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between two places, must likewise be an indication of the ordinary course of their exports and imports, as these necessarily regulate that state.

The ordinary state of debt and credit between any two places is not always entirely regulated by the ordinary course of their dealings with one another; but it is often influenced by that of the dealings of either with many other places.

The just and true exportation for moneys, by bills, is par pro pari, or value for value.

In foreign exchange, one place always gives another a fixed sum or piece of money for a variable price. The former is called the certain price, and the latter the uncertain price. Thus, London is said to give to Paris the certain for the uncertain, that is, the pound sterling for a variable number of francs; and to Spain the uncertain for the certain, that is, a variable number of pence sterling, for the dollar of exchange. The uncertain price, as quoted at any time, is called the Rate, or Course of Exchange.

When the demand on London for bills on Paris is great, a smaller number of francs is given for the pound sterling, and the contrary; and when there is a demand for bills on Spain, a greater number of pence sterling must be given for the dollar, and the contrary.

The Par of Exchange may be considered under two general heads, viz., the Intrinsic Par and the Commercial Par, each of which admits of subordinate divisions.

The Intrinsic Par is the value of the money of one country compared with that of another, with respect both to weight and fineness.

The Commercial Par is the comparative value of the moneys of different countries, according to the weight, fineness, and market prices of the metals. Thus two sums of different countries are intrinsically at par, when they contain an equal quantity of the same kind of pure metal; and two sums of different countries are commercially at par, when they can purchase an equal quantity of the same kind of pure metal.

RULE.

REDUCING MONEY INTO ENGLISH, AND vice versâ.

Dutch money is reduced to English by saying, as the given rate of exchange to £1 sterling, so the given Dutch to the sterling sought; and sterling is reduced to Dutch by reversing this rule.

This rule will apply in all cases by merely substituting the money of other countries with the rate of exchange.

EXAMPLES.

Reduce 8,132 guilders or florins, 16 stivers, into sterling; exchange at 10 current florins, 8 stivers, per pound sterling,

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A TABLE OF FOREIGN MONEYS.

Comparing the Currency of England with that of the Continent, according to the present Exchange. January, 1854.

Prepared specially for POPE'S YEARLY JOURNAL OF TRADE,

By MESSRS. ADAM SPIELMANN and Co., Bullion Bank, Foreign Money and Exchange Office, No. 10, Lombard Street, London.

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RISE AND PROGRESS

OF

THE YEARLY JOURNAL OF TRADE.

In every duty, in every science in which we would wish to arrive at perfection, we should propose for the object of our pursuit some certain station, even beyond our abilities; some imaginary excellence, which may serve to animate our inquiry.-Goldsmith.

THE first work by the Editor was issued on January 5th, 1812, and was entitled, A PRACTICAL ABRIDGMENT OF THE LAWS OF THE CUSThose Laws were then in a very crude state, and were very

TOMS.

numerous.

The compilation occupied seven years. Of the nature and usefulness of that compilation, perhaps a better idea cannot be formed, than from the character of it in THE ANTI-JACOBIN REVIEW-a periodical in those days of high repute.

"Whoever remembers the discussion which took place on Mr. Pitt's memorable plan for the simplification of the Duties of Customs, and the eloquent panegyric which Mr. Burke, though at that time in opposition, pronounced on the ability, perseverance, and skill of the Minister in digesting such a system, and in rendering it intelligible to the plainest understanding, needs no further information respecting the vast difficulty and labour attending the accomplishment of such a scheme as that which Mr. Pope has perfected. Of the consequence of a plain, practicable, and intelligible abridgment of those complicated laws, in the execution of which so many thousands of the inhabitants of this commercial country are daily and hourly concerned, every man must be aware. It would be a matter of astonishment to us, that there is not one work which affords this desirable information, if we were not fully sensible of the extreme labour and great skill requisite for so arduous an undertaking. Mr. Pope has not been discouraged by this consideration, and he has performed his task with great perspicuity, diligence, and talent."

To the second edition were added the Excise Laws, and various additions were, from time to time, made to subsequent editions.

About the year 1835, from the numerous alterations that were continually occurring in the subject of the undertaking, and from the very nature of Trade itself, which, like Time, never stands still, it was determined to make it an ANNUAL. Hence, the RISE of THE YEARLY JOURNAL OF TRADE.

The book had, before this, become very bulky. It contained at one time more than 1200 pages, chiefly in very small type. The price was £1 15s.

In the year 1836, the then Chancellor of Exchequer, LORD MONTEAGLE was so good as to say, that "he entertained a very high opinion of the value of the work."

