One peculiarity in the French quotations is that the rate is always advanced or lowered by % of a centime; for illustration, the next lower rate to 5.15 would be 5.15 %, then 5.16 1/4, 5.16 7/8, 5.17 1/2 etc., there being just % between each quotation. Bear in mind, the greater the number of francs and centimes allowed per dollar, the lower would be the rate, since, as the quotation is per $1, the more francs you would receive for your money. One reason assigned for this method of quoting the French franc