 10 of a 1 10 shall be the Exchange At ⅖ per Cent. take a ⅖ of the 1 10 of a 1 10 shall be the Exchange At 1 per Cent. take a 1 10 of a 1 10 shall be the Exchange At 1½ per Cent. take a 1 10 of a 1 10 and ½ of the last 1 10 adding the two last At 1½ per Cent. take a 1 10 of a 1 10 and ⅓ of the last 1 10 adding the ⅓ and 1 10. At 1⅔ per Cent. take a ½ of a 1 10 shall be the Exchange At 1¼ per Cent. take a ⅛ of a 1 10 shall be the Exchange At 1¾ per Cent. take ½ and ¼ of the 1 10 of a 1 10 shall be the Exchange At 1⅜ per Cent. take a 1 10 of a 1 10 and ⅜ of the last 1 10. At 2 per Cent. take a ⅕ of a 1 10 shall be the Exchange At 2⅛ per Cent. take a ⅕ of a 1 10 and ⅙ of the said ⅕ adding the ⅓ and ⅕ At 2⅔ per Cent. take a ⅕ of a 1 10 and ½ of the said ⅕ At 2½ per Cent. take a ¼ of a 1 10 shall be the Exchange At 2¼ per Cent. take a ⅕ of a 1 10 and ⅛ of the said ⅕ adding the ⅕ and ⅛ At 2¾ per Cent. take a ¼ of a 1 10 and the 1 10 of the said ¼ At 3 per Cent. take a ¼ of a 1 10 and ⅓ of the said ¼ adding the ¼ and the ⅕ At 3⅓ per Cent. take a ⅓ of a 1 10. At 3½ per Cent. take a ¼ of a 1 10 and ⅔ of the said ¼ adding the ¼ and ⅖ At 3¾ per Cent. take a ¼ of a 1 10 and ⅓ of the said ¼ adding the ¼ and the ½ At 4 per Cent. take a ⅕ of a ⅕ At 4½ per Cent. take ¼ and ⅕ of At 5 per Cent. take a ½ of a 1 10. At 5½ per Cent. take a ½ of a 1 10 and 1 10 of the said ½ adding the ½ and the 1 10. At 6 per Cent. take a ½ of a 1 10 and ⅕ of the said ½ shall be the Exchange At 6¼ per Cent. take a 1 10 of a ¼ of a ¼ shall be the Exchange At 6⅔ per Cent. take a 1 10 of a ⅓ of one ⅓ At 7⅕ per Cent. take a ½ of 1 10 and ½ of the said ½ At 8⅓ per Cent. take a 1 11. At 10 per Cent. take a 1 10. At 12½ per Cent. take a ⅛ At 15 per Cent. take a 1 10 and ½ of the said 1 10 adding the whole At 16⅔ per Cent. take a 1 10. At 17½ per Cent. 1 10 and twice the ½ the one of the other of the said 1 10. At 20 per Cent. ⅕ At 22½ per Cent. ⅕ and of ⅛ the said ⅕ adding giveth the Exchange At 25 per Cent. taking the ¼ The reason and benefit of these Rules as well in Lions as elsewhere The reason why I have been induced to set down the brief method of calculating the Exchanges here is that as it is to be understood that the rate of the Exchange at the payment is regulated for the next ensuing payment for that day so must it also be understood that the nearer the time is to the day of the next ensuing the lesser consequently is the rate of the Exchange for that payment to be accounted and because in many Contracts that are made there in private Bargains between Merchant and Merchant it is oftentimes found that the time of payment prefixed by agreement is sometimes 2 3 or 4 or more Fairs or Payments to come and succeed and thereto is oftentimes to be considered the remaining time running to the first payment ensuing Therefore in this case I have for the easier and better reckoning of him that sells a Commodity and of him that doth buy the same set down the easiest and briefest way how to make his Account of the time to run which here I have set down to the common term of ten payments which at 2½ per Cent. makes 25 per Cent. CHAP. CCCV Examples of the Exchanges of Lions with the Profit of the Profits thereof Example of Exchange with the Profit of the Profit thereof in the nature of Interest upon Interest THE declaration of these Rules is best demonstrated by Examples which here following my intended method for the better understanding thereof I here purpose to insert the Question being That if a Creditor receiveth not each payment the Exchange that is due to him the Debtor ought to make him good the same as if it were the principal For Example I would know what shall l. 1560. 15 Ounces give for profit at the rate of two ½ per Cent. for three payments valuing the said Exchange with the Principal at the price above-named First it is to be noted That if by the Rules above mentioned the Profits of the said Sum at 2½ per Cent. for one payment comes to l. 39. 0. 4 d. that Sum is to be added to the Principal and then it doth amount unto l. 1599. 15 s. 4 d. out of which must be drawn the Exchange of the second payment and add that likewise to the principal and out of that the Exchange of the third and adding that in the same manner and it giveth 1680. l. 15 s. As by Example following doth appear And in this manner the account of the Profits of the Exchange of Lions may be made for any time whatsoever and forasmuch as the rate of the Exchange for a payment in a continued Sum may alter therefore I will lay down one Example more which pesus may be 7450 put out by the Exchange of Lions for a year or four payments The first payment falling to be at 2¼ the second at 2⅓ the third at 2½ and the fourth payment at ⅜ which accordingly cast up and continued with the Profit of the Profit added to the principal it will amount to 8203 l. 6 s. 6 d. as following shall appear by the Example Interest paid upon Rebate Now forasmuch as these Rules have affinity with the interest used in many Countries continued by the year from one to another
the same are concluded Exchanges practised at Genoa I Have shewed elsewhere the general Exchanges of Genoa and with how many other places this City is found to Exchange and there also declared the common rates and prices how the same is found to govern which notwithstanding is found so subject to alteration that it cannot admit of any great certainty yet so far it is conducible to this knowledge that it may serve as a certain rule for the calculation thereof either in the Draughts Remittances or Orders that may happen to fall within the limit of this City the forming of which accounts now remaineth to be handled observing the same with some other principal places which being well understood will enlighten the way to what is here by me for brevity sake willingly omitted Accounts in Genoa To give then Introduction thereto it is to be noted that Exchangers do here keep their accounts several ways as some in Livers Sols and Deniers of current money and others by Livers Sols and Deniers money of Gold and both these accounted and summed up by 20 and 12 because 20 Sols make a Liver and 12 Deniers do make a Sol. Moreover it is to be noted that the Crown of Italy of Gold in Gold is worth here in current Money 90 Sols of Genoa though it is found sometimes to be worth more and sometimes less as Moneys are requested Notwithstanding the said Crown is always given for 68 Sols Money of Gold Again it is to be observed that in Genoa all or the most part of Exchanges that are practised are effectively for Placentia Lions Millan Venice Naples and Rome and therefore in the handling thereof I shall to avoid tediousness be the briefer CHAP. CCCLXII Of the Exchanges of Genoa with Placentia Exchange of Genoa with Placentia GEnoa doth Exchange with Placentia and giveth posito Sol. 87¾ current money to have there 1 Crow of Mark I would know then for Livers 10269. 19. 