To pay in gold he will have to send such a number of twenty-franc pieces that the gold in them shall be equal to the gold in 1,000 sovereigns; that is, as we have seen, 25,220 francs. But B will have to pay for carriage and insurance at, say, an average rate of 10 centimes per £1—that is 100 francs—making a total cost of 25,320 francs. This is an exchange of 25·32, and is called the “Import Specie Point” from France to England. When the exchange reaches this figure, gold should leave Paris for London. As a matter of fact, gold does not always come to us when the exchange is at this figure, as the Bank of France interposes difficulties in the way of the export of gold. This has the effect of preventing gold coming in any large quantities unless the exchange rises above the Import Specie Point of 25·32. So we see that the Mint Par of London with Paris is 25·22 nominally—the Import Specie Point (gold to us) about 25·32, and the Export Specie Point (gold from us) about 25·12½. In the same way the Mint Par and the gold points can be calculated with any foreign centre which has gold as the basis of its currency. With silver using countries these points cannot be fixed. Gold is with them a commodity only, and its value is measured in silver prices. With us and other gold using countries the reverse is the case as regards silver. Hence with silver using countries no common measure exists for determining the rates. It is important for those concerned with this business to have firmly fixed in mind the Mint Par and Gold Points of London with Paris, Berlin, and New York; as of all exchanges these three are by far the most important, and have the greatest effect on our Money Market. The figures relating to Paris have already been given. Those of Berlin are:— Mint Par 20·43 (marks to a sovereign). Import Gold Point about 20·52. Export Gold Point about 20·33. As with France, the export of gold from Germany is hindered by the Reichsbank. That institution, on the other hand, places facilities at the disposal of importers of the metal. For this reason gold does not come to us readily when the exchange rises to the figure at which we should otherwise expect it to come, and conversely, gold frequently leaves us before the rate has fallen to the nominal figure at which we expect it to go. With New York the Mint Par is $4·866 to £1, or 49⁵/₁₆_d._ to $1; the Import Gold Point is $4·89½ to £1, or 49_d._ = $1; and the Export Gold Point is $4·83½ to £1, or 49⅝_d._ = $1. When an exchange is between the Mint Par and the Import Gold Point, it is said to be “for us,” or “favourable”; and when an exchange is between the Mint Par and the Export Gold Point, it is said to be “against us,” or “unfavourable.”