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. XCVII. A View of the Practice of Exchanges in Ge∣neral, and the advantage accruing there∣by.

THat Exchanges are a Principal part of Merchandise, it is most certain, and has been so found for 200 Years p••st, tho not brought to perfection till of late Days. The places most apt for Exchanges are

those where many Merchants of divers Nations reside; and have frequent meetings in relation to Trade, and Prizes of Com∣modities, whose returns are Subject to great Exchanges, which are ever advantageous to the place where they are Practised. Now some places there are that have Exchanges in themselves, yet are compelled to de∣pend upon other places; having only cer∣tain times or Fairs appointed by the Cu∣stom of Exchangers, in which, or to which Bills of Exchange are either expired, re∣newed, or dated, one of which is Placentia; and indeed all Towns in Countries where there is more then one Exchange establish∣ed, the Metropolis or Principal Exchange gives Rules, and Rates to the rest; provid∣ed the Coyns be of equal value and good∣ness, nor indeed tho many places have at∣tributed the name of Exchanges, yet that Exchange remains not so much in Esse as in the will of the Merchants, Bankers, and Exchan∣gers, in whose Power it is to assign the place as they think convenient; and for the most part pitch upon Principal places, where their Bills are sure to have a quick dispatch. Now there are several Cities that exchange in one and the same Monies, Coyns, and Denomination; as Naples, Lechie, Bar∣ry, the two latter included in the former,

Palermo, and Messina, comprehended in Si∣cilia; Valentia, Saragosa, and Barselona in Cattalonia; Sevil, Alcala, and Medina-del-Campo in Castilia; Frankford, Colona, Norem∣burg, and Augusta in Germany, with many other of less note. But exchange now from a Plain and easie Method is reduced to so many mysterious Points, that it is extraor∣dinary difficult to understand it aright in all places, therefore I shall only lay down such Particulars as chiefly concern English Merchants; and are conducing to the Trade of the Brittish Empire. The first thing then that is to be observed, is the true value of the Coyn of the City, or Port where you make your exchange, which is not to be taken according to the value of the Coyn as it is currant, but according to its Weight and fineness, and so the return may be proportionable; but if Bills are drawn to pay a Merchant residing in any place where the Coyn is currant, and he dispo∣ses of it for Commodities of the Growth, or Manufacture of the Country, then it matters not how the Coyn has been in∣haunced above its true value, by Reason it is currant, tho perhaps should the Coyn be carryed into an other Kingdom, it might redound to the loss of the receiver a third part; and this equallizing Coyns of divers

Nations by Ballance I called a Par, by which all Coyns of Silver or Gold espe∣cially, are reduced to an equal value; as for example, Placentia exchanges with Lon∣don one Crown of currant money there for 1 Shilling 6 pence ½ ob. Sterling, Lyons the Crown currant for 2 Shillings 8 pence Sterling, Rome exchanges her Ducat 87 ½ pence Sterling, Genoa her Crown of Gold at 83 pence Sterling, Millain her Crown of Gold 84 pence ½ ob. Sterling, Venice her Ducat at 60 pence Sterling, Florence her Crown at 80 pence, Luca her Ducat at 67 pence Sterling, Naples her Ducat at 66 ½ pence Sterling, Lechy her Ducat at 6 pence Sterling, Bary her Ducat at 62 pence Ster∣ling, Palermo her Ducat at 78 pence Ster∣ling, Messina her Ducat at 72 pence Ster∣ling, Valentia her Ducat at 72 ½ pence Ster∣ling, Saragosa her Ducat at 73 pence Ster∣ling, Barsalonia her Ducat at 72 pence Ster∣ling, Sevil her Ducat at 72 pence Ster∣ling, Lisbon her Ducat at 69 pence Ster∣ling, Bolonia her Ducat at 67 pence Ster∣ling, Bergamo her Ducaton at 67 pence Ster∣ling, Frankfort, Noremburg, Augusta, and Viena (in all which Cities one and the same Coyn is currant) Exchange their Florin at 50 pence Sterling; all these Cities and Towns London exchanges within broken numbers

(that is by pence) at the rates aforesaid, and so Multiplies into greater Summs as occasion requires, but with Antwerp and Collen, Amsterdam, &c, in whole number, as one pound Sterling for 34 ½ Flemish Shillings, and proportionable for greater Summs.

Again in London and throughout all Eng∣land Exchangers and Merchants keep their Accounts in Pounds, Shillings, Pence, and cast them up as is done in other places, by Solds, Livers, and Denire, viz. 12 pence to the Shilling, and 20 Shillings to the pound, and are found to exchange with Transmarine Cities thus, viz. to allow 64 pence Sterling, for the Crown of Placentia 64 pence Sterling, for the Crown of Ly∣ons 66 pence Sterling, for the Ducat of Rome 65 pence, for the Crown of Gold of Genoa 64 2/4 pence, for the Crown of Gold of Millain 50 pence, for the Ducat in Ban∣co of Venice 61 pence, for the Crown of Florence 53 ½ pence, for the Ducaton of Luca 50 pence, for the Ducat of Naples 50 ½ pence, for the Ducat of Lechy 51 pence, for the Ducat of Bary 57 ½, for the Du∣cat of Palermo 56 ½, for which Ducat of Messina one pound Sterling, for 34 ½ Shil∣lings Flemish, with Antwerp and Collon 57 ½ pence, for the Ducat of Valentia 59

pence, for the Ducat of Saragosa 64 pence, for the Ducat of Barselona 59 ½ pence, for the Florin of Frankford 52 pence, for the Ducaton of Bergamo 53 ⅓, for the Ducaton of Bolonia 53 ½ pence, and for the Ducat of Lisbon 53 ½. And thus the currant Ex∣change is setled, and continues unless in times of War, when Princes to Inrich their Cof∣fers, make an Inhaunsment upon the cur∣rant Coyns in their respective Domini∣ons, and at other times when the Banker or Exchanger takes the advantage of the Par∣ties necessity, upon whose Accounts the ex∣change is to be made.

The Terms of paying Bills of exchange in London with other Cities, are commonly these. To Venice at 3 Months after date, and so upon return to Antwerp at one Month after date; and so back to Genoa at 3 Months, and so back to Lyons for the Fair, and so from Fair to Fair as the Custom of that City is; to Pisa at 3 Months after date, and so back to Placentia, from Fair to Fair according to the Custom of the place; to Florence at 3 Months after date, & so upon return to Rou∣en and Paris at one Month after date, and so back; and these Bills are currant money, insomuch that many Millions are pay'd by Bills without telling any money, Merchants passing the Bills to one another by assign∣ment

as currant Coyns, of which Bills their Presentations, Intimations, Accepta∣tions, Protests, and Returns, I shall in the following Chapter, expose to the View of the Reader.