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CHAP. CCCLXIX. Examples of the Exchanges practised at Venice, and how the same are to be calculated.
* 1.1I Have shewed the general Exchanges used in Venice, and with how many other places this City is found to Exchange, and there also shewed at large the common rates and prices the same is found there to govern, which notwithstanding is so subject to alteration, that the prices there mentioned, cannot be admitted for a settled rule, and certain rate; yet so far it is conducible in it self to the understanding hereof, that the same may serve as an un∣doubted method in the culculation thereof, either in the Draughts or Remittances, Orders or Commissions, that may fall within the limit of the Exchanges of this City: the working of which rules now remaineth to be handled, observing the same only with such principal places as are most notable, which being well understood, will serve as guides to find out what else is here by me for brevity willingly omitted.
* 1.2To give first then an introduction thereunto, it is to be noted, That Merchants and Bankers here do keep their accounts by several methods, and denominations; some in Ducats and Grosses of Livers 6⅕ the Ducat, the which they sum by 24, because that 24 Grosses are worth one Ducat: and others keep the same by Livers, Sols, and Gross, which are worth ten Lucats the Liver, which is summed up by 20 and by 12, making 20 Sols of Gross to be one Li∣ver, and 12 Deniers one Sol.
Again it is to be noted, that some few years past, the Money current paid in payment of Merchandise, and the Money current paid upon Bills of Exchange, was of one and the self-same goodness in value, or little in difference; but now the moneys paid upon Bills of Ex∣change, is found to exceed the former 20 in 21 per cent. and is commonly now called in Ban∣co, as the other is called the current Money, and therefore when moneys by Exchange is men∣tioned, it is understood to be in Banco, as the best and principal.