The merchants mappe of commerce wherein, the universall manner and matter of trade, is compendiously handled. The standerd and currant coines of sundry princes, observed. The reall and imaginary coines of accompts and exchanges, expressed. The naturall and artificiall commodities of all countries for transportation declared. The weights and measures of all eminent cities and tovvnes of traffique, collected and reduced one into another; and all to the meridian of commerce practised in the famous citie of London. By Lewes Roberts, merchant. Necessary for all such as shall be imployed in the publique affaires of princes in forreigne parts; for all gentlemen and others that travell abroad for delight or pleasure, and for all merchants or their factors that exercise the art of merchandizing in any part of the habitable world.

EXCHANGES,

CHAP. 274.

Of Exchanges in generall, and of the Method and manner thereof, and how calculated in any place in Christendome.

I Have in the tenth Chapter of this Map * 1.1 of Commerce, shewed, that to make this Treatise absolute and compleate, the Method and manner how all Exchanges are framed and calculated is perfectly to be knowne and learned, and there also declared the necessity of this knowlege with all circumstances depending there∣upon.

Now by reason that I have in all the afore mentioned Cities of this Map, (wherein, either custome, time, or commodity of Trade, Exchanges of moneys have beene setled, and where the said Exchan∣ges are daily used and practised) omitted the forme, manner and calculation thereof, together with all the particular circumstan∣ces rebuisite and necessary to the explanation of this mystery of Exchanging, I have in this place thought good to allot it (as wor∣thily meriting) a peculiar discourse at large by it self, which here I conceive it most proper to bee inserted: and because that my experience in the exactnesse required may not be peradventure sufficient, to lead me through in every particular point and need∣full circumstance; I have therefore judged it no blemish to my knowledge to be instructed by those excellent and judici∣ous Bankers, Geo. Baptista Zuccetta, a merchant of Genoa, and Cla•…•…dio Boiero, a merchant of Lions, whose endevours herein are wor∣thy commendations, and whose laborious presidents and pre∣ceding labours, where I find my selfe defective in this taske and Labyrinth, I willingly follow.

Places in use, and those as are apt for exchanges, are such, where Merchants in some fit and competent number, doe meet and are * 1.2 assembled for the benefit and behoofe of trade and negotiation, which at this present day are observed to be many, yet withall are noted not to be so firmely setled, but that the same admits some∣times an alteration and change, varying according as the dew occasions of Commerce, and traffique in that place requires, either by the decay of the trade there, or by the encrease of the trade of another place more fit and proper thereunto.

Some places againe are observed to be (if I may so tearme it) the Staples of Exchanges, and yet notwithstanding hath its de∣pendency * 1.3 upon the Exchanges of other places, and which else are not found to comprehend any other manner of traffique, having onely certaine times or faires, setled and confirmed by the custome of Exchangers, in which, and to which Bils of Exchange, are either dated, expire, or are renewed, in which Nature, and of which sort Pla∣centia is accounted the most notable for all Italy and other places, where indeed Exchanges are found to have a certain kind of being, yetacknowledgeth its real existence from other places and Cities, Besanson in Burgondie, Spossa in the River of Genoa, Camberay in Pied∣•…•…d, and some others were in former times observed to be of this kind, whose Exchanges did totally depend upon the partidos of Ex∣changes, made in other countries, and these sometimes of such, as had the same concordancy in the currant coins of the Exchange, and sometimes a discrepancie.

And for as much as it is observed, that some other Cities where no set Exchanges are found, sometimes challengeth by the neces∣sity * 1.4 of traffique and Commerce, a course of Exchanging with these or the like places, and yet hath none setled therein, then and in such cases is it seene, that the Metropolis, or principall Cities of these countries, prescribes both the Rule, rate, and condition thereto, as if Vicentia, Verona, or Padoua, would frame an Ex∣change with Placentia, it is observable, that the rate of Venice, in which estate these said places are found to be, and who have their moneyes of one and the selfe-same goodnesse and value, give the rule, rate, and condition thereto. So in Pavia, Como, and other townes in the Dutchy of Millan, as in Millan it selfe, so in Bristoll, Yorke, Chester or H•…•…ll, or other townes in England, as in the City of London, the principall of that Iland, so have the Cities of France, their rule from Lions, all places of Flanders from Ant∣werpe, and so have the like in other places and Countries.

