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Elements of Foreign Exchange A Foreign Exchange Primer By: Franklin Escher (1881-) |
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A FOREIGN EXCHANGE PRIMER By FRANKLIN ESCHER
Special Lecturer on Foreign Exchange at New York University Fifth Edition NEW YORK
THE BANKERS PUBLISHING COMPANY
1915 LONDON
EFFINGHAM WILSON, 54 THREADNEEDLE ST. Copyright 1910
By the Bankers Publishing Co.
New York
CONTENTS
PAGE CHAPTER I. WHAT FOREIGN EXCHANGE IS AND WHAT BRINGS IT INTO EXIST 3 The various forms of obligation between the bankers and
merchants of one country and the bankers and merchants of
another, which result in the drawing of bills of exchange. CHAPTER II. THE DEMAND FOR BILLS OF EXCHANGE 15 A discussion of the six sources from which spring the demand for
the various kinds of bills of exchange. CHAPTER III. THE RISE AND FALL OF EXCHANGE RATES 25 Operation of the five main influences tending to make exchange
rise as opposed to the five main influences tending to make
exchange fall. CHAPTER IV. THE VARIOUS KINDS OF EXCHANGE 45 A detailed description of: Commercial "Long" Bills Clean
Bills Commercial "Short" Bills Drafts drawn against securities
sold abroad Bankers' demand drafts Bankers' "long" drafts. CHAPTER V. THE FOREIGN EXCHANGE MARKET 59 How the exchange market is constituted. The bankers, dealers and
brokers who make it up. How exchange rates are established. The
relative importance of different kinds of exchange. CHAPTER VI. HOW MONEY IS MADE IN FOREIGN EXCHANGE. THE OPERATIONS
OF THE FOREIGN DEPARTMENT 68 An intimate description of: Selling demand bills against
remittances of demand bills Selling cables against remittances
of demand bills Selling demand drafts against remittances of
"long" exchange The operation of lending foreign money
here The drawing of finance bills Arbitraging in Foreign
Exchange Dealing in exchange "futures." CHAPTER VII. GOLD EXPORTS AND IMPORTS 106 The primary movement of gold from the mines to the markets, and
its subsequent distribution along the lines of favorable exchange
rates. Description (with presentation of actual figures) of: The
export of gold bars from New York to London Import of gold bars
from London Export of gold bars to Paris under the "triangular
operation." Shipments to Argentina. London as a "free" gold market and the ability of the Central
Banks in Europe to control the movement of gold. CHAPTER VIII. FOREIGN EXCHANGE IN ITS RELATION TO INTERNATIONAL
SECURITY TRADING 130 Europe's "fixed" and "floating" investment in American bonds
and stocks a constant source of international security trading.
Consequent foreign exchange business. Financing foreign
speculation in "Americans." Description of the various kinds of
bond and stock "arbitrage." CHAPTER IX. THE FINANCING OF EXPORTS AND IMPORTS 141 A complete description of the international banking system by
which merchandise is imported into and exported from the United
States. An actual operation followed through its successive
steps.
PREFACE
"Where can I find a little book from which I can get a clear idea of
how foreign exchange works, without going too deeply into it?" that
question, put to the author dozens of times and by many different kinds
of people, is responsible for the existence of this little work. There
are one or two well written textbooks on foreign exchange, but never
yet has the author come across a book which covered this subject in
such a way that the man who knew little or nothing about it could pick
up the book and within a few hours get a clear idea of how foreign
exchange works, the causes which bear upon its movement, its influence
on the money and security markets, etc. That is the object of this little book to cover the ground of foreign
exchange, but in such a way as to make the subject interesting and its
treatment readable and comprehensible to the man without technical
knowledge... Continue reading book >>
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Economics/Political Economy |
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