Ch. III. Various Classes of Foreign Bills in which International Indebtedness is ultimately embodied.

Most international transactions are settled by a transfer of debts, through the medium of foreign bills of exchange. (23)

Practically, credit is given, in the vast majority of cases, previously to the drawing of the bills or the transmission of the remittances which are to settle pending accounts. … The knowledge that there is a certain balance owing, for which credit is given, but which will be ultimately called |91 in, acts, to a certain extent, upon the exchanges – jezt aber handelts sich um the »liquidation of debts which are becoming due, – in fact, the liabilities for which the time of settlement has arrived.[«] (24)

The debts between different countries, when they approach this time of settlement, are embodied, as far as possible, in bills of exchange; this mode of adjustment being universally applied, so far as the indebtedness of one country to others is covered by the liabilities of those countries to itself. (24, 25) An exchange made between the drawer or seller of the bill and the purchaser of the bill; the former ceding his claim on a foreign debtor against payment on the spot, and the purchaser remitting the bill to another foreigner to whom he is himself indebted. (25)

The greater portion of bills will represent exports of produce, besonders zwischen weit entfernten Ländern. The closer the countries, the more diversified and complicated are the transactions represented by bills of exchange. Between the continent and England there is a very large proportion of bills which represent the expenditure of foreign residents, drafts on their bankers at home, and encashments of dividends or other sources of revenue. There will be found innumerable bills based on the sales or purchases of stock, and large amounts which represent the transfer of capital from one country to another by way of giving effect to a public loan or a joint-stock undertaking. (26)

Few foreign loans are negotiated which are not accompanied by a certain issue of bills of exchange. Whenever the country which has secured a loan owes a balance on its general mercantile transactions, and is in want of remittances to cover it, bills may most conveniently be drawn upon the lending country for the amount of the loan thus contracted; for they will at once be eagerly purchased, in order to be remitted to the foreign creditors. In the contrary case, where there is no balance requiring settlement, a loan would generally be taken in specie. (27)

Bills drawn against freights which have become payable: a large item z.B. in Norway or Sweden. When they have remittances to make, they have considerable difficulty in finding any other bills than such as are drawn against wood (their chief article of export), or against the freights earned by their ships. They are hampered in their importations by the difficulty of making remittances in „acknowledged first class bills“. (27)

From the East Indies and China, where the chief articles of export are of great value, and where, from the necessity of large capital for bringing such valuable produce to market, the transactions are more than elsewhere concentrated in wealthy houses, the bills are to a great extent drawn in large amounts and on first class European firms: it is very usual to see bills of 10,000£, and the character of the bills is generally exceedingly good. The distance between the 2 countries, and the length of credit which the purchaser must accordingly give, make great caution necessary, and render it highly important that those on whom the bills are drawn should be persons of known Repute. (28) Dagegen zwischen Continent und England die bills of all possible amounts, oft sehr small und most mixed character. Viele transactions now in retail form. [(28)] Viele »on persons whom it is difficult to classify, and who belong to the lower strata of the mercantile community; on agents who have persuaded German manufacturers to trust them with the disposal of their goods, and on branches of small foreign establishments who wish to try the London markets; also on shopkeepers and milliners, and others quite beyond the commercial circle – in fact whose business brings them in any way into connexion with foreign goods.« (29)

American Bills in some respects like the East Indian bills. Generally based on cotton, drawn in large amounts, represent considerable mercantile transactions. But the trade between the U. St. and Liverpool being much more rapidly and easily managed than between England and India, and peculiar facilities for the conducting of the operations without capital on the part of either the exporter or importer being obtainable in the cotton trade, amongst many first class American bills there is also to be found a considerable number drawn on firms not known beyond their immediate circle, and who have no means of paying their acceptances except by the identical produce which is consigned them against such drafts. (29, 30)

The subject wird complicated, wenn es sich nicht um direct und immediate transactions handelt, sondern »that very large proportion of bills which represent indirect transactions, und others that do not represent any actual previous transaction whatever, at least in the sense of closing indebtedness.[«] (30)