3 d. current money how many Crow of Mark I shall have in Placentia 1. Example First then multiply the said Sol. 87¾ by 4 to bring them into 4 4 adding the ◠4 and they make 351 quarters and then multiply the said sum of Livers by 20 to make them Sols and then by 4 to make them quarters of Sols adding to the multiplication ¼ for the 3 Deniers and it will be in all 821 597 which divide by 331 the price of the Crown of Mark and the division will be 2340 multiplying the rest by 20 and by 12 to make them Sols and Deniers and they will be in all Crow 2340. 14. 7. of Gold of Mark which you must have in Placentia as by Example will be more evident To prove this account you must multiply the said Crowns of Mark by Lib. 4. 7. 9. beginning to multiply by the Deniers and then by Sols calculating it by 12 Deniers for one Sol and by 2◠for one Liver and of the product will come l. 10269-18-11 so that it is evident that the account is just the difference being in some small parts of the division which is lost as by Example Another Example of the said Exchanges At Genoa it is oftentimes seen that the Exchange is made for Placentia in Sols of Money of Gold and the difference of this money is that the Crown of Gold by decree of the estate is worth Sols money of Gold and in current money 90 Sols and though that the said price of the current money rise and fall the money of Gold never varieth from the said price of 68 Sol. If then I would know for Livers 2816. 13. 4. money of Gold which one exchangeth at 66 5 d. money of Gold per Crown how many Crowns of mark shall one have Do thus Reduce the abovesaid Livers into Deniers multiplying them by 20 and the Sols resting by 12 likewise reduce the said Sols 66. 5 Deniers into Deniers multiplying them by 12 and that which will come thereof shall be the Divisor of the sum of Deniers come of the said Liv. the which divided will be 848 Cro. 3. 7. of Mark. Proof To prove this Rule multiply this by 5 d. and the product will be 2186. 13. 3. which shews the account to be just cast Third Example In Genoa I would deliver for Placentia lib. 3248. 15. of current money which is exchanged at 67 Sol. 10 d. of money of Gold I demand how many Crowns of Mark they will be First reduce the said sum of Livers of current money into Livers of money of Gold dividing the same by 90 Sols the price of the Crown of Gold in current money and they will be Crowns 721. 18. 10 which must be multiplyed by 3 l. 8 s. the price of the Crown in money of Gold and it will come to lib. 2454. 12. money of Gold which divided by 67. 10 to see what the Crowns of Mark are worth and they will make Crowns 723. 14. 3. of Mark and so much shall Genoa have medit in Placentia for the said l. 3248. 15 of current money as the example shall more evidently demonstrate To reduce Livers of current money into Livers of Gold in Geona If in Genoa you would reduce any sum of current money into Livers of money of Gold by a short rule because that the Crow of Gold in current money is 90 s. and in money of Gold 68 s. you must take of the current money twice ⅓ placing them the one under the other and out of one of the said ⅓ take ⅕ and of that which cometh of the said ⅕ you must take ⅓ and adding these 4 parcels together will come Money of Gold as will appear by this Example Proof For proof of the said account if by the same method you would reduce Livers of Money of Gold into Livers of current Money you must add to the said Livers of Money of Gold the ¼ and of that which will come thereof take 1 17 adding the said two parcels together and they will make Livers of current Money Example And thus much shall serve for the Exchange of Genoa with Placentia wherein I have thought fit thus far to enlarge my self by reason of the great Exchanges continually practised between the said two places CHAP. CCCLXIII Of the Exchanges of Genoa with Lions Exchanges of Genoa with Lions GEnoa Exchangeth with Lions and giveth posito Sols 59. 9. Money of Gold to have in Lions a Crown of the Sun I would know then for Livers 37296. 6. 0 of current Money in Genoa how many Crowns of the Sun I shall have in Livers First reduce the said sum of Livers of current Money into Livers of Money of Gold by the former Rules dividing by Sol. 90. the price of the Crown of Gold in current Money and they will make Crowns 8288. 1. 4. which must be multiplyed by l. 3. 8. 5. the price of the Crown in Money of Gold and it will come to
l. 28179. 8. 6. the which divided by Sol. 59. 9. the price of the Crown of the Sun it will be Crowns 9432. 8. 10. And so many Crowns of the Sun will Lions give for those Livers of câ—…rent Money as above propounded Example Proof The proof of this rule will appear when this parcel shall be rechanged back from Lions to Genoa CHAP. CCCLXIV Of the Exchanges of Genoa with Millan Exchanges of Genoa with Millan GEnoa doth Exchange with Millan and giveth 1 Crown of Livers 4 of current Money to have in this place posito Sol. 118½ I would know then for Livers 3850. 14. 8. of current Meney what credit shall Genoa have in Millan First take the quarter of the said sum of Livers to make the same into Crowns of Livers 4 and they will make Crowns 962. 13. 8 the which must be multiplied by Livers 5. 18. 6. per Crown which are the said Sol. 118½ and they will make l. 5703. 17. 11 d. And so much shall the said credit be in Millan as doth appear by the Example in the work following Proof The proof of this account will more evidently appear when this parcel is rechanged for Genoa from Millan CHAP. CCCLXV Of the Exchanges of Genoa with Venice Exchanges of Genoa with Venice GEnoa doth Exchange with Venice and giveth one Crown of Livers 4 current money to have in Venice posito 146½ Sol de Banco and of that money I demand for l. 8340. 12. 0. turrent Money of Genoa how many Ducats de Banco of l. 6â…• per Duc. shall one have credit in Venice To do this then first take the ¼ of the said sum of Livers to reduce them into Crowns of 4 l. and they will make Crowns 2085. 3. 0. the which by l. 7. 6. 6. per Crowns which are the said Sol. 146½ and of the Product thereof will come l. 15273. 14. 6. which must be reduced to Ducats dividing them by 124 the price of the Ducat of 6 l. 4 Sol. and multiplying the rest of the Division by 24 to bring them into Grosses because that 24 Grosses maketh one Ducat and by thus working the same will be Ducats 2463. ½ and so many Ducats of lib. 6â…• shall you have credit in Banco for at Venice as for Example Proof The proof of this rule is seen when Venice doth Exchange back for Genoa this said sum CHAP. CCCLXVI Of the Exchanges of Genoa with Naples Exchange of Genoa with Naples GEnoa doth Exchange with Naples and giveth posito 66â…” Sols of current money to have in this place one Ducat of 5 Taries I demand then for liv 4486. 3. 