stanchness, full-complement, expeditiousness, being chiefly insisted on. The vessel is to be ready on a certain day to receive the cargo. A certain number of days called lay days are allowed for loading and discharging the cargo, and the freighter may detain the vessel for a further specified time on payment of a daily sum for demurrage. If the vessel is retained beyond these two periods the freighter is liable to an action though the delay be unavoidable. The lay days may be running days (every day) or working days (except Sundays and C.-H. holidays) or weather working days. Freight. The sum paid by the merchant or other person hiring a ship or part of a ship for its use during a specified voyage or time. The rate is usually fixed by the charter-party or bill of lading. The master may retain the freight (at a wharfinger's) until freight and other charges are paid, but not for demurrage. Bottomry is a pledge (as security) of the ship itself for the repayment of money advanced to the master or mate to enable him to make the voyage. If the ship is lost the lender loses his money, but at the end of the voyage the borrower and ship become liable for the money lent (with interest) however great. Respondentia is a pledge (as security) of the lading for the same purpose exactly. These two bonds have no settled or precise form. 8. Quotations and newspaper reports. The extracts following are from the Daily News. The first is a type of the daily quotations for rates of discount, loans and bullion operations. NEWSPAPER REPORTS. 231 The fine rates are for Bankers' bills of a good class. There is also evidence in the extract of the serious depreciation of the South American exchanges, and the extreme lowness of the price of silver. At the Bank to-day the sum of 25,000l. in bar gold was bought, and 9,000l. in gold was received from Bombay. The silver market has been quiet, and prices have further fallen to 391d. per oz. for bars. The tone was fairly firm in the morning at this quotation, but a further drop in Eastern exchanges produced weakness at the close. Mexican dollars are quoted 381d. per oz. A decline of d. has taken place in the Brazilian exchange, 111⁄2d. (Bank paper) being the last quotation. The second gives the daily quotations at the various places as telegraphed to London for rates of exchange on London. Below also are the London rates on 'Change for bills. These latter are quoted on Tuesdays and Thursdays. The final statement further shows the state of the South American credit. The variable prices are alone given—the fixed prices being understood. T.T.'s are Telegraphic Transfers. Example 1. "Petersburg, 3 mos. 241 to 241" denotes so many pence given for the rouble. Example 2. 'Copenhagen, 3 mos. 18.36 to 18-40" denotes so many kroner and öre per £. EXCHANGES ON LONDON (telegraphed from)-Paris, 25.17; Berlin, eight days, 20.40; Frankfort, 20.41; Vienna, 118.75; Hamburg, three months, 20.35; Amsterdam, sight, 12.08; Bombay, T.T's., 18. 31-32d.; Calcutta, T.T.'s, 1s. 3d.: Hong Kong, 2s. 9ąd.; Shanghai, 3s. 10gd.; St Petersburg, three months, 97.90; Rio de Janeiro, 111⁄2d. (bank); Portugal, 391-ąd.; Italy, 26.32; Spain, 29.20. On 'Change bills were in small supply, and the tendency of the exchanges was against this country. French and Belgian remittances were in special request. Of the paper exchanges Spanish currencies improved in value. Cheques on Paris were dealt in at 25.16 to 25.17, and on Germany at 20.42 to 20.44. Amsterdam and Rotterdam, 12.1 to 12.2; ditto, three months, 12.3 to 12.37; Antwerp and Brussels, three months, 25.33 to 25.382; Hamburg, 20.52 to 20.54; Berlin and German Bank Places, 20.52 to 20.54; Paris, cheques, 25.15 to 25.20; Paris, three months, 25.28 to 25.33; Marseilles, three months, 25.28 to 25.33; Austria, three months, 12.00 to 12.05; Petersburg, three months, 24 to 241; Moscow, three months, 24 to 24; Genoa, Leghorn, Naples, etc., three months, 26.53 to 26.58; Spain, three months, 40 to 481; Lisbon, three months, 391 to 393; Oporto, three months, 391 to 39; Copenhagen, three months, 18.36 to 18.40; Christiania, three months, 18.38 to 18.42; Stockholm, three months, 18.39 to 18.43. BUENOS AYRES, APRIL 6. The premium on gold has advanced to 245 per cent.-Reuter. In the calculation of direct bills of exchange (remittances or drafts) this second extract is of prime importance and should constantly be consulted. The explanation of the exchanges on London will be found each under its country. The London rates will be found under Great Britain (London course of exchange). The other leading Daily Papers print similar lists, and most financial houses issue full lists of the kind on Tuesdays and Thursdays. Through kind permission of Messrs S. Montagu and Co., the well-known bullion merchants, a portion of their bi-weekly list is inserted to show the prices of bullion and coins. PRICES AND PAYMENTS. 233 MESSRS S. MONTAGU & CO. PRICES CURRENT OF BULLION, &c. 9. Methods of Payment. When a merchant has a debtor or creditor in a foreign place there are several ways in which the obligation between them may be met. 1. The creditor may enclose with his account or send shortly after it advice of his having drawn upon the debtor a bill of exchange payable at a certain date. This bill of exchange or one of a set will be presented for acceptance to the debtor by the creditor's agent or by some creditor of the original creditor, i.e. by the payee named in the bill. The creditor may have named himself or order as the payee, and in that case he will sell the bill in the place or country where he resides. After the merchant has accepted the bill it may pass from holder to holder by sale until the date of payment arrives when the then holder will present it for payment. These bills if drawn in England when the drawer has to receive the amount in full and at once are drawn in £ sterling, with the words inserted "exchange as per endorsement." The drawer then receives the full amount less brokerage, and in the country less banker's commission. 2. If no advice of the drawing of a bill upon him arrives speedily-the debtor will send a remittance (bill of exchange) or instruct his agent in the foreign place to draw upon him. He may obtain the bill of exchange (for remittance) through his bankers, who will draw upon their correspondent, and the debtor will send the bill or one of the set to the creditor, who will get the bank's agent to accept it-the creditor then may sell the bill, and it will pass as before till the time of currency expires when the last holder will be paid by the agent. A debtor of the merchant may take the place of the bank's agent, the bill will be drawn upon him, and he must accept it. Also the merchant may purchase a bill on the foreign place in the open market either on account or for the exact amount-this will be sent to the creditor in the same way as before and the drawee must accept it-the bill then passing in the usual way by sale. If the merchant instructs his own or his banker's agent to draw upon himself-the agent will do so and offer the bill for sale in the foreign place-with the proceeds paying the creditor. In due time this bill will be presented for acceptance to the debtor, and finally it must be paid at the expiration of its currency. 3. Either of the above classes of ways may be adopted also by means of indirect bills, i.e. by buying |