Foreign Exchange (Classic Reprint)

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, importers and exporters manage, through the aid of the bankers 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 briefly, 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 influence 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 to-day. It is hoped the book will prove useful, not only to those following foreign trade and banking as business callings, but to all students of the questions of national policy that arise out of foreign commerce. In its endeavor to serve the former, the volume presents itself as a practical business manual, while to the latter it comes as a treatise in economics. The union of these two has not appeared in the end to be detrimental to either.
(Typographical errors above are due to OCR software and don't occur in the book.)

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