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

* 1.1I Have formerly noted, that the payments of Bills of Exchanges at Lions is only in use four times a year, which are, first,

• 1. The payment of Roys, beginneth the 6th. of March after their Stile, and continueth the rest of that Month.
• 2. The payments of Pasques, or Easter, the 6th. of June.
• 4. The payments of August, the 6th. of September.
• 4. The payments of All-Saints, the 6th. of December.

* 1.2The Acceptance of all Bills of Exchange here, is always made the first day of the Month of each payment, which Acceptances hold in themselves both a promise and assurance of the payment of the Sum included in the said Bills so accepted: And because there is no other time accustomed wherein Bills of Exchange are accepted, the Merchants here resident have invent∣ed, by means of a little Book, a way of registring their several Bills, which they commonly call in French a Bilan; * 1.3in which Book or Bilan, they accustomarily use to make a little Cross or Mark upon each Bill there registred, and thus orderly accepted. But if the Party to whom the same is presented, make a Question whether he shall accept it or not, and demandeth time to think upon it, then they place upon that Bill so there registred the letter V. signify∣ing in French, Voir la lettre, or the Bill seen; or if in conclusion he refuse the same, either because he holdeth not the Party that chargeth the same sufficient, or solvent, or for any other just occasion, they commonly note the same in their Bilan 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 observed at my residence in that City, to carry so much Credit amongst the Merchants of the place, as if the same had been done with Witnesses by a Publick Notary.

* 1.4The third day of the Month of the said payments, the price of the said Exchange is cut and settled, as well for the succeeding course of Lions it self, as for all the principal exchanging places of Christendom; 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.

* 1.5The sixth day all the Merchants residing upon the place, appear in certain publick Rooms near the Burse, or place of daily meeting with their Book or Bilan, containing both their Debit and Credit, of both Debts and Bills of Exchanges, and there address themselves to one another, and to whom they are indebted, intimating unto them, to transfer Parcels, or as they term it, V•…•…er partie, and give for Debtor one or more, who doth owe, and stands indebted unto them the like Sum or Parcel, the which being accepted by the Creditors, the Sum is respectively registred, and noted in the Bilan abovesaid; and after that time, that Parcel is understood to be transferr'd and remaineth entirely upon the Risgoe, peril and fortune of the Party that did accept the same: And in this manner here I have observed a Million of Crowns hath in a morning been paid and satisfied without the disbursement of a Denier in Money, and therefore to this purpose all Mer∣chants resident here, or their Servants for them, are compelled in this manner to appear with their Bilan, thus to satisfie Accounts with their Creditors, and make good their payments, or in default of this appearance are by the Custom of the place declared as Bankrupts; and this in brief is the remarkable Custom of Lions in matters of Exchanges upon every payment.

* 1.6It now remaineth I should shew the Rules how the Exchanges are made in this place; for at every payment the current Moneys of the place are found increasing or decreasing, being sometimes worth from one payment to another 2 per Cent. or 2¼ more or less: to understand then there Rules, I will first lay down some Examples for the help of those that are not well acquainted with the Custom of this City.

Presuppose that a Merchant hath taken in Banco 455 Livres at 2½ per Cent. from the pay∣ments of Roys as they call it, or Kings, until the payment of Pasques or Easter, and to know what the Exchange may amount unto, at the rate abovesaid, do this briefly: the ½ of the said

* 1.7 455 l. is first to be taken, and 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 aforementioned, and therefore ¼ of the tenth is to be taken, as for Example: 〈 math 〉〈 math 〉

* 1.8Again, a Debtor oweth unto his Creditor l. 3141. 16 s. 6 d. to pay at the rate of 2⅓ per Cent. for Exchange, the which most facile and briefly is thus performed: Take the 1/1•• of the said Sum, and of the proceed ½, and of the ½ the ••/3, adding the said fifth to the ⅔. And thus the value of the Exchange is found out, as here followeth. 〈 math 〉〈 math 〉

The reason of this brevity is, that if from 100 one taketh as is before said ⅕ of 1/10 and ⅓ of the said ⅕, the product of the said ••/5 with the ⅓, gives just 2⅔, as is above specified.

Again, at 2 ••/4 per Cent. how much amounteth the Exchange of l. 842. 17. 6. you must here take ••/3 of a 1/10, and a ••/10 of the said, adding the two last products the Exchange will appear, as 〈 math 〉〈 math 〉

* 1.9Again, a Debtor oweth to his Creditor l. 1435. 17. 8 d. to be paid at the rate of 2½ per Cent. for the Exchange: To do this, take the 1/10 parts of the said Sum, and of his Product ⅕, and of the ½ the ⅛, adding the said ⅕ to the said ⅛, and the Exchange will appear. 〈 math 〉〈 math 〉

* 1.10Again, at 2¼ per Cent. what will the Exchange of 7661 l. 17 Sols amount unto? To do which, the ⅕ of 1/10, and the ⅛ of the said ⅕ is to be taken, adding the ⅕ and the ⅛, and it giveth the Exchange. 〈 math 〉〈 math 〉

* 1.11Again, at 3 per Cent. I would know the Exchange of 7000 l. herein take ¼ of 1/10 and ⅕ of the said ¼, adding the two last products, it giveth the Exchange: as for Example; 〈 math 〉〈 math 〉

* 1.12Also presuppose, that a Merchant hath sold some Goods for the value of 5312 l. 10 s. at a years time, conditionally to have the allowance of 2½ per Cent. for every payment, what ought the Buyer to give the Seller at the said term? In this case consider, that 2½ per Cent. for a pay∣ment, is 10 per Cent. for the year; and therefore the 1/10 is to be taken, and to be added to the Total, and it giveth l. 5843. 15. 〈 math 〉〈 math 〉

But I have stayed upon this Point too long, and therefore will omit further Examples, and will only insert a brief method of these forms of Exchanges in this place, because the inge∣nious may make it serve his occasions in any Country where Moneys 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 term of time whatsoever, and fitly serveth as a necessary intro∣duction to what I shall here further insert, as concerning the Exchanges made by Lions for other Countries.

Notes

• * 1.1

  Examples up∣on Exchanges in Lions.
• * 1.2

  The Custom of acceptation of Bills of Ex∣change in Li∣ons.
• * 1.3

  A Bilan.
• * 1.4

  The price set∣led for the suc∣ceeding Fairs.
• * 1.5

  Discounters or transferring of Bills of Ex∣change, and Debts in Lions.
• * 1.6

  Rules of cast∣ing up the Ex∣changes in Li∣ons.
• * 1.7

  At 2½ per Cent.
• * 1.8

  At 2 ••/3.
• * 1.9

  At 2⅓.
• * 1.10

  At 2¼
• * 1.11

  At 3 per Cent.
• * 1.12

  At 2½.