Page:The Economic Journal Volume 1.djvu/172

 152 buyer at a fixed price always at hand. For a kilogramme of Silver 900 fine one could always be sure of 200 francs (less mintage) payable on the nail in bons de monnaie (Mint certificates) due in cash ten days after date of import, discountable at a banker's, and convertible into English sterling by a draft on Paris. Now, a kilogramme of 900 fine is equal to 31·28179 standard ounces (2/2 2/4 2/0 fine)—(a kilogramme=32·150727 oz.).

which sum is the most that the remitter of an ounce of silver to Paris would have there in cash at his disposal; and this, at the exchange of 25·2215 (par), would produce in London 60·332d., less transport and insurance charges, say 1/6 per cent. on the declared value = about ·100, leaving 60·232d. net. Thus an ounce so coined

The precise amount of English sterling will of course depend