4. current Money how many Ducats in credit shall I have in Naples First reduce all the said sum of Livers with the said l. 66â…” of current Money into Deniers multiplying the Livers by 20 and the Sols that come thereof by 12 doing the same by the Sols of the price of the Exchange multiplying the same by 12 and by the Division thereof it will make Ducats 1345 and multiplying the remainder of the Division by 100 by reason that 100 Grains doth make one Ducat and there will come Grains 85 which are worth 4 Taries and Grains 5 seeing as hath been before remembred that 1 Tary is in Naples 20 Grains And by thus working it will make Ducats 1345. 4. 5. and so much shall the credit be in Naples as by the Example Proof The proof of this account is seen when Naples shall Exchange back with Genoa I could much more inlarge the Exchanges practised at Genoa with other places but for brevity I willingly omit the same and therefore now come to the Commissions and Orders given in matters of Exchanges at Genoa CHAP. CCCLXVII Of Orders and Commissions given and received for Draughts and Remittances in Genoa Orders and Commissions given and received for Draughts and Remittances in Genoa 1. Example ACcording to my proposed method I will here add one or two Examples of the Orders and Commissions given and thereby received in Draughts and Remittances at Genoa First the posito from Venice there is order given to Genoa to remit to Venice and to prevail for Millan at such a Price that the Draught from Millan to Venice comes but to 148 l. clear of all charges now then there do present Bills for Venice at 149 and money for Millan at 148. I demand if at these prices the said Commission may be performed To do which say by the Rule of Three If Sols 148 of Venice give at Millan Sols 117 being the price of the Crown of the said Millan what will Sols 149 give the price of the Crown of Livers 4 l. at Genoal And it will come to 117¼ Sol. the which without deduction of provision is apparent that the Commission cannot be performed because that the remitting to Venice at 149 the Draught cannot be made for Millan at more then 117¾ besides the provision and the patido is found at 118 Sols as the Example sheweth See Example Again to Genoa cometh order from Antwerp to buy some Velvets and to prevail for the same by Placentia at such a price that the Palm of Velvets in Genoa amount not being bought to more than Sol 8½ money of Gross and the Draught for Placentia at Gross 123. Now there is found Velvets at 72¼ Sols the Palm and Money for Placentia at Sol 88. in current Money I demand then if at these prices the said Commissions may be effected To know which say by the Rule of Three if Gross 123 the price of the Crowns of Mark give at Genoa Sol. 88. what will Gross 102. which are the said Sol. of 8½ of Grosses give and it will come to Sol. 72. 11 so that as it will appear the said Commissions may be performed to benefit because that in drawing for Placentia at 88. Sol the Velvets may be bought at 72 Sol. 11 Den. the Palm and iâ— is found at 72 1 â— Sol. CHAP. CCCLXVIII Of the terms of payment of Bills of Exchanges in Genoa Of the terms of payment of Bills in Genoa From Genoa the terms of Bills are TO Venetia at 15 days sight and at 16 dayes back To Avignon at 15 days sight and so back To Barselona at 20 days sight and so back To Valentia at 20 days sight and so back To London at 3 months from the date and so back To Millan at 5 days sight and so back To Rome at 10 days sight and so back To Pisa at 5 days sight and so back To Gaietta at 10 days sight and so back To Bridges and Antwerp at 10 days sight and thence at two months from the date To Paris the same as to Bridges and Antwerp To Naples and Palermo at 15 days sight and back at 20 days sight And thus much shall serve for Exchanges practised at Genoa together with the Comnissions given and received there and so proceed to the next eminent place of Exchanges
the Crown of Mark there will remain Sol. 134â…” and at that price should Placentia Exchange with or for Millan Question for Genoa Again at Millan is Exchange made for Placentia in expedition of a Fair there at Sol 133½ and for Genoa at Sol 118â…” I demand by the said Exchanges at what price should Placentia Exchange for Genoa I say by the Rule of Three If Sols 118â…” of Millan the price of the Crown of 4 l. of Genoa give Sols 80 what will Sols 133½ give the price of the Crown of Mark in money of Millan and it will be 90 Sols of current money the which without making the reduction into money of Gold seeing it hath been already said that 90 Sols of current money is worth 68 Sol. of Gold and at this price should Placentia exchange with and for Genoa Question for Lions Again at Venice is Exchange made for Placentia in expedition of a Fair there at Duc. 141. and for Lions at 116½ I demand by the said Exchanges at what price should Placentia exchange for Lions I say by the Rule of Three If Duc. 141. of l. 6. â…“ of Venice give in Placentia Crow 100. how many will Duc. 116½ give the value of the Crow 100 of Gold of the Sun of Lions and it will be Crow 82â… or circa and at that price should Placcntia exchange with Lions Another At Placentia there is Exchange made for Lions at Crow 83½ and for Florence at Crow 113 and from that place we have advice that they exchange for Lions at Crow 95â…“ I would know by the said Exchanges if it be beneficial to remit from Placentia to Lions and to draw from Florence by inordering my Factors at Florence to prevail upon Lions at the said price of Crow 95â…“ To know which you must multiply the said Crow 83½ of Mark being the price of Crow 100 of the Sun of Gold by Crow 113. of Gold per cent seeing that the said Crowns of Gold are the value of 100 Crowns of Mark and from the product cut off the two last figures and there will remain Crow 94. 7. 1. to which adding â…– per cent for the provisions which are paid the one at Florence the other at Lions and they will be Crow 94. 19. 8. so that it will be profitable to draw and to remit according to the abovesaid order and manner because that at Florence may be taken by Exchange for Lions at Crow 95 or circa and finding Crow 95½ upon which consideration is to be had what the moneys of Florence may do by Exchange for Lions which thus I work by Example Now for the terms of payments of Bills of Exchanges in Placentia it is expressed in the Trade of that City in Chapter 383. And this shall suffice to have said of the Exchanges practised at Placentia where by reason of the great and continued practises here daily made for vast sums I have somewhat more than ordinarily inlarged my self and so I proceed to the next place of Exchanges which is Florence CHAP. CCCC Examples of Exchanges practised at Florence and how the same are to be calculated Exchanges practised in Florence I Have shewed in the general Exchanges of Florence with how many other places the said City is found to Exchange with and there also shewed the common rates how the same is observed to rule which every day is so subject to alter that no set price can be peremptorily set down for the same yet in it self it is so beneficial that thereby the ignorant may be furthered to make his Accounts either in Draughts or Remittances The way of making which Accounts upon this place now remaineth here to be handled observing the same with so many other places as may make a man capable to understand the same with any of the rest here omitted Accounts kept in Florence And by the way it is observable here That all Exchangers here do keep their Accounts in Crowns Sols and Deniers of Gold or Lire or Livers 7½ of that money per Crown the which are cast up by 20 and by 12 because that 20 Sols of Gold do make one Crown and 12 Den. one Sol. CHAP. CCCCI Of the Exchanges of Florence with Lions Exchanges of Florence with Lions FLorence then is found to Exchange with Lions and giveth posito Crow 95¾ of Gold to have in Lions 100 Crowns of the Sun of Gold I demand for Crow 1268. 