Erstens: Transactions which represent a debt due to the drawer by a third party residing in a third country, of which the acceptor merely mediates the payment. F.i., teas shipped from China to New York are generally paid for by a draft of the exporter on a London merchant for account of the American importer. The exporter in China is paid by the price which is given him for his bill on London; and the acceptor looks for payment to the importer in New York. (31) This class of bills does not offer the same kind of evidence as others, as to the indebtedness of the country on which they are drawn; for the accepting country is a creditor. Of a third country for exactly the same amount as that which it must pay to the drawing country; and any estimate which might be attempted as to the liabilities of a country, based on the bills afloat upon it, which should omit the consideration of these acceptances for third accounts, would not fail to be erroneous. (31)

Z.B. consider at any particular moment the indebtedness between England and the U. States. Z.B. Die claims of America upon England so groß (from all sources together) that we should have to remit the balance in gold. Aber: How do the U. States stand as regards their imports from the East? are there not large sums running upon England for American account, which they have still to remit? Dieß möchte change the balance. (32)

Most other countries make London still their banking centre. Der East Indian produce shipper to America draws on London and not on New York; the New Orleans cotton exporter draws on London instead of on St. Petersburg for the cotton shipped to Russia. ([32,] 33)

Secondary cause: the credit granted by London bankers und the greater reputation of London houses. (33)

Primary Reason [»]the stupendous and never-ceasing exports of England, which have for effect that every country in the world, being in constant receipt of English manufactures, is under the necessity of making remittances to pay for them, either in bullion, in produce, or in bills. It may divert its produce to other countries, but the bills drawn against such produce will be sure to find their way to England. In other words, there will be a demand for bills on London bankers, and English bills will be more saleable than any others. There can be no exchange on any place to which remittances have not constantly and regularly to be made. And vice versa, when remittances have regularly to be made, an exchange is soon established, and the intervention of a mutual centre is not required. F.i., England exports fabulous quantities of Manchester goods to the East, and silver into the bargain, receiving in exchange tea and silk. But the tea and silk which England requires be less in value than the merchandise exported. How can the balance be regulated? The Americans export very little to China, but require more silk and tea from the Chinese than what they give them in goods. Consequently, the Chinese have a surplus claim on New York. This they transfer to their English creditors, to whom they are indebted for the surplus value of the goods imported from England over their own produce shipped to England; in other words they remit to their English creditors the bills drawn for American account, or instruct the Americans to send gold to England for the amount.« ([33,] 34) That the imports of England exceed their exports, does not invalidate  Zusatz von Marx.
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(!)
the present proposition. (34) It is the universal diffusion of English products, which tends to bring |92 about the result described. (35) England buys from, and sells to, almost every country in the world. Of other countries, A may import from B, but export to C; and if B and C are not in constant intercourse, A will not be able to pay B by giving him an assignment on C. However, A, B, and C are all commercially connected with England, and thus A can pay B by assigning to him a claim against England, which he himself has received in payment from C; or more simply, C draws a bill on England and remits it to A in payment, and A passes it on to B, who being in constant connexion with England, is in his turn easily able to use it. (35)

Wo regular und constant interchange of imports and exports between two countries … intervention of England nicht nöthig. Z.B. Java und Holland, New York und Bremen, Rio Janeiro und Hamburg: Hamburg. Formerly, when Germany was farther behind England in her exports than she is at present, the New York Houses paid themselves for their shipments of tobacco or other produce to Bremen, by drawing for Bremen account on England, and Bremen would settle the transaction by buying up and remitting to England the bills of the Holstein cattle-dealers or of the butter exporters of the Low Countries. But now so many German manufactures are sent to the States, that there are always buyers of bills drawn on Bremen direct; or, more simply, the tobacco and cotton shipped to Germany is paid for by German manufactures, and no further intervention is required. What becomes then of the cattle and butter bills, which are thus set free? These are still collected in Bremen and remitted to England, but against different transactions. No regular mutual intercourse yet between Germany and Bombay. Bombay as yet takes very little from Germany, the great bulks of her dealings being still with England. Consequently, the Bombay merchants, finding few purchasers for bills on Bremen, still draw on London for German account, when they ship cotton direct to the continent: and a transaction takes place which in fact amounts to this, that they direct their London creditors to obtain payment from their German debtors. Accordingly these latter are still under the necessity of buying up bills upon England, as constituting the most convenient remittance by which they can effect those payments to English merchants which their Bombay creditors instructed them to make. … In these intermediate settlement London appears as the Clearing House of the world, where most international transactions are closed. (35–37)

