Publisher's Synopsis
Excerpt from Foreign Exchange
This book deals, not with the subject of international trade in its entirety, but with the plans of payment and the methods of banking and financing followed in that trade. It treats of foreign exchange in the narrower, and at the same time, conventional, sense, as meaning the commercial paper of international trade, or the checks, drafts, and bills utilized therein. By means of these instruments, im porters and exporters manage, through the aid of the bank ers for foreign commerce, not only to settle their accounts, that is, to make and collect payments, but also to finance their shipments, which is something quite distinct. Stated brie y, the subjects of study in this volume are the methods or proceedings and the forms or documents of foreign-trade settlement, banking, and financing. Belonging with these, the international movement of gold and the measures taken to in uence it are examined at length. The contemporary expansion of American foreign trade and the entry of American banks into the foreign field adds much to the importance of these matters with us today.
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