Now for as much as Exchanges then are not found current in all places, Exchangers, Bankers, and Merchants have setled a common * 1.5 course of Exchanging, in some certaine particular and princi∣pall places, the which are observed in these daies chiefly to bee these, as namely in Italy thirteene.

For Italie 13.

• Rome.
• Genoa.
• Millan
• Naples.
• Barri.
• Mesina.
• Bollonia.
• Venice.
• Florence.
• Lucca.
• Lechie.
• Palermo.
• Bergamo. &c.

For France 3

• Paris.
• Lions.
• Roan &c.

For Spaine 6

• Valentia.
• Barselona.
• Alcala.
• Saragosa.
• Sivill.
• Medina delcampo.

For Portugall Lisborne onely.

For Flanders Antwerpe onely.

For England London onely.

For Germany 5

• Vienna.
• Noremberg.
• Colonia.
• Augusta.
• Francford. &c.

Besides which, some others of lesser note, are observed to have an Exchange currant, but by reason, that in some sort, they have in most of the principall points, a dependancie upon some of these, and a concordance with them; they are by most Authors neglected, and therefore shall be by me heere wholly omitted.

In the next place it is considerable that many of these before * 1.6 mentioned Cities, are found to practice their Exchanges, in one and the selfe same moneyes, Coines, and denominations, as doth Lechie, and Barry, which are included in Naples, as Naples it selfe, Palermo and Mesina comprehended in Sicilia, Valentia, Saragosa, and Barselo∣na, in Catalonia, Sivil, Alcala, & Medina del Campo in Castilia, Francford, Noremberge, Colonia, and Augusta in Germany, and so in some others.

What thing this Exchange is properly in it selfe found to bee, * 1.7 as also what a Bill of Exchange is, and the due ceremonies and strict rules thereof, together with the commodiousnesse, neces∣sity, and first reall intent of the same, I have shewed in the tenth Chapter, which briefly here, may not unproperly bee defined by the word it selfe, as it is aptly expressed in our English tongue, which extendeth it selfe into two parts; as first, an Exchanging of one sort of Moneyes to another, and secondly an Exchanging from one Citie or countrey to another, in which is also considerable, both

a rate and tearme wherein, and whereby this is brought to con∣clusion and perfection, which are principally observed to be per∣formed * 1.8 by certaine faires or usances, accustomed in the Art of Ex∣changing, and which are set downe, by Merchants, Bankers and Ex∣changers, at their assemblies and meetings, in a faire and regular Order, by a certaine course of Iustice, and by peculiar lawes and ordinances amongst themselves, both which faires and the rates and tearmes thereof, have a constant expiration and determina∣tion, within certaine monthes, as the Vsances have, that are like∣wise included within the rules of the said Faires, which are found also to end and determine within certaine prefix't daies, accor∣ding to the received custome of those two Cities, wherein the said Exchanges are found mutually and respectively to be both setled and placed.

Moreover, in the practice of Exchanging, Bankers and Exchan∣gers, are found to observe this custome amongst themselves in * 1.9 the usuall manner of Exchanging from one place to another, that is, the 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 Bargaine, it is imagined, that those two, either persons or places, would ne∣gotiate one and the self-same thing, so that the one would be the Seller, and the other the Buyer thereof, to performe which, it is questionlesse needfull, that he that hath the thing, makes the rate and price, the which shall happen without any contract, or diffe∣rence of much or little, and as it chanceth in the sale of any com∣modity, so falleth it out in the Exchanges of Moneyes, for of the two places that would Exchange, the one propounds a grosse summe, and the other the condition and price in a lesser summe, which may either admit an encrease, or decrease in estimation or value, according as they fall to agreement, upon the lesser or greater esteeme of the said some propounded, the use of which is exem∣plified thus.

If Placentia would Exchange with any other place, the said Pla∣centia, * 1.10 or as Exchangers tearme it, the said Faire, or fiera propounds and gives alwayes the intire summe, or greater denomination, and by consequence, the other that would exchange therewith, gives the other which is the lesser denomination.

