MEMORANDA AND ADDENDA,

RELATIVE TO FOREIGN MONEYS OF ACCOUNT, COINS, WEIGHTS, MEASURES, QUOTATIONS OF STOCKS, ETC.

GREAT BRITAIN.-In Great Britain, sovereigns weighing not less than 1224 grains are a legal tender for a pound sterling each; which makes the minimum value of a pound sterling in gold equal to $4.8458226; and this value of the pound sterling, very nearly, is adopted by the United-States Government in assessing duties on British invoices.

Goods by weight, passing through a British custom-house, and subject to duties, are subject to an allowance, called draft or tret, for supposed waste over and above the actual tares, as follows; viz., on 1 cwt. (112 lbs.), 1 lb. ; above 1 cwt. and under 2 cwt., 2 lbs.; on 2 cwt. and under 3 cwt., 3 lbs.; on 3 cwt. and under 10 cwt., 4 lbs; on 10 cwt. and under 18 cwt., 7 lbs; and on 18 cwt. and upwards, 9 lbs. These allowances were also made at the UnitedStates custom-houses, until July 14, 1862, when the discontinuance of the practice was ordered by law. These are the chief reasons why goods by weight from the United States fall short of weight at the British custom-houses.

Consols, or Consolidated Annuities, represent a considerable portion of the public debt of Great Britain: they bear interest at the rate of three per cent. a year, payable semi-annually, and are transferable.

The quotations in London of the prices of United-States Bonds, and of American Stocks generally, arc in cents per dollar, payable in United-States gold coins; and upon the old basis of $44 to the £. To these quotations, therefore, 9 per cent. must be added to express the real price.

The silver dollars coined by the British government for circulation in China weigh 415.4 grains, and are fine; they are, therefore, intrinsically of the same worth as Mexican dollars.

FRANCE.-The prices of United-States Bonds, and of American stocks generally, are quoted in Paris in cents per dollar, payable in French silver coins, and upon the conventional Bourse rate of 5 francs to the dollar; whereby the rate of exchange affects the prices. From the Paris quotations, therefore, 2.8172 per cent. must be deducted to express the true prices, when exchange is at par, or when a dollar in United-States gold is quoted at fr. 5.14086. A tolerance of weight in excess of the standard, and in excess only, is allowed in France; while in the United States and in Great Britain, strict conformity to the standards is required; thus it happens that the model standards of weight, sent abroad from France, are commonly found to be slightly in excess of the true standard.

.

The tolerance or remedy spoken of is as follows:

On iron weights of 50 kilogrammes, tolerance 20 grammes; 20 kilogrammes, tolerance 10 grammes; 5 kilogrammes, tolerance 4 grammes; 1 kilogramme. tolerance 1 gramme.

On copper or brass weights of 20 kilogrammes, tolerance 1 grammes; 5 kilogrammes, tolerance gramme; 2 kilogrammes, tolerance kilogramme, tolerance 1 decigrammes.

gramme; 1 FRANKFORT.-At Frankfort the prices of United-States Bonds, and of American stocks generally, are quoted in cents per dollar, payable either in United States gold coins or in guilders at the conventional rate of 24 guilders to the dollar. To these quotations, therefore, when payable in guilders, 2.674 per cent. must be added to express the true prices.

SICILY.-Although the French franc is now the official measure of value in Sicily, yet in commercial transactions the old nomenclature and values are still chiefly used, viz: 3600 picioli grani = 30 tari 1 oncia 1 oncetta of Naples = 57.636 grains of fine gold $2.48217.

600

UNITED STATES.-Silver dollar-pieces of the standard of 1834 to 1853, and no others, are still coined by this government in greater or less numbers every year; but they are intended mainly for foreign circulation, and bear a premium at home. They are worth, measured by the present standard for silver coins of less denominations than one dollar, $1.0742 each; and measured by the prevailing commercial relations of gold to silver as 158 to 1 for equal weights, they are worth $1.04 each in United-States gold coins of the present standard. See page 2, SEC. A.

CANADA.—The new silver coins of the dollar denomination, first coined by the British government in 1870 for circulation in the Dominion of Canada, weigh at the rate of 360 grains to the dollar, and are 7 fine. They are therefore worth 9643 cents per nominal dollar's worth, measured by the standard silver coins of the United States of less denominations than one dollar; or they are worth $0.93275 per nominal dollar's worth, measured by United-States gold coins. Five of the colonial silver shillings of Canada are equal in value to four quarter-dollars or two half-dollars of the new coin. See CANADA, Dominion of, page 5, SEC. A.