9. of Gold how many Crowns of the Sun shall I have in Lions I say by the Rule of Three If Crow 95¾ give Crowns 100 what will Crowns 1268. 9. give And it comes to Crowns 1324 and the remainder of the division being multiplied by 20 and by 12 to bring them into Sols and Deniers of Gold they will make in all Crowns 1324. 15. of Gold of the Sun which I should have Credit in Lions for the said sum of Crowns of Florence The calculation thereof here followeth Proof The proof of this Rule is seen when Lions doth Exchange with Florence CHAP. CCCCII. Of the Exchanges of Florence with Placentia Exchanges of Florence with Placentia FLorence doth Exchange with Placentia and giveth posito 110½ Crowns of Gold to have there 100 Crowns of Mark I demand then for Crowns 4973. 1. 0. of Gold how many Crowns of Mark is due to me First reduce the said Crowns 110½ into Sols of Gold multiplying them by 20 adding to the multiplication 10 Sols for the half Crown and they make Sol. 2210 likewise reduce the said sum of Crowns of Gold into Sols and it will be 99461 Then say by the Rule of Three If Sols 2210 give Crow 100 of Mark what will Sol. 99461 give To which adding two cyphers for the 100 and then dividing it will come to Crowns of Mark and multiplying the rest of the division by 20 and then by 12 to make the same Sols and Deniers of Gold and they will make Crowns 4500. 9. 11. of Mark and so much must I have Credit in Placentia for the said Crow 4973. 1. 0. of Gold of Florence as by Example calculated Proof The proof of this Account is seen when the Exchange is made from Placentia to Florence c. CHAP. CCCCIII Of the Exchanges of Florence with Venetia Exchanges of Florence with Venice FLorence doth Exchange with Venice and giveth posito Crow 81½ of Gold to have Duc. in Banco 100 of Livers 6â…“ I demand then for Crow 2037. 10. of Gold how many Duc. shall Florence have credit in Venice To do which bring the Crow 81½ into half Crowns multiplying them by 2 and so in the same manner the said sum of Crow of Gold adding half a Crown for the 10 Sols then say by the Rule of Three If the half Crowns produced of the price of the Exchange give at Venice Duc. 100 what will the half Crowns give proceeding from the said sum of Crow of Gold and so by adding two cyphers for the
Parcel will amount to with the Exchange from one sort of Mony or Species to another in regard the same hath been already published by Mr. Lewis Roberts in his Map of Commerce but I have given my Advice in the Practical part of Exchanges according to the Custom of Merchants used in England And I have generally back'd my Advice with some Reasons which amongst Wise Men is esteemed more prevalent than Law it self I dare warrant the proceedings of any that shall walk after this my Advice to be good and justifiable by the Law of Merchants but I think I need not hang out a Bush if the Palat be right I know the Wine cannot be disrelished It is the Crop of four and twenty Years Experience in my Employment in the Art of a Notary Publick Reader let not one Perusal suffice thee this Labour is mine the Gain will be thine I am but the Adviser be thou Advised by J. MARIUS Exchange Excellent and Necessary EXCHANGE is by some held to be the most mysterious part of the Art of Merchandizing and Traffick being grounded upon Custom and Experience and the Necessity and Commodiousness of Exchanges is seen in that it hath found a general Allowance in all Countries time out of mind and yet is maintained with the general Consent of all for it prevents the Danger and Adventure of Carriage of Moneys from one City or Country to another And this is done only by two or three Lines written on a small piece of Paper termed A Bill of Exchange which is so noble and excellent that tho it cannot properly as I conceive be called a Specialty because it wanteth those Formalities which by the Common-Law of England are thereunto required as Seal Delivery and Witnesses yet it is equivalent thereunto if not beyond or exceeding any Specialty or Bond in its punctuality and precise Payment carrying with it a commanding Power tho directed from the Servant to the Master for if by him accepted it concerneth him every whit as much to see it be paid with Honour at the time as the Servant can desire or the Party to whom it is payable can expect in regard the Acceptor's Credit lieth at stake And if he fail of Payment at the precise day presently there will issue forth a Protest which may tell tales and soon make a Dilemma in his Commerce for he must not expect to continue his Credit long that doth not pay his accepted Bills at the time appointed and besides his own his Servant or Friend the Drawer's Credit will also be wounded besides the Charges which are incident thereunto and unavoidable Payment of Principal and Charges at the end if the Party or Parties are able for both Acceptor and Drawer are bound till Payment as shall be more particularly shew'd in this ensuing Treatise Thus much in general for I love not to spend more words than need or tell a large Story to little or no purpose Exchange what it is REal Exchange is nothing else but to give or take up Mony in one City or Town to the End to have it again or to restore the just Value thereof in Mony in another Town according to the Price which shall be agreed upon between the Taker and the Deliverer to allow or pay for the Exchange of the Mony and the Loss of Time which will be from the time that the Mony is taken up or delivered till it be restored or received again Inland and Outland Bills all alike AND by this it appeareth That a Bill of Exchange which shall be made for Monies taken up at Edenborough York Bristol Exon Plimouth Dover or any other part of England or Scotland and payable at London is in all things as effectual as any Bill of Exchange made beyond the Seas and payable here in England which we use to call an Outland Bill and the other an Inland Bill both the Inland and Outland being made for Monies taken up by Exchange and Exchange of Monies being a thing which may be done as well from one Town to another as from one Country Kingdom or Nation to another it must needs be that the Bills of Exchange which shall be made as well at one part as at another I mean Inland and Outland ought to be esteemed of equal Worth and the Custom of Merchants