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.

CHAP. 303.

Of Examples upon the Exchanges practised at Lions, and how the same are calculated.

I Have formerly noted, that the payments of Bills of Exchanges at Lions is onely in use foure times a yeare, which are, first,

• 1 The payments of Roys, beginning the 6 of March after their stile, and continueth the rest of that moneth.
• 2 The payments of Pasques, or Easter, the 6 of Iune.
• 3 The payments of August, the 6 of September.
• 4 The payments of All-Saints, the 6 of December.

The acceptance of all Bills of Exchange here, is alwayes made the first day of the moneth of each payment: which acceptances hold in themselves both a promise and assurance of the payment of the summe included in the said Bills so accepted: And because there is no other time accustomed wherein Bills of Exchanges are accep∣ted, the Merchants here resident have invented, by meanes of a little Booke, away of registring their severall Bills, which they common∣ly call in French a Bilan; in which Booke, or Bilan, they accustomarily use to make a little Crosse or marke upon each Bill there registred, and thus orderly accepted. But if the partie to whom the same is presented, make a question whether he shall accept it or not, and demandeth time to thinke upon it, then they placeupon that Bill so there registred the letter V, signifying in French, Voir la lettre, or the Bill seene; and if in conclusion he refuse the same, either be∣cause he holdeth not the partie that charged the same sufficient, or solvent, or for any other just occasion, they commonly note the same in their Billan 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 obser∣ved at my residence in that Citie, to carry so much credit amongst the Merchants of the place, as if the same had beene done with wit∣nesses by a publique Notarie.

The third day of the moneth of the said payments, the price of the Exchange is cut and setled, as well for the succeeding course of Eions it selfe, as for all the principall exchanging places of Chri∣stendome; 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.

The sixth day al the Merchants residing upon the place, appear in certain publike rooms neer the Burse, or place of daily mee∣ting with their Booke or Bilan, containing both their Debit and Credit, of both depts and Bils of Exchanges, and there addresse themselves to one another, and to whom they are indepted, in∣timating unto them, to transferre parcels, or as they terme it Vi∣rer partie, and give for Debtor one or more, who doth owe and stands indepted unto them, the like summe or parcell, the which being accepted by the Creditors, the sum is respectively re∣gistred, and noted in the Bilan abovesaid, and after that time; that parcell is understood to be transfer'd, and remaineth entire∣ly upon the Risgoe, perill and fortune of the party that did accept the same, and in this manner here I have observed a Million of Crownes hath in a morning beene 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 compel∣led in this manner, to appeare with their Bilon, thus to satisfie ac∣counts with their Creditors, and make good their paiments, or in default of this appearance, are by the custome of the place de∣clared as Bankrupts, and this in briefe is the remarkeable custome of Lions in matters of Exchanges upon every paiment.

It now remaineth I should shew the rules how the Exchanges are made in this place, for at every paiment, the current moneyes of the place are found encreasing, or decreasing being sometimes worth, from one paiment to another 2 per cent. or 2 〈◊〉〈◊〉 more or lesse, to understand then these rules, I will first lay downe some Exam∣ples for the helpe of those that are not well acquainted with the custome of this Citie.

Presuppose that a Merchant hath taken in Banco 455 Livers, at 2½ per cent. from the paiments of Roys, as they call it, or Kings, untill the paiment of Pasques or Easter, and to know what the Exchange may amount unto, at the rate abovesaid, doe this brie∣fly the 〈◊〉〈◊〉 of the said 455 Lib. is first to be taken, and then 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 afore. mentioned, and therefore ¼ of the tenth is to be taken, as for ex∣ample. 〈 math 〉〈 math 〉

Againe a Debtor oweth unto his Creditor Lib. 3141. 16. 6 d. to pay at the rate of 2⅔ per cent. for Exchange, the which most fa∣cilie and briefly is thus performed, take the 〈◊〉〈◊〉 of the said sum, & of the proceed 〈◊〉〈◊〉 and of the 〈◊〉〈◊〉 the ⅓, adding the said fifth to the ⅓.

And thus the value of the said Exchange is found out, as here fol∣loweth. 〈 math 〉〈 math 〉

The reason of this brevity is, that if from 100, one taketh as is before said ⅕ of 1/10 and 〈◊〉〈◊〉 of the said ⅕ the product of the said 〈◊〉〈◊〉 with the 〈◊〉〈◊〉, gives just 2 〈◊〉〈◊〉 as is above specified.

Againe at 2 〈◊〉〈◊〉 per Cent. how much amounteth the Exchange of Lib. 842. 17. 6. you must here take 〈◊〉〈◊〉 of a 1/10 and a 1/10 of the said adding the two last products the Exchange will appeare, as 〈 math 〉〈 math 〉

Againe a Debtor oweth to his Creditor lib. 1435. 17. 8d. to be paid at the rate of 2 〈◊〉〈◊〉 per cent. for the Exchange, to doe this, take the 〈◊〉〈◊〉 part of the said sum, and of his Product 〈◊〉〈◊〉 and of the 〈◊〉〈◊〉 the 〈◊〉〈◊〉 adding the said 〈◊〉〈◊〉 to the said 〈◊〉〈◊〉 and the Exchange will appeare. 〈 math 〉〈 math 〉

Againe at 2¼ per cent. what will the Exchange of 7661 lib. 17. Sols amount unto, to doe which, the ⅕ of 〈◊〉〈◊〉 and the 〈◊〉〈◊〉 of the said 〈◊〉〈◊〉 is to be taken, adding the ⅕ and the 〈◊〉〈◊〉 and it giveth the Exchange. 〈 math 〉〈 math 〉

Againe, at 3 per Cent. I would know the Exchange of 7000 lib. herein take ¼ of 1/10 and ⅕ of the said ¼, adding the two last products, it giveth the Exchange: as example, 〈 math 〉〈 math 〉

Also presuppose, that a Merchant hath sold some goods for the value of 5312. 10. li. at a yeares time, conditionally to have the allowance of 2½ per Cent. for every payment, what ought the Buyer to give the Seller at the said terme? in this case consider, that 2½ per Cent. for a payment, is 10 per Cent. for the yeare; and therefore the 1/10 is to be taken, and to be added to the totall, and it giveth li. 5843. 15. 〈 math 〉〈 math 〉

But I have stayed upon this point too long, and therefore will omit further Examples, and will onely insert a briefe Method of these forme of Exchanges, in this place, because the ingenious may make it serve his occasions in any Countrey, where Monyes 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 terme of time whatsoever, and fitly serveth as a ne∣cessarie introduction to what I shall here further insert, as concer∣ning the Exchanges made by Lions for other Countries.

Notes

• Examples upon Exchanges in Lions.
• The custome of acceptation of Bills of Exchange in Lions.
• A Bilan.
• The price setled for the succeeding Faires.
• Descounters or transferring of bils of Ex∣change, and debts in L•…•…ns
• Rules of cast∣ing up the Ex∣changes in Lions.
• At 2½ per Cent.
• At 2 〈◊〉〈◊〉.
• At 2⅓.
• At 2 〈◊〉〈◊〉.
• At 3. per Cent.
• At 2 〈◊〉〈◊〉.