The merchants map of commerce wherein the universal manner and matter relating to trade and merchandize are fully treated of, the standard and current coins of most princes and republicks observ'd, the real and imaginary coins of accounts and exchanges express'd, the natural products and artificial commodities and manufactures for transportation declar'd, the weights and measures of all eminent cities and towns of traffick in the universe, collected one into another, and all reduc'd to the meridian of commerce practis'd in the famous city of London / by Lewis Roberts, merchant.

CHAP. CCLXXIV. Of Exchanges in general, and of the Method and Manner thereof, and how calculated in any Place in Christendom.

* 1.1I Have in the Tenth Chapter of this Map of Commerce shewed, That to make this Trea∣tise 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 Cal∣culation 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 i•• (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 Circum∣stance: 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 la∣borious Presidents and preceding Labours, where I find my self defective in this Task and Labyrinth, I willingly follow.

* 1.2Places 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.

* 1.3Some 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.

* 1.4And 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 Exchan∣ging 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 Eng∣land, 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.

* 1.5Now 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 prin∣cipal 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.

* 1.6In 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 La∣chy and Barry, which are included in Naples, as Naples it self; Palermo and Messina compre∣hended 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.

* 1.7What 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; * 1.8in which is also con∣siderable 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 Meet∣ings 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, accor∣ding to the received Custom of those two Cities, wherein the said Exchanges are found mu∣tually and respectively to be setled and placed.

* 1.9Moreover, 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 con∣sequently 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 estima∣tion 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:

* 1.10If 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 denomina∣tion, 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 calcula∣ted Table following.

* 1.11Now 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.

* 1.12And 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 notwithstand∣ing 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 inten∣tions, and thereby (if he can) obtain a beneficial Bargain or Issue, according to his Design and Plot. As for Example,

* 1.13If 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 Mer∣•…•…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.

* 1.14In 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 Cu∣•…•…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.

Notes

• * 1.1

  Exchanges in general.
• * 1.2

  What are pla∣ces of Exchan∣ges.
• * 1.3

  Some Cities are the Staples of Exchanges.
• * 1.4

  The Exchanges of some Cities depend upon the Exchanges of some others
• * 1.5

  The chief Ci∣ties of Exchan∣ges.
• * 1.6

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

  What Ex∣change is, &c.
• * 1.8

  Rates, Terms, Fairs, and Usances of Exchange.
• * 1.9

  What is obser∣ved in Exchan∣ging in the usual manner thereof.
• * 1.10

  Example.
• * 1.11

  What an En∣tire Sum in Exchanges is, and what a broken Num∣ber or Fra∣ction.
• * 1.12

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

  Ignorant Ex∣changers con∣sure the judi∣cious of vary∣ing from the Custom of Ex∣changing.
• * 1.14

  Example.