on both equally observed howbeit Mr. John Trenchant in his Book of Arithmetick printed at Lions Anno 1608. saith that an Exchange made in the same Realm as from Lions to Paris is not real for that the real Exchange is appointed only for Exchange between Towns in subjection to divers Lords who do not allow Monies to be transported out of their own Territories or because the Monies are not conveyed from one place to another without great Loss Four Persons to make an Exchange and how called ORdinarily there are four Persons requisite to be imployed in taking up or remitting any Parcel of Money by Exchange besides the Broker who doth procure the Parcel as namely two at the Place where the Mony is taken up and two at the Place where the Mony is payable 1. The Party who delivers the Mony by Exchange whom we use to call the Deliverer or the Giver and the French le Banquier because there are who keep a Stock of Mony only to negotiate by Exchange as our Usurers do Mony to deliver at Interest altho these Bankers will as well take up as deliver Monies by Exchange according as they see it most advantagious to them by the Rise or Fall of the Price of Monies by Exchange 2. The Taker or Party who receives or takes up Mony by Exchange and this Party we usually call the Drawer because he may be said to be the chief occasion of the Draught of those Monies from one place to another by virtue of his Bill of Exchange 3. The Party who is to pay the Mony or he upon whom the Bill is drawn or to whom the Bill of Exchange is directed And 4. The Party to whom the Mony is made payable or he to whom the Bill is sent to get accepted and to receive the Mony when due according to the Bill So that by setting down these four Parties and what use there is of them in Exchange of Monies it is apparent that there must be a Correspondency and familiar Acquaintance between the Party who delivers Monies by Exchange and he to whom the same is made payable and the Party who takes up Monies by Exchange and he on whom the Bill is drawn Three Persons to make an Exchange BUT sometimes there are but three Persons needful in the doing a parcel of Mony by Exchange as First the Taker Secondly the Deliverer and Thirdly the Party upon whom the Bill is drawn 1. The Taker he makes and subscribes a Bill of Exchange for so much Mony by him received of the Deliverer 2. The Deliverer he orders the Bill to be made payable to himself or Assigns for the value of himself And
one of them do accept it and the other do refuse to accept that Bill must be protested for want of due acceptance but if the Bill do come directed thus To Robert A. and John B. or to either of them Or thus To Robert A. or in his absence to John B. in this case the Bill being accepted by A. or B. namely by but one of them it is sufficient and the Bill ought not to be protested for want of due acceptance in regard being accepted but by one of them on whom it is drawn it is accepted according to the tenor of the Bill Verbal Acceptance IF a Bill of Exchange be presented to the party to whom it is directed to be accepted and he do answer you thus Leave your Bill with me and I will accept it Or thus Call for it to morrow and you shall have it accepted or such like words promising acceptance such an acceptance is binding and amongst Merchants is taken for an acceptance of the Bill if the same can be proved by witness and if afterwards he to whom the Bill is directed shall refuse to set his name to the Bill and to write under it Accepted by me Richard D. according to the most usual manner here in England In this case the party to whom the Bill is payable may content himself with such an acceptance until the time of payment and then if payment be not made by the party who promised acceptance thereof as is before specified the party to whom it is payable may take his course in Law against the party so accepting and questionless will be compelled to the payment thereof provided the Bill be first protested in due form for non-payment and surely such a verbal acceptance is good and binding and there is a great deal of reason for it for it may so be that that Bill of Exchange was drawn for provision to the party to whom it was payable to the end to pay some other Bill of Exchange charged and drawn on the party to whom the former Bill was payable and he having such a verbal promise of acceptance upon confidence therefore may chance to have accepted the other Bill drawn on him Or it may be the former Bill was sent him to furnish him with Monies to buy some Commodities for the party that remitted the same and upon such a verbal acceptance supposing the Monies will be paid him at the time he may happen to have bought the Commodities for his Friend and may peradventure have written to his Friend that sent him the Bill and having given him advice that he is promised acceptance or that he doubts not of acceptance or the like and upon such advice given his Friend will take notice thereof and make his account accordingly and verily if it were not so namely that such a verbal acceptance were binding there might happen great inconveniences in matter of Trade between Merchant and Merchant amongst whom in their way of Commerce their word is or ought to be as binding as their writing Accept for part IF the party to whom your Bill of Exchange is directed say unto you when you present him the Bill to be accepted That he will accept it for part in regard he hath no more provision in his hands from the party for whose account the Bill of Exchange is drawn or that he oweth him no more upon Account or other the like reasons best known to himself In this case you may take such his acceptance for part but then you presently go to a Notary publick and cause the Bill to be protested for want of acceptance for the whole Sum therein mentioned and you must send away that your Protest to the party which sent you the Bill that he may thereupon have security from the party which took up the Mony for the remaining Sum. And so likewise at the time when the Bill shall fall due you must go and receive the Sum for which it was accepted and you may make a Receipt upon the Bill for the same using these or the like words Received this 22 January 1654. in part of payment of this Bill twenty five pounds six shillings I say Received per me John N. And then you must cause Protest again to be made for non payment of the remaining Sum and send the same back according as you formerly did for non-acceptance Note on your Bills the times when they will fall due AFter you have presented your Bills of Exchange and received them accepted then presently reckon when they will fall due and if you have any Bills drawn from France or Italy or other parts in French Crowns Ducats Dollars or other outlandish Mony look in the Bills at what rate or price they are drawn for Exchange of the Mony here in England and reduce them to our English Mony and then note on the backside of your Bills close to the top at one end thereof in short the