Loading ...PREFACE
THE literature on the subject of the present book is remarkably meagre. We look practically in vain for any book in any language treating of the highly-important and likewise interesting subject of the transfer of money from one nation to another. The fact is all the more astonishing, as Arbitrage is of the greatest importance to the commerce of the world see the paragraph ” Introductory Remarks” and as international trade has developed so enormously through the ever-increasing facilities of communication between the most distant business centres.
A few books on mercantile Arbitrage, published in Germany some thirty or forty years ago, are now antiquated, and therefore of little or no value.
Goschen’s “Theory of Foreign Exchanges” (dated 1866) treats the subject from a philosophical point of view, but without entering into any practical details ; and two other books, the best known of their kind Tate’s ” Modern Cambist,” and Haupt’s ” Arbitrages et Parites ” were last edited in 1893, and since then the following changes have taken place :
(1) The currency of India, Russia, Japan, Austria-Hungary, Chile, and Costa Rica has been reformed.
(2) The British dollar, and some foreign coins of a new type have been struck, and put into circulation.
(3) The Paris Stock and Share Market has been reorganized.
(4) The South African Mining Shares, introduced since 1894 on the Paris Market, have become the principal articles for Arbitrage dealings between the Paris Bourse and the London Stock Exchange.
(5) The creation of the 4 / Spanish ” Sealed ” Bonds has done away with the Arbitrage in Exterior Bonds with the Madrid Bourse.
(6) The silver quotation on the Paris Market, formerly given in per cent discount against the basis of fr. 218.89, is now expressed in francs per kilogramme.
(7) The stamp duty on the Continental Bourses has been raised.
During the last eleven years not a single publication has appeared on the book market of the world touching on the subject of the present work, which proposes to fill the gap in a concise but, nevertheless, exhaustive manner.
It treats likewise of the relations between the New York Money Market and the Money Markets in the East, as the trade between the United States and Asia has grown beyond expectation during the last decade.
The book deals with the various branches of the Arbitrage I. Arbitrage in Bullion and Coins. II. Arbitrage in Bills of Exchange. III. Stock and Share Arbitrage, and IV. Arbitrage in Options in separate chapters, and any section can therefore be used for instant reference.
The Author has taken the greatest pains to render the work intelligible, and to bring it up-to-date. His long experience as arbitrager on the various Bourses has enabled him to lay particular stress on the practical part, and he therefore hopes that it will acquire numerous friends amongst bankers, Stock Exchange men, economists, and financiers of all nations; and will likewise be found useful by capitalists generally, even those having but slight business relations beyond their own country.
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