Foreign bills which represent no settlement of indebtedness at all –, bills which are technically said to be drawn in blank, by which the acceptor does not pay his debt to the drawer, but by which, on the contrary, the drawer incurs a debt to the acceptor. … A portion of them approach very nearly to what in the home trade are called Accommodation Bills. They may be drawn by merchants in one country on merchants or bankers in another, in order to secure the use of the money which is paid as their price, for the time during which the bills have to run. (37) The purchaser of the bills in this case takes the place of the discounter of accommodation bills, and the transaction may be perpetually  Zusatz von Marx.
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(!!)
renewed in the same way and with more facility than accommodation bills. (38)

 Es geht noch um die „Blanko Bills“.
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Andre Seite dieser „Sorte“ von bills:
It is very possible, and indeed probable, that the imports and exports of any country will not fall into the same period of the year; and that, consequently, the seasons when the imports have to be paid for will not coincide with the seasons when payment is exacted from foreign countries for exports. Z.B. in a purely corngrowing country, the revenue derived from foreign countries will come in at the conclusion of the harvest, when the cargoes of corn begin to be despatched. There will then be bills drawn against these shipments on the countries to which they are directed. Meanwhile, however, the country in question has been importing manufactures from its neighbours all the year round, and the importers have been requiring bills on foreign countries, in order to make remittances, long before the cornbills could be drawn and become available. (38) If no other device could be found, the importers would, before the harvest |93 time, be obliged to remit gold abroad in payment of their purchases; and afterwards the exporters, not being able to sell all their bills, which the importers would now no longer want, would have to receive back the equivalent of their exports in remittances of gold from abroad. Thus the risk, the expense, and the reduction of circulation  Zusatz und Kommentar von Marx.
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(!) (Nonsense!)
which are consequent on repeated journeys of bullion, would be twice incurred, owing to the exports and imports of the same country falling into different seasons. This difficulty is often avoided, if the bankers in one country draw upon those in another, at the time when no actual commercial bills representing bona fide transactions can be bought, and subsequently square the liability which they have incurred towards the acceptors of their bills drawn in blank, by buying up and remitting the export bills as soon as the goods have been shipped and are made available for drafts. Thus the importers are able to procure bills from such banking houses at a time when otherwise they could buy no bills at all, and the exporters sell to the same bankers later on, at a time when otherwise they would find no purchasers, the importations having been previously paid for. (39)

The same object is often sought for and obtained by the exporting houses receiving permission from those to whom they sell or consign their shipments, to draw bills in anticipation of the goods being actually despatched. Thus they are enabled to sell the bills at a time when there is demand and when a premium is likely to be paid by the importing branch of the community, instead of waiting for a time when the bulk of the exports are despatched, and when, consequently, from the number of those who have to draw bills, they would have to accept a lower price. (40) Great complaints have been made in the Court of Bankruptcy etc of the system of blank credits; in other words, the system of drawing bills from abroad not representing at the time any actual settlement of indebtedness. Diese blank bills brought before the public owing to some catastrophe in which the bill transactions actually were only undertaken with the intention of raising fictitious capital … during the time which the bills have to run. (40, 41)

 Feller/Odermann, S. 153.
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Alligationsrechnung.

1) Entweder will man den Werth od. die Einheit einer Mischung finden, die aus gegebnen Theilen von ungleichem Werth od. ungleicher Qualität hergestellt wird – den Durchschnitts- od. Mittelwerth; dieß ist Durchschnittsrechnung.

2) Oder man will wissen, in welchem Verhältniß gegwisse gewisse gegebne Qualitäten gemengt werden müssen, damit die Einheit des Gemischs einen gleichfalls gegebnen Mittelwerth habe.

Hier ist also der Mittelwerth schon gegeben u. es ist zu berechnen, auf welche Weise er herzustellen ist.

Ad 1) Die Summe der Werthe sämmtlicher Bestandtheile der Mischung, dividirt durch die Summe der Bestandtheile der Mischung, giebt den Durchschnittswerth.