This Summe which I thus tearme an intire or whole denomina∣tion, falles in some places to be, sometimes one Crowne, and in other places sometimes 100 Crownes, Florins or Duccats, the same is likewise found to be practised betweene any two places; Ex∣changing, for each place giveth either a Denomination intire of one to one other, or of one hundred to another Hundred, or else of a les∣ser divident then one, or then one hundred, which I here tearme the fraction, broken number, or smallest denomination, as shalbe more plainely expressed in the calculated Tables following.

Now as touching the monyes which are thus given as intire or * 1.11 whole summes, Videlicet, One or One hundred, these are either found to be Crownes, Ducats, Pounds, Florins, &c. according to the received quality of the grosse and whole monyes, 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 conse∣quently of divers sorts, as pence, sols, deniers, &c. as shall also ap∣peare by the said Table.

And though it fall out to be the custome, that one place giveth * 1.12 an Exchange in grosse monyes, and another place in small, (as is before related,) and that this grosse and small monyes be of such or such a quality and kind, This observation and Rule prescribed notwith∣standing, is not alwayes necessary, but that Exchangers may, (though I confesse it is seldome seene) 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 commo∣dity, propound his owne intentions, and thereby (if he can) ob∣taine a beneficiall bargaine or issue, according to his desired de∣signe and plot. As for example.

If it should be said, that Exchanges may be made in a method * 1.13 differing from this or the common rule, or contrary to that way that hath beene received and taken, some would soone censure him of folly that should be of that opinion, and conceive such a one to be little versed in exchanging affaires, that should either propound or seeke to performe such a thing, but yet no great heed is to be taken, to the raw conceits and childish opinions of such selfe-willd Merchants, which may for the most part, be said to be either drench'd in ignorance, or drowned in Envy; because that a skilfull Merchant, may (as I have alledged) frame his Exchanges as he fees good, and to his owne commodity, the which very often∣times is observed tobe done by others, and practised daily by those of this Cittie of excellent judgements.

In example whereof, posito, I would Exchange Genoa with Naples, * 1.14 betweene which two places, the use and custome is, that Genoa gi∣veth the intire summe, or greater denomination, which is the Crowne of gold, for the which Naples gives the Graine 135. a little more or lesse, I demande, why may not Genoa give that whole summe, which is the Crowne of 4. livers, as it is accustomed to give with other places, and estimating the same by 120 graines Na∣ples, and thereby the Exchange will prove to be equall with the first manner before mentioned. And further, why may not the contrary be practised, Naples giving the whole denomination, which may be Ducats, one, for sold 66. 8. d. and so vary in as ma∣ny formes as they please, wherein I confesse I never yet found any Exchanges made, neither doe I know any true reason that the common customes should be altered, though I have thought

good to note the same here, that each knowing Merchant, may boldly use which he please, for to him that truely understands the value and course of both the places Exchanging, there will appeare no difficultie therein, and I wish that those, which knowe no other wayes but their owne, content themselves within the limits of their owne manner and understanding, and suffer others of bet∣ter judgements, without their censure, to follow their owne, when it is to their benefit or commodity.

Notes

• * 1.1

  Exchange in Generall.
• * 1.2

  What are places of Exchanges.
• * 1.3

  Som cities are the Staples of Exchanges.
• * 1.4

  The Exchan∣ges of some ci∣ties depends upon the Ex∣changes of som others.
• * 1.5

  The chiefe ci∣ties of Exchan∣ges.
• * 1.6

  Many Cities practice Ex∣changes by one and the same monyes &c.
• * 1.7

  What Ex∣change is, &c.
• * 1.8

  Rates, termes, Faires, and V∣sances of Ex∣change.
• * 1.9

  What is obser∣ved in Exchan∣ing in the usual manner ther∣of.
• * 1.10

  Example.
• * 1.11

  What an in∣tire summe Exchanges is, and what a broken num∣ber or fraction.
• * 1.12

  Liberty of Ex∣changing to the judicious.
• * 1.13

  Ignorant ex∣changers cen∣sure the judi∣cious of vary∣ing from the custome of Ex∣changing.
• * 1.14

  Example.