Loading ...International exchange, its terms, parts, operations and scope
PREFACE
THE paucity of text-books on INTERNATIONAL Exchange, combined with their urgent need to meet the constantly increasing American international trade relations, has given rise to a desire to place before the public a volume containing general practical information upon Foreign Exchange; and at the outset it would seem after examination that the adjective.
International more accurately expresses the basis of, more properly defines the limits of, and more clearly presents the character of exchanges between Nations than the word Foreign, and for these reasons the Author justifies his substitution of International for Foreign in the present Title.
The constant aim of the Author herein has been to draw comparisons and submit illustrations, wherever this course was deemed expedient, to better and more clearly demonstrate the practical hypotheses of the various examples presented within these pages.
International Exchange purports to deal with its terms and component parts, and to introduce an explicit exposition of a modern Foreign Banking Department from its inception to its daily actual operations as conducted by American banking institutions.
The elimination so far as possible of all technical terms and phrases will appeal both to the layman and the student of finance for whom the succeeding pages are aimed to be presented in a readable and digestible form; the Author hopes that his efforts to work out his subject-matter free from such terms and phrases may attain and merit success.
International Exchange in a concrete sense furnishes a theme of vast scope, and its teeming literature would fill a library; the production of a concise treatise embracing the essentials requisite to a general practical knowledge of Foreign Exchange within a space of comparatively few pages, limits necessarily fuller exposition.
Any abridgment herein therefore of the text should be construed to a desire to include the essentials within a book, not too large, for ready referencend Chicago, is unknown.
A directory published in Germany giving the names and addresses of all depositors in the Reichsbank throughout the Empire serves the purpose of ascertaining the names of its depositors, and whether, or not, money can be transferred by the aid of the Giro Conto System.
The United States of America is greatly indebted to the banking systems of Europe, and, particularly with respect to the discounting of bills of exchange, we must, in part attribute our steady and increased growth of international commerce.
Were the bankers of the United States not afforded the facilities of discounting in the foreign money markets the bills of exchange purchased from domestic exporters, cis -Atlantic bankers would soon be compelled to cease negotiating this class of paper for their clients, as they could not afford to employ the vast sums of money required were bills to be held until their maturity, or retired prior to maturity at the pleasure of the drawees.
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