 Marx fasst das Beispiel bei Feller/Odermann, S. 154, mit eigenen Worten zusammen und vereinfacht dazu die Zahlen.
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Z.B. Ein Land hat im 1[ t] Jahr 20, im 2t 30, im 3t 40, im 4t 10, im 5t 10 Mill. lb Thee exportirt importirt. So hat es in 5 J. importirt: 110 Mill. Thee. Also in 1 J. Durchschnitt 110/5 = 22 Mill. Man rechne ferner den Preis zusammen, den dals das lb Thee in jedem Jahr kostete, u. summire diesen Preis; die Summe sei z.B. 30 Mill. So: 30/5 = 6. Also Durchschnittswerth der jährlichen Theeeinfuhr von 22 Mill. lb war 6 Mill. lb. 6 Mill.

Beispiel, wo wirkliche Mischung. Wenn man 8 Mark B. reines Silber mit 5 Mark B. Kupfer legirt, wie fein ist dann das Silber?

8 M. Bk enthalten 8 × 16 = 128 Lth. Silber.
5 M. Bk Kupfer = 5 × 0 = 0 Lth.
13 Mk enthalten 128 Lth. Silber.
1 Mk enthält  Bruch von Marx zur Verdeutlichung des Rechenwegs ergänzt.
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128/13
= 911/13 Lth.

Einfacher ist die Rechnung, wenn die Mengen der zu mischenden Bestandtheile gleich sind. Dann kommen nur die Qualitäten od. Werthe in Betracht; deren Summe, dividirt durch die Anzahl der gemischten Qualitäten, den Durchschnittswerth giebt.

Z.B. man mischt 1Lb à 9 Gr., 1lb à 12 Gr, 1lb à 15 Sgr., 1lb à 20 Gr.

Hier Durchschnittswerth = 9+12+15+20 4 (Anzahl d. Sorten) = 14 Sgr. Also Durchschnittswerth des lb = 14 Sgr.

Falsch bei Aufsuchung eines Durchschnittswerths an die Stelle der Werthe die für die Wertheinheit gegebnen Quantitäten zu setzen.

Z.B. Wenn Jemand von einer Waare 12 Stück für 1 Gulden, u. von einer andren Qualität 18 Stück für einen Gulden, verkauft er von jeder Sorte |124 360 Stück, so erhält er 20 + 30 = 50fl.

Wollte er aber 12+18/2 = 2 Stück für 1 Gulden geben, so würde er für die 720 Stück nur 48fl. lösen.

Die richtige Rechnung: 12 Stück für 1f., 1 Stück für 1/12f., u. 18 St. für 1f., od. 1 Stück für 1/18f. Also per Stück im Durchschnitt (1/12)+(1/18) 2 = 5 12 f. Dieß × mit 720 = 50f.



ad 2.) Zweiter Fall: Sind zur Auffindung einer gewissen Qualität nur Zwei Qualitäten zur Mischung gegeben, so muß nothwendig die eine besser, die andre schlechter sein, als die gesuchte Qualität. Wenn nun die gesuchte Mittelsorte von der bessern u. von der geringern gegebnen Sorte gleich weit entfernt ist, so hat man von den beiden gegebnen Sorten gleich viel zu nehmen.

Z.B. Aus zwei Sorten à 14 u. à 22 Gr. ist eine Mittelsorte à 18 herzustellen.

Die geringre Sorte – 14 – ist um 4 geringer, die bessre Sorte – 22, um 4 besser, als die gesuchte Mittelsorte.

Plus u. minus heben sich auf beiden Seiten auf, u. die Mischung ist zu gleichen Theilen vorzunehmen.

Z.B.

2lb. à 14 gr. = 28 gr.
2 à 22 = 44
4lb à 72 gr.
1lb kostet also 18 gr.  Zusatz von Marx.
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⦗Einfacher: (18 – 4) (= 14) + (18 + 4) (= 22) = 18 – 4 + 18 + 4 = 36. 2lb = 2 × 18 = 36. 1lb. = 36/2 = 18.

Ist das Plus dem Minus nicht gleich, so: Je mehr od. weniger die Qualität od. der Werth der bessern Sorte die Qualität oder den Werth der Mittelsorte übersteigt, desto mehr oder desto weniger ist von der geringern Sorte in die Mischung aufzunehmen. Demnach giebt die Differenz zwischen der bessern u. der Mittelsorte, an, wie viel Theile von der geringern Sorte zu nehmen sind.

Z.B. Aus 2 Sorten à 14 u. à  Feller/Odermann, S. 155: 22
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30
Groschen sei eine Mittelsorte von 18 Gr. pr lb herzustellen.