52 a

CUSTOM-HOUSE ALLOWANCES ON DUTIABLE GOODS.

CUSTOMS TARES,

OR TARES AS ALLOWED BY THE UNITED-STATES GOVERNMENT ON DUTIABLE GOODS.

By an Act of Congress passed July 14, 1862, it is provided that when the original invoice is produced at the time of making entry thereof, and the tare shall be specified therein, it shall be lawful for the collector, if he shall see fit, with the consent of the consignees, to estimate the said tare according to such invoice; and that in all other cases the real tare shall be allowed, and may be ascertained, under such regulations as the Secretary of the Treasury may from time to time prescribe; and that hereafter there shall be no allowance for draft. And, in accordance with these provisions, the following rates of tare were adopted:

SECTION B.

REDUCTIONS, EXCHANGE, INVESTMENTS, MIXED NEGOTIATIONS, &c., &c.

PROPOSITION 1.-When a dollar in gold is worth a dollar and thirty cents in currency, what is the value of a currency dollar? 11.30=$0.769231, or 76 cents 9.231 mills. Ans. PROP. 2. When gold is nominally at a premium of 35 per cent., at what discount is currency?

PROP. 3.

100 26.335175 per cent. Ans.

What is the difference between a given principal, P, and a deduction of r per cent. of it?

P~Pr−P(1—r), the present worth. Ans. PROP. 4. What is the difference between a given principal, P, and a discount of r per cent. of it?

P~

Pr

1+r

the present worth. Ans.

PROP. 5.- Express the difference per dollar between deduction at r per cent., and discount at the same rate per cent.

PROP. 6. Express the discount, d, on a given principal, P, for a given time in days, t, at a given rate, r, per cent. per annum.

d

Ptr

365+ tr

Pi i+i

= P Pw, i being the interest on 1

dollar for the given time at the given rate, and w the present

worth for the same time and rate; whence, w =

- P d.

PROP. 7. the time, T,

PROP. 8.

See DISCOUNT, page 129.

The foregoing proposition (Prop. 6); except that is in years, or years and decimal parts of a year?

d=PTr÷(1+ Tr). Ans.

The foregoing proposition (Prop. 6), except that the time, m, is given in months, or months and decimal parts of a month? d=Pmr÷(12+mr). Ans.

PROP. 9. To convert time in days into calendar months and decimal parts of a month; m = 12d 365; but the converse of this, viz., d= 365m 12, is not liable to be true in practice,

since different calendar months are made up of an unlike number of days; and, therefore, those immediately under consideration may contain a greater or less number of days.

PROP. 10. What is the intrinsic equivalent in Federal money of £712 10s. 9žd. sterling?

(712+

12Xs+d

12 X 20

X 4.86656=$3467.6166. Ans.

PROP. 11. Reduce $3467.6166 to its intrinsic equivalent in sterling money.

3467.61664.86656

712.53958

20

10.7916

12

9.4992 £712 10s. 94d. Ans.

PROP. 12. Express the equivalent in Federal money, $, of a given quantity in sterling money, £, at a given true or direct rate of exchange, r, that is to say, at a rate of exchange based upon the intrinsic equivalent of the two denominations of money.

$£ 4.86656 Xr. Ans.
X

PROP. 13. Express the equivalent in Federal money of a given quantity in sterling money, rated by the former intrinsic par of 4s. 6d. sterling to the dollar, the given rate of exchange, f, being upon the same basis.

£ × 40 × ƒ ___ £ × 4.86656 ׃. Ans.

EXAMPLE. What is the equivalent in Federal money of £435 7s. 6d. sterling, rated by the former intrinsic par of $44 to the £, the rate of exchange upon the same basis being 1.104? 435.375 X 40 X 1.1025 435.375 X 4.86656 X 1.1025

$2133.3375. Ans. PROP. 14. Reduce F1172.36 (1172 francs, 36 centimes of France) to its equivalent in Federal money?

1172.36 0.19452—1172.365.14086

$228.05. Ans. PROP. 15.-Express the intrinsic or par equivalent of francs, F, or francs and decimal parts of a franc, in Federal money, $; and vice versa.

$FX 0.19452: F5.14086.

F—$0.19452

Ans.

$ 5.14086. Ans.

PROP. 16. Express the intrinsic equivalent of marks banco, M, or marks and decimal parts of a mark banco of Hamburg, London rate, in Federal money; and vice versa.

$ = M × 0.35393 — M ÷ 2.8254. Ans.
M—$ × 2.8254 $0.35393.

Ans.