= 1543.23 One Gramme (the Unit of Weight) is 1 Decagramme = 1 Hectogramme= 100 Grammes or 3 oz. 8.438 drs. avoirdupois. 1 Kilogramme = 1,000 Grammes = 15432-3 One Myriagramme = 10,000 Grammes = 154323. N.B. The parts of the mètre, the litre, and the gramme are distinguished by prefixes taken from the Latin-deci, centi, and milli. The multiples of the mètre, the litre, and the gramme, preceding in decimal progression, have prefixes derived from the Greek-deca, hecto, kilo, and myria. The Are has its parts and multiples similarly distinguished. CHAPTER XIV. PERCENTAGES OF RATES OF EXCHANGE. PERCENTAGES of rates of exchange are the parts of the rate of exchange that are equivalent to given rates per cent. CASE 1. When the rate and the percentage are given, to find the part of the rate. Rule.-Multiply the rate of exchange by the given rate per cent., and divide by 100. SITY Example 1. To find the amount of 1 per cent. upon the rate of exchange on Paris at frs. 25 45 cts. per £ sterling. N.B.-In London quotations of Paris, Amsterdam, Genoa, and Leghorn rates, the number of francs, florins, and lire in the rates is the number of cents., etc., that are equal to 1 per cent. Example 2. To find the amount of 13 per cent. in the old Hamburg rate of M. B. 13 14 Sch., and in the new German rate of M. 20 80 Pf. per £ sterling. To find the amount of 13 per cent. on the rates of exchange of 54 per milreis on Lisbon, and 49 per dollar on Madrid. N.B.-In the Madrid, Lisbon, Gibraltar, and Venice rates, d. sterling is usually reckoned as 1 per cent. Interest calculations on rates of exchange are made in the same manner when the time is in months or a fraction of a year. For example, at 4 per cent. per annum, nine months' interest is 3 per cent., six months' is 2 per cent., three months' is 1 per cent., two months' is per cent., six weeks' is per cent., one month's is per cent. At 5 per cent. per annum nine months' interest is 33 per cent., six months' is 2 per cent., three months' is 14 per cent., two months' is & per cent., and one month's is per cent. 5 For days it is usual to multiply the rate by the number of days (360 days being reckoned a year), and divide the product by 7200 for 5 per cent., by 9000 for 4 per cent., and by 12,000 for 3 per cent., or to take parts for the number of days out of these divisors. * Example 4. To find the net rate of exchange of London on Paris, or the short price of a bill drawn on Paris at 25.65 that has three months to run, and of another at 2540 that has twelve days to run at 5 per cent. *The short prices of bills of exchange are the prices of bills at sight, or at three days' sight, and they are generally nearly equivalent to the prices of bills at other periods of payment after allowing for the interest. CASE 2. When the whole rate and a part are given, to find the percentage. Rule. By proportion, say, as the whole rate is to its. part, so is 100 to the rate per cent. Example 1. Find the percentage of 33 centimes in the rate on Paris of frs. 25 70 cts. In general the product may be obtained by inspection to any degree of nicety required for purposes of business ; thus, reckoning in the above rate that 26 cents. is 1 per ct., the remaining 7 cents. give an additional per ct., making the product 11 per ct. Example 2. To find the percentage produced by d. in the Lisbon rate of 54 d. It is very common, as said before, to reckon one halfpenny in the rate of exchange between London and Lisbon as 1 per cent., but it may be more correctly taken as being equal to 9-10ths per cent. In making the corrections for interest upon the rates of exchange, 4 per cent. per annum has been generally taken for both the places concerned, as rendering the calculations more easy of performance, and as being sufficient to show their principles and the objects for which they are made. In practice, however, it is usual to take the current rates for the discount of bills at the places on which they are drawn, as it is these which chiefly influence the difference between the rates of bills at short and long dates. The difference of time is not generally the sole cause of the difference in the rates; for the price of the one or the other class of bills is also influenced by the greater or less demand for them. When banking operations are extensive, when bills are in demand for sale in other places than those on which they are drawn, or when they are wanted for holding, from an expected approaching rise in the rates, three months' bills command a better relative price. On the contrary, when political events occasion an apprehension as to the security of payment, no bills, except short time ones, are saleable, and these upon disadvantageous terms. An instance of this may be shown from the Paris quotation of bills on London, in which the rate for thirty days, at a set date, is given at 25:50, and that at ninety days at 25·421, making a difference of 7 centimes for sixty days, or 45 centimes for one year,* being 1.76, or nearly 2 per cent. per annum, for the rate of discount in London. So also, at a like date, the rate in London upon Paris was, for bills at three days' sight, 25 55, and for bills of three months' date, 25-72, giving a difference of 171⁄2 centimes for three months, or 70 centimes for one year, and being 2.74, or nearly 3 per cent., for the rate of discount in Paris. * The difference in these rates does not exactly show the rate of discount, because the negotiating difference is not less than 2 centimes, except in particular instances. |