Umgekehrt: Je weniger od. je mehr die Qualität od. der Werth der geringern Sorte hinter dem Werth od. der Qualität der Mittelsorte zurücksteht, desto weniger od. desto mehr ist von der bessern Sorte in die Mischung aufzunehmen.

Demnach giebt die Differenz zwischen der bessern u. der Mittelsorte an, wie viel Theile von der geringern Sorte zu nehmen sind, während die Differenz zwischen der geringern u. der Mittelsorte die Anzahl der Theile ausdrückt, welche man von der bessern Sorte zu nehmen hat.

Die Summe dieser Differenzen bezeichnet daher die Anzahl der Theile, aus denen das Ganze zusammengesezt ist.

1 Beispiel. Man will durch Mischung von Wein à 24 Gr. u. à 11 Gr. eine Sorte zu 15 Gr. finden. Wie viel muß man von beiden nehmen:

24 Gr. 4 (Differenz zwischen 11 u. 15
15
11 9 (Differenz zwischen 24 u. 15)
13

Das Ganze besteht demnach aus 13 Theilen. Es müssen also 4/13 von der Sorte à 24 Sgr. u. 9/13 von der Sorte à 11 Sgr. genommen werden.

Gesezt man braucht 390 Flaschen à 15 Sgr., so müssen genommen werden:

4/13 × 390 = 120 Flaschen. à 24 Sgr. = 2880 Sgr.
9/13 × 390 = 270 Flaschen à 11 Sgr. = 2970
390 = 5850 Sgr. Dann kostet eine Flasche 15 Sgr.

2. Beispiel. In welchem Verhältniß müssen 2 Goldsorten à 18 Karath 5 Grän u. à 9 Karath 4 Grän gemischt werden, wenn 131/2 karäthiges Gold entstehn soll?

185/12 221 50 (Differenz von 112 u. 162)
131/2 od. 162
 Feller/Odermann, S. 156: 1/3
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91/13
112 59 (Differenz zwischen 221 u. 162)
109

Braucht man nun z.B. 109 Loth Gold à 131/2 Karath, so muß man zu 50 Loth à 18 Kar. 5 Gr. noch 59 Loth à 9 Kar. 4 Gr. mischen, denn:

50 Loth à 18.5 enthalten 920 Kar. 10 Gr.
59 à 9.4 550 8
109 Loth enthalten 1471. 6. Also 1 Loth 13 Kar. 6. Gr.

Wenn mehr als 2 Sorten gegeben sind, aus welchen die verlangte Sorte gemischt werden soll, so mischt man je zwei Sorten mit einander.

Gesetzt, man solle aus 4 Sorten Wein à 16, 14, 11 u. 5 Sgr. eine Sorte zu 12 herstellen, so verfahre man, wie folgt:

16b 7 (Differenz von 5 u. 12) Die beigesetzten Buchstaben a, b, bezeichnen wie die Mischung erfolgt ist. Zuerst ist 14 mit 11 gemischt worden: 1 Theil à 14 Gr. = 14 Sgr. 2 ­. à 11 = 22 Sgr. | also 3 Theile = 36 Sgr. u. 1 Th. = 12 Sgr. Sodann ist 16 mit 5 verbunden: 7 Th. à 16 Sgr. = 112 Sgr. 4 à 5 = 22 | also 11 Theile = 132 Sgr. 1 Theil = 12 Sgr.
14a 1 (Differenz von 11 u. 12)
12
11a 2 (Differenz von 14 u. 12)
5b 4 (Differenz von 16 u. 12)

Giebt jede einzelne Mischung die gewünschte Sorte à 12 Sgr., so müssen beide vereinigt dieselbe Sorte geben. Summe der Theile hier 11 + 3 = 14.

