Loading ...BULLION and Foreign Exchanges are subjects generally comprised among the contents of higher class books on Practical Arithmetic; though, of course, the consideration given in works of the kind to these interesting topics is necessarily only limited and superficial, at the best. There are several publications on Banking and Commercial Business which go somewhat more deeply into’ the matter : among others, GiLbart’s admirable work, and Laing’s ‘ Theory of Business ;’ and there are, finally, at least three well known works specially devoted to the study of these most important subjects, — Goschen’s ‘ Theory of the Foreign Exchanges,’ Nicholson’s ‘ Science of Exchanges,’ and Tate’s ‘ Cambist, or Manual of Exchanges.
Why then, it might be asked, should the author of the present volume venture upon a field apparently already so well cultivated, which would seem to afford no legitimate opening for him? A brief glance at the nature and scope of the three last-named works will, he believes, show that, notwithstanding their confessed excellence, neither of the three can be said to fully answer and satisfy all requirements, to make it a complete and perfect guide in all matters relating to Bullion and the Foreign Exchanges ; and that there is room left, for another work on the subject, constructed on more comprehensive principles, and more universally adapted to all classes of readers. To supply such a work is the writer’s object. The financial and commercial public will judge whether he has brought the necessary qualifications to the task undertaken by him.
We have then, first, Goschen’s ‘ Theory of the Foreign Exchanges,’ which may be defined as a general treatise on international commerce, and the effects produced by the ordinary and extraordinary vicissitudes of the same on the Exchange transactions of Foreign countries with England. The book is written in plain, clear language. It bears throughout a strong impress of the writer’s personal experience. The views expressed, and the conclusions drawn by him, are lucid and logical, and there are not many of them open to contestation. It is altogether an admirable work, and does the fullest justice to its title, — ‘The Theory of the Foreign Exchanges.’ But, for that very reason, it falls necessarily short of the requirements of the ordinary reader. The author starts upon the supposition that the reader whom he addresses knows all about the elementary ground- work of the subject, and he confines his teaching, accordingly, to the higher and highest branches. There is, for instance, no information given on the value of Foreign Coins and Monies ; and there are only a few practical examples and illustrations to be found in the book. These omissions and deficiencies cannot but detract, is some measure, from the practical usefulness of the work to that large class of readers who, in their study of Exchange operations, have to begin with the beginning of the subject.
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