The present state of England. Part III. and Part IV. containing I. an account of the riches, strength, magnificence, natural production, manufactures of this island, with an exact catalogue of the nobility, and their seats, &c., II. the trade and commerce within it self, and with all countries traded to by the English, as at this day established, and all other matters relating to inland and marine affairs : supplying what is omitted in the two former parts ...

CHAP. CXI. Of Letters of credit, and to what intent they are drawn.

THere are divers sorts of Letters, that pass between Merchants and Merchants, or Merchants and their Factors. As Letters of Commission for buying and selling, Let∣ters of advice, Letters of Fraight, and Let∣ters of Credit; the latter of which are properly such as are Written to furnish mo∣nies by Exchange, upon the credit of him that Writes them, so that by virtue of the Letter or Letters so Written, the Mer∣chant or Banker that Writes the Letter or Letters, are bound as firmly, as if they had given Bond to satisfy by Bill of Ex∣change; or otherwise any Summ or Summs of money, taken upon them by those Per∣sons specifyed therein. And these Letters are two sorts, the one General and the o∣ther special.

The first is when I Write my open Let∣ter to all Merchants, &c. who shall Furnish such and such Persons upon my Letter of credit, wherein I do bind my self, that what Monies shall be delivered unto such and such

parties therein specifyed, within the time limited at such and such rates, or as the Exchange is currant; I will repay by Bills of Exchange or otherwise: and if any one should refuse to pay Bills for monies receiv∣ed upon his Letters of credit, yet those Letters being produced, and proved to be his, are as binding as Hand and Seal, and stand as good in Law.

The special Letter of credit, is directed to a peculiar Person, and is of force equal with the former; as for the Forms of the General Letters of credit, they are vari∣ous and sutable to the occasion of the Wri∣ter, but the form of a special or particular Letter of credit may run thus.

Laus Deo in Bristol 20 of February 1683. Mr. James D.

Sr. My last unto you was of the 10th. of December, wherein I Wrote to you what was needful, in answer unto yours of the 4th. of the same Month; this serves chiefly to desire you to furnish and pay unto Mr. W. B. English Gentleman, to the value of 3000 Crowns, at one or more times, according as he shall have occasion, or 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 Account, and this my Letter of Credit shall be your sufficient Warrant for so do∣ing. Vale.

To Mr. Charles G. Merchant. at Lyons.

yours Timothy L.

And thus I shall conclude my discourse of Exchanges; only by the way, note there is in use the old Style and new Style, the former being only practised or held in England, and other his Majesties of Great Brittains Dominions, in Hamburg, Strasbourg, and some other parts of Germa∣ny; and the latter in all other parts of Christendom.