Eine andre Mischung ist:

16b 1 (Differenz zwischen 11 u. 12) Hier ist zuerst 14 mit 5 gemischt: 7 Theile à 14 gr. = 98 sgr. 2 Theile à 5 = 10 | also 9 Th. = 108 sgr. 1 Th. = 12. Ferner: 16 mit 11.: 1 Th. à 16 S. = 16 Sg. 4 Th. à 11= 44 | also 5 Theile = 60 Sgr. 1 Theil = 12 Sgr. In beiden Fällen muß die Mischung aus 15 Theilen bestehn u. es sind von der zu mischenden Quantität. Im ersten Fall: 7/14 à 16 Gr; 1/14 à 14 Sgr; 2/14 à 11 Sgr; 4/14 à 5 Sgr. Im zweiten Fall: 1/14 à 16 Gr; 7/14 à 14 Sgr; 4/14 à 11 Sgr; 2/14 à 5 Sgr.
14a 7 (Differenz zwischen 5 u. 12)
12
11b 4 (Differenz zw. 16 u. 12)
5a 2 (Differenz zwischen 14 u. 12)

Ist die verlangte Sorte nicht eine solche, die ebenso viel beßre über sich, als geringre unter sich hat, so müssen die Sorten, die auf der einen Seite überzählig sind, mit den Sorten, die sich auf der entgegengesetzten Seite befinden, nochmals verbunden werden.

Man soll z.B. aus 5 Qualitäten à 24, 20, 14, 9 u. 5xr eine neue à 16xr mischen:

24a+c 7 + 11 (Differenz zwischen 9 u. 16 u. zwischen 5 u. 16) = 18 Theile à 24xr = 432xr.
20b 2 (Differenz zwischen 14 u. 16) = 2 à 20 = 40
16
14b 4 (Differenz zwischen 20 u. 16) = 4 14 = 56
9a 8 (Differenzen 24 u. 16) = 8 9 = 72
5c 8 (Differenz zwischen 24 u. 16) = 8 5 = 40
40 Th = 640xr. 1 Th. = 16xr

Da für 3 geringere Sorten nur 2 bessere zur Mischung gegeben waren, so musste mit der 3ten geringern Sorte noch eine der beiden bessern Sorten, obgleich beide bereits in die Mischung aufgenommen waren, verbunden werden. Dazu Sorte à 24xr gewählt; hätte auch die à 20xr gewählt werden können.|

125

Sobald für eine od. mehrere der gegebnen Sorten eine gewisse Quantität gegeben ist, die durchaus in die Mischung od. Mengung aufgenommen werden soll, so müssen sich natürlich die andern  Feller/Odermann, S. 158: Qualitäten.
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Quantitäten
in Bezug auf die von ihnen zu nehmende Menge danach richten.

Beispiel: Man besitzt 5 Mb. 18 karäthiges Gold; wie viel 12 karäthiges muß zugemischt werden, wenn 14 karäthiges daraus entstehn soll?

18 2
14 6 Theile. 2/61/3
12 4 4/6 = 2/3.
Da nun 5 M.B. à 18 Karath (= 1/3) in die Mischung aufgenommen werden sollen, so das Doppelte (2/3) also 10 M.B. aus 12 Karath zuzusetzen.

Man verlangt ferner eine gewisse Menge von einer gewissen Qualität, u. will dazu eine od. mehrere bestimmte Quantitäten u. Qualitäten verwenden. Wie muß nun die Qualität der Beimischung beschaffen sein?

Z.B.: Man braucht 10 M.B. 12 löthigen Silbers. Wieviel löthig muß das Silber sein, das zu 4 Mark Bk. 15 löthigem beigemischt, die verlangte Qualität giebt?

Man braucht 10 Mark Banco 12 löthiges Silber enthaltend = 120 Loth. Vorhanden sind 4 M. Banco 15 löthiges = 60 Loth.

Es fehlen also 6 Marc B., welche enthalten müssen 60 Loth. 1 Marc Banco also = 10 Loth.

Zu den vorhandnen 4 M.B. 15 löthigen Silbers müssen also 6 Mk. B. 10 löthiges gemischt werden.

4 Mark Banco 15 löthiges enthalten 60 Loth.
6 10 60
10 120 u. 1 Mark also 12 Loth.


Inhalt:

  • Inhaltsverzeichnis von Friedrich Engels
  • 1869 I Heft
  • Money Market. 1868.
  • Money Market Review. Jahrgang 1868.
  • The Economist. Jahrgang 1868. Nachträge
    • The Economist. Jahrgang 1868.
    • Inhaltsregister für 1868 Jahrgang. („Money Market Review“ und „Economist“.)
    • Kommentar zu George Joachim Goschen
      • George J. Goschen: The Theory of the Foreign Exchange. 7th edit. London 1866.
      • Friedrich Ernst Feller, Carl Gustav Odermann: Das Ganze der kaufmännischen Arithmetik
      • Inhalt.