time when your Bills will be due with the just sum which you are to receive at the time according to the tenor of your Billâ— before you lay them up in your Counting house to the end that at any time when you would desire to know upon any occasion what Monies you have to receive and when payable you may presently looking over your Bills see and know the same on the backside of the Bills which you will find to be much ease very convenient and indeed Merchanâ— like and I have known it practised by some of the best and most experienced Merchants in London Keep or return Bills accepted YOur Bills thus accepted if payable to your self you may lay up by you in your Counting-house until the time of payment be come or that you have other use thereof but if payable to him that delivered the value or that sent them you to cause to be accepted then you must therewith follow his order either in keeping them by you until further order or in returning them back to be endorsed and it may be to take in the value thereof himself which he may likewise do on the second Bill if he have it by him and so assign it over to another man and send you his order to deliver the accepted Bill to some other person who may have the second Bill endorsed payable unto him The Deliverer is Master FOr you are to take notice That the party which first delivered the Mony on the Bill of Exchange if the Monies he delivered were for his own proper Account is rightly and properly Master thereof until the Bill falls due and he can or may prohibit the party to whom it is directed not to pay the same at the time unto him to whom the Bill is first made payable supposing him to be a Factor for the Deliverer although the party on whom the Bill is drawn have already accepted the Bill which prohibition is called a Countermand and ought to be done in due form and but upon special sure ground
made thereupon as I have shew'd before my Advice is That the Receipt which he shall take for the Mony by him paid be made and written under the Protest and Act but not upon the original accepted Bill of Exchange for divers Reasons which I could give but especially I approve of a Receipt upon the Protest and not on the Bill that so thereby he may still keep the Bill free as not being satisfi'd by those whom it particularly did concern only if he will let the Party to whom the Bill is payable and to whom the Mony is paid subscribe his Name on the backside of the Bill to a blank and let the Protest and Act be sent and returned to the Party for whose account he doth honour the Bill but let him keep the accepted Bill by him to be ready upon all occasions against the Acceptor Bill must not be paid before due IF a Bill of Exchange be made payable at usance double usance thirty days sight or at any longer or shorter time and when the Bill shall be presented to the Party on whom it is drawn to be accepted or at any time before the Bill is due he to whom it is payable shall desire to have the Mony presently paid him by way of anticipation before it be due by the tenour of the Bill and thereupon shall offer to rebate for the time Or if the Party to whom the said Bill is directed having some Monies by him and willing to make some Profit thereof shall of his own accord offer him to whom it is made payable to pay him the Mony presently before the time limited in the Bill of Exchange be expir'd in case he will discount for it or allow him some consideration for the time the Party who shall so pay Mony upon any Bill of Exchange before it be due runs in some danger in not observing Order Indeed he to whom it is payable and who does receive the same is in no danger at all by receiving the Mony before it be due but let him beware that so pays it for if the Mony or Parcel which is remitted be really and properly belonging to the Party which deliver'd the same by Exchange to the subscribed of the Bill and if the Bill be made payable to a Factor Servant Agent or Friend of the Deliverer's only to and for the Deliverer's use and if before the Bill is due the Deliverer do send his Countermand as he may do not to pay the Mony to such his Factor Servant Agent or Friend to whom it was payable by the tenour of the Bill but to some other whom he shall appoint In this case he on whom the Bill is drawn ought to be liable to the Payment thereof according to that Countermand to the Party who shall be thereupon so appointed for as it is not properly in his power I mean in the power of the Party on whom the Bill is drawn to prolong the time of Payment so as that he may chuse if he will pay the Mony at the time limited in the Bill or make the Party to whom it was payable to carry any longer for it neither can that Party to whom the Bill is payable in the case before mention'd warrantably shorten the time limited and appointed in the Bill or agree with the Party on whom it is drawn to pay him the Mony before it be due for the bargain is made between the Deliverer and the Taker and respect ought to be had thereunto and altho this case of countermand doth not ordinarily and commonly happen yet it may happen and I have known it come to pass and who can certainly assure himself that the same will not befal him in his Payment of Monies on any Bill of Exchange before it be due For my part the Advice which I desire to give herein is such as may be for the Security of him that parts with his Mony that he may do it upon good grounds and so may be warrantably discharged but that he cannot well be in breaking Order wherefore I shall never advise any to pay Mony on Bills of Exchange before they be due Second Bill with an Assignment IF a second unaccepted Bill of Exchange be sent to you from the Party to whom it is payable with an Assignment on the backside thereof ordering the Payment to made to your self for the Value received of your Friend or Factor presently upon receipt thereof you must present or cause the same to be presented to the Party on whom it is drawn to be by him accepted unless you have the first Bill already accepted If the Party on whom it is drawn do refuse to accept the second Bill pretending that he hath already accepted the first Bill to another Man unknown or that he cannot name unto you or if you cannot be actually possess'd of that first accepted Bill you ought upon refusal of Acceptance to cause Protest to be made for Non-acceptance of that second Bill that so upon sending away the Protest security may be given to your Friend or Factor that the Mony shall be paid to you at the time or at leastwise Protest to be entred for the Party to whom the Bill is directed is not bound by your second Bill to the Payment of the Mony to you till he accept the Bills of Exchange according to Custom of Merchants unless he have already accepted the first Bill and the same be in your custody for tho as well the Subscribed or Drawer of the Bill of Exchange as the Party who underwrites the Assignment confessing the Value receiv'd and likewise the Acceptor of the Bill are all of them