85 × 73⁄15 = 413.67. Ans. $413.67.
How many £’s in $748.25?
748.25 × 15⁄73 = 1533⁄4. Ans. £1533⁄4.
Another method to change pounds sterling, shillings and pence, to dollars and cents.
Rule.—Reduce pounds sterling to shillings, add the shillings, and multiply the sum by .241⁄3—the product will be cents. Add 2 cents for each pence, if any.
Example: Change £46, 13s. 9d. to United States money.
| 46 × 20 | = | 920 | 933 × .241⁄3 | = | 227.03 |
| 13 | 9d. | = | .18 | ||
| 933 | Ans. | $227.21 | |||
Tourists of today patronize express companies for Foreign Money Orders. These are made out similar to regular express money orders and may be cashed in any of the larger cities of all foreign countries. They take the place, to a large extent, of Letters of Credit, which are letters from banking houses in one country to those in another, allowing sums to be drawn not to exceed a total named in the letter.
STOCKS AND BONDS
Stocks is a general name given to the capital of incorporated companies. They are divided into equal parts, usually of $100 each, called Shares, the owners of which are called Stockholders. A Dividend is a part of the net income of the company, divided among the stockholders.