In 1841, PRINCE ALBERT allowed the JOURNAL to be Dedicated to him. This, of course, was the crowning point. It gave the stamp of Exalted Dignity to the Undertaking, which the editor has been, ever since, most anxious to maintain.

Besides all this, the patronage of most of the Leading Men of the Age, throughout, has been most gratifying.

The onerous nature of the Editor's Official Duties, as well as other things, have rendered it prudent to suspend the issuing of the Journal since 1845.

He has now, however, retired from office, on a pension. His whole time will, in future, be consequently devoted to the Undertaking. In the JOURNAL, 1854-5, he hopes to come forth with renewed vigour. Much aid has been received in various branches of it.

The TARIFFS, supplied by AUTHORITY, cannot but be acceptable. The numerous Statements of MONEYS have been prepared by MESSRS. ADAM SPIELMANN and Co., the Bullion Bankers-an ample proof of their accuracy. Those Statements are described, as being of themselves of more value to each Subscriber than the price of the entire JOURNAL.

The PRINTING has been done by Messrs. HADDON, BROTHERS, AND COMPANY, of Castle Street, Finsbury Square. After the most minute and careful examination of each proof sheet by the Editor, he cannot discover even one wrong figure. The reputation of the House, he trusts, will thereby, at least, be upheld.

The Work, as before stated, was first brought out in January, 1812, filling up a space of nearly HALF A CENTURY. From Youth to Age, is the transit. It has been the Acknowledged PIONEER of most of the Modern Alterations in the Systems of Trade.

The Editor's health and energy are still unabated. But come the Change when it will, he has two Sons left out of eighteen Children, who, perhaps, may think it no disgrace to follow the footsteps of their Father in Diligence, and thus, with the blessing of GOD, to perpetuate the JOURNAL.

August 9, 1854.

AUTHORITIES

AS TO

POPE'S YEARLY JOURNAL OF TRADE.

COPY OF A LETTER FROM G. E. ANSON, ESQ., PRIVATE SECRETARY TO H.R.H.
THE PRINCE ALBERT.

Windsor Castle, April 21, 1841. Sir, I have laid your letter and prospectus of your YEARLY JOURNAL OF TRADE before His Royal Highness Prince Albert, and am commanded by His Royal Highness to inform you that he will be very happy to patronise this Work, and allow you to dedicate it to His Royal Highness.

CHARLES POPE, Esq.

I am, Sir, your most obedient Servant,

G. E. ANSON.

EXTRACT OF A Letter written by order of THE CHANCELLOR OF THE EXCHEQUER.* Downing Street, March 14, 1836. Sir, I am desired by the Chancellor of the Exchequer to assure you that he entertains a very high opinion of the value of your Work; and that he should have great pleasure in stating that opinion to any one who may, of his own accord, or at your, suggestion, speak to him on the subject.

CHARLES POPE, Esq.

I have the honour to be, Sir, your obedient Servant,

S. SPRING RICE.

Mr. WEBSTER, Secretary of State, in the "Report on the Commercial Relations of the United States of America with Foreign Nations," to the House of Representatives, laid on the table, March 21, 1842, specially mentions "POPE'S ENGLISH JOURNAL OF TRADE" as an Authority.

If there be one species of knowledge more essential to a merchant than another, it is that he should be acquainted with the various productions of the different commercial countries of the world, and of those which are in demand in them. And when ships are freighted and commodities sent abroad by those who are destitute of this elementary instruction, the wonder is, not that they should sometimes calculate wrong, but that they should ever calculate right.- Edin. Review.

In the way that I shall now propound, the entire body and substance of the law shall remain, only discharged of idle and unprofitable or hurtful matter; and illustrated by order and other helps, towards the better understanding of it, and judgment thereupon. -Lord Bacon.

It is intolerable that the proclamations and orders in council were not formed into a book and bound; it is not to be supposed we can keep every Gazette.-Lord Chief Justice Ellenborough.

It were greatly to be wished that men of eminence and distinction, whose birth and fortune procure them an admission into the British senate, would employ a little more of their time in the cultivation of the science of commerce, so worthy of their greatest regard and attention.-Dean Tucker.

The knowledge of trade is of so much importance to a maritime nation, that no labour can be thought too great by which information may be obtained.-Dr. Johnson.

We should ever bear in mind that we lived, and moved, and had our being, through the extension and security of our commercial relations.-Viscount Strangford. Speech in the House of Lords.

Beyond all doubt, there was no subject of so much importance to the country at large as a debate upon our commercial relations.-The late Duke of Wellington. Speech in the House of Lords.

* Lord Monteagle.

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