liable and bound in the Bill of Exchange yet they are not all immediately bound either to the Deliverer or the Party to whom the Bill is payable but each Party is bound to him with whom he doth more immediately correspond as I have more particularly before declar'd Party dead which accepted IF the Party to whom your Bill of Exchange is directed to accept the Bill and then if he shall afterwards happen to die before your Bill is due you must at the appointed time for payment demand the Mony of his Executors or Administrators at his mortuary House or last Dwelling-house or Place of abode and upon their Refusal or Delay of payment you must protest for Non payment in the same manner as you would have done if the Party on whom the Bill was drawn had been living and had not paid it at the time Party dead to whom payable IF the Party to whom a Bill of Exchange is made payable be dead at the time when it falls due and his Executor or Administrator have not yet prov'd the Will nor taken out Letters of Administration nevertheless you must not omit to make Demand of the Mony at the just time limited in the Bill and if you offer Security to save harmless against the Executors and Administrators of the deceas'd Party and it be refus'd
you must protest for Non-payment Bill without Assignment IN like manner if you have a Bill of Exchange sent to you to get to be accepted payable to another Man and the Bill being accepted and due you have not an Assignment on the Bill from the Party to whom it is payable ordering it to be paid unto you according to Custom of Merchants you must make demand of the Mony upon that accepted Bill without an Assignment and you must offer to give Security to save harmless against the Party to whom the Bill is made payable and all others and if your Proffer be refused you must protest for Non-payment No such Man to be found IF your Bill of Exchange be directed suppose to Nathaniel Q. Merchant in London and you shall have enquir'd on the Royal Exchange and other parts of the City for such a Merchant and shall not be able to find him out or any body that knows him or that indeed there be none of that Name in London then you must carry your Bill to a Notary publick and he must protest thereupon in due form No body at home IF a Bill of Exchange is sent you to get accepted and there be no body at home at the House or Place of abode of the Party on whom the Bill is drawn Or if when your Bill is due you cannot meet the Party at home nor any one else to pay the Mony on his behalf you must cause Protest to be made either for Non-acceptance or Non-payment at his Dwelling-house or Lodging in his Absence which is as effectual according to the known Law of Merchants and the Rules of Equity being made in seasonable time as if the same had been made speaking to him in Person for you cannot be bound it being beyond your power to make him on whom the Bill is drawn abide at home but in reason he is bound to attend his own business at seasonable hours and it concerns him to keep a good Correspondence with his Friends especially in matters of Bills of Exchange whereof he cannot be ignorant No avoiding a Protest AND the truth is if no Protest could be made legally but in speaking to the Party himself a Protest might be prevented at pleasure but it lies not in the power of him on whom a Bill is drawn to hinder the protesting of the Bill if not by him accepted and paid according to the tenour thereof Figures and Words disagreeing A Bill of Exchange tho written in few Words and contain'd in a small piece of Paper yet is of great Weight and Concern in point of Trade between Merchant and Merchant and therefore ought to be writ very plain and legible and without any Blots Mending or altering any word thereof that so there may not arise any Doubt or Scruple in the Payment thereof And therefore it is that Merchants do usually write the Sum to be paid as well in figures as in words at length as you may observe in the several Forms of Bills of Exchange contained in this Treatise And if it so fall out through Inadvertency or otherwise that the Figures and the Words at length of the Sum that is to be paid upon a Bill of Exchange do not agree together if either the Figures do mention more and the Words less or the Figures do specifie less and the Words more in either or in any such case you ought to observe and follow the order of the Words at length and not in Figures until further order be had concerning the same because a Man is more apt to commit an Errour with his Pen in writing a Figure than in writing a Word And also because the Figures at the top of the Bill do only as it were serve as the Contents of the Bill and a Breviat thereof but the Words at length are in the Body of the Bill of Exchange and are the chief and principal Substance thereof whereunto special regard ought to be had and tho it may so fall out that the Sum mention'd in Figures in the Letter of Advice and the Sum mention'd in Figures in the Bill of Exchange do agree yet if the Words at length in the same Bill do differ you ought to follow the order mention'd in Words at length in the Bill and not the order in Figures for the Reasons before alleg'd A Name mended or interlined IF the Name of the Person to whom a Bill of Exchange is made payable chance to be mended or interlin'd in the Bill and the same be accepted by the Person upon whom it is drawn tho it is an Error and justly to be reproved especially in Merchants which indeed doth seldom happen yet the same cannot be a sufficient Excuse for the Party who hath accepted it or any legal warrant for him to refuse Payment thereof at the time unto the Party whose Name is mended or interlin'd in the Bill or unto his Order by his Assignment if the Bill was so mended before it was accepted and be made payable to him or his Assigns for he could not chuse but take notice of the Error when he accepted the Bill and ought to have satisfi'd himself therein before he accepted it if he say it hath been mended or interlin'd since he accepted it he must prove that Bill payable positively to such a Man BUT if the Bill be made payable positively to such a Man and not to such a Man or his Assigns or Order then an Assignment on the Bill will not serve turn but the Mony must be immediately paid to such a Man in person and he must be known to be the same Man mention'd in the Bill of Exchange that so the Mony may not be paid to a wrong Person and the Acceptor forc'd to pay it twice And if the Bill be made payable positively to such a Man as hath been before observ'd such a Man's Name writ on the backside of the Bill in blank is no sufficient warrant for another Man to come as in his name to receive the Mony but the Man himself to whom the Bill is payable must appear in person Bill without Direction IN case a Bill of Exchange do come without a Direction on it that is if it be not directed to any Man only the Drawer has set his Name to it but not directed it to the Party on whom he design'd to charge it yet if in his Letter of Advice to his Friend to whom the Bill is payable or to whom it is sent to get accepted the Bill is mention'd to be drawn on such a Man naming a Man's Name this Friend to whom the Bill is sent ought to present the Bill to that Man to be accepted according to Advice And in case he shall refuse to accept it because it is not directed to him the Party to whom the Bill was sent ought to make Protest for Non-acceptance for he protests against the Drawer in not having taken sufficient care that the Bill might be accepted by some body according
