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eBook details

• Title: Argument 408: on the People Who Travel from One Place to Another to Carry out Exchanges (Treatise on Money) (Excerpt)
• Author : Journal of Markets & Morality
• Release Date : January 22, 2005
• Genre: Business & Personal Finance,Books,
• Pages : * pages
• Size : 264 KB

Description

Before embarking upon the last reason for which in the exchange of money from one place to another the price may licitly be increased and sometimes it is better to reduce it, we must explain a few practical issues on exchanges, which shall put an end to all this subject. And before anything else, who is involved in the business of exchanging. Three types of people, who depend on each other, are involved in the exchanges. One type are the merchants, who on their own or through their own delegated employees (whom they call factores), or through correspondents, practice trading in different places, such as Lisbon, Seville, Medina, Flanders, Genoa, Florence, Venetia, and the Green Promontory, The Isle of Santo Tome, several places in the New World, the East Indies, and other similar places, taking from one place the things that are worth more in others, and sending to the first ones those that are more valuable there. The following examples shall make it clearer. From Portugal they send to Flanders oil, salt, wine, pepper, and other things that arrive in Portugal from the East Indies, Brazil, and other lands in the Portuguese trading area. From Flanders they bring to Portugal all the things that are necessary in Portugal itself, and in the East Indies, Brazil, and all the other regions that trade with Portugal. There is a similar commerce between the kingdom of Portugal and the several provinces and cities of the Spanish territories, France, Italy, and so forth. From there they bring paper, books, silk, scarlet fabrics (they call rajas), and the rest of merchandise that is necessary in the kingdom of Portugal, and in the provinces of its commercial area. And, in turn, from Portugal they send to those places those things that from Portugal and its commercial area are offered with an advantage. To Seville they bring from many provinces and cities in Europe those things that are typical of these places, and from diverse places in the New World and the Islands of the Ocean, subject to the crown of Castile. From Seville, in turn, they send to several provinces the things that there is abundance of in Seville, namely, in addition to money and great quantities of gold and silver that arrive there from the commerce with the New World, other innumerable merchandise, characteristic of the Betica, (1) or, particularly, brought from various places across the sea. Other similar examples may be found in other provinces and cities. Consequently, the most important merchants of each province do business in several places, so that at times they are owed money for the merchandise they have sent and at others it is they who owe money for the merchandise they have bought and carried away. At times they are in need of money, and at others they have an abundance thereof. That is why, in all those places they need employees and correspondents, and what they call credit, that is, people who accept their bills of exchange in that place and pay the amounts they order, and who receive the amounts that other similar bills of exchange order be given to them, managing their business in that place.

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