Merchant and so his Credit may not suffer through any Dilemma or Demur in compliance by reason of any Doubt which may be of the Reality of the Letter as for the plain meaning and obligation of the Merchant himself to be responsible for the same that the Merchant do mention or recite something or other particularly which hath happen'd in some former Affairs or Dealings or which is yet depending between them or at least the Date of his last Letter Now in the General Letter of Credit he that writes it makes use of his Credit for his own account and concern in his way of Trade and so there needs no more than his Letter of Credit to make him liable to repay what shall be so furnish'd but in the Particular Letter of Credit he who writes the Letter does it not to make use of the Monies himself or to be imploy'd for his own use but for the use and accommodation of some other Man at whose request he is willing and doth write his Letter of Credit and therefore it is very expedient and ordinary for him at whose intreaty the Letter is written at the writing and upon receipt thereof to give good Security by Bond or otherwise to the Merchant that gives the Letter of Credit for Repayment to him his Executors or Assigns of all such Monies as shall be receiv'd by virtue of the said Letter of Credit for the Merchant by his Letter stands sufficiently bound to his Correspondent and therefore it is but reason that he for whom the Letter is granted should give as it were his Counterbond for Repayment The Bills of Exchange which are to be made for Monies taken up by Letters of Credit do run in the ordinary form of Bills of Exchange whereof I have set down several towards the beginning of this Treatise as for the Form of the General Letter of Credit in regard each Man knows best his own occasions inducing him thereunto whereof the Letter must chiefly consist I shall wave it and only set down the Form of a Particular Letter of Credit which may be as follows Laus Deo in London this 29. of February 1654. Mr. William M. SIR My last to you was of the 12 of January wherein I wrote you what needful in answer to yours of the 7 of the same month This serves chiefly to desire you to furnish and pay to Mr. John G. English Gentleman to the value of two thousand Crowns at one or more times according as he shall have occasion and desire the same of you taking his Receipt or Bills of Exchange for the Monies which you shall so furnish him with and put it to my accompt and this my Letter of Credit shall be your sufficient Warrant for so doing Vale. Yours Thomas P. To Mr. William M. Merchant at Paris Such a Letter as this is to be deliver'd open to the Party who is to make use of it but then the Merchant that writes this Letter of Credit doth usually give notice thereof in or by his next Letters which he shall write to his Friend to whom it is directed who having paid the Monies and taken Receipt or Bills of Exchange for the same must send them back to the Merchant who gave the Letter of Credit for him to demand Payment thereupon of those that of right shall appertain according to reason Put Bill in Letter-Case or Almanack IN regard Bills of Exchange tho of great concern are ordinarily written upon small pieces of Paper about 3 or four fingers broad by reason of which they are more subject to be lost especially if you carry them loose about you therefore I would advise you for prevention to keep a Letter-Case or which is better a Pocket-Almanack or small Pocket Paper-Book with Clasps and put your Bills of Exchange therein that so they may be kept clean and whole and less subject to be lost How to bring French Crowns into sterling Mony IF you have a Bill of Exchange sent you from France the Mony to be receiv'd in London and your Bill be remitted to pay so many Crowns at such or such a rate as it is usual to do To know how much you must receive here in sterling Mony you must first bring your French Crowns into Pence sterling at the price or rate set down in your Bill and then bring your Pence into Pounds and you have your Desire As for example If your Bill be drawn to pay 250 Crowns at 56¼ d. per Crown first multiply the 250 Crowns by 56 d. this makes 14000 pence whereunto add for the ¼ 62½ pence because 62½ is the ¼ part of 250 and it will make 14062½ sterling and divide the 14062 by 240 d. because 240 d. make a pound sterling and it will produce 58 pounds sterling and there will remain 142 pence which divided by 12 d. will make 11 shillings and there will remain 10 d. then add the ½ d. remaining of your multiplication and the total is 58 11 10½ As for Example thus By the same rule you may reduce Ducats Dollars and Pieces of Eight into sterling Mony when you know how many Pence sterling the Ducat Dollar or Piece of Eight is valu'd at for the Exchange thereof but because this properly belongs to the Art of Arithmetick whereof divers able Men have already publish'd several Treatises in French and Dutch and also in English some whereof have come to my hands therefore I shall not proceed any further herein It suffices that what I have in this Treatise declared is warrantable according to the Law of Merchants and enough to guide any in the Trade of Exchange beyond what hath ever hitherto been publish'd by any which I will aver and justifie Directions concerning the two ensuing Tables THE first Table is for any Year except Leap-year The second Table is for Leap-year only which happens every fourth year as namely Anno 1700 1704 1708 c. In the first Column of either of these Tables I have put the New Stile or the Roman Account of the days in the year in regard it is ten days before our English Account And I have plac'd the English Account or Old Stile in the second Column and so again the New Stile in the third Column and our English Stile in the fourth and so forward from the left-hand to the right every odd Column which hath the Month nam'd at the top thereof is the New Stile Account and every second or even Column which hath not the month writ at the top is the Old Stile Account as you may perceive because the Month begins just ten days after they are begun by the New Account And in both these Tables I have exactly counted day for day and set them side by side upon an equal and streit line from the left hand to the right from New Stile to Old Stile for every day in the year Leap-year containing 366 days and the ordinary year 365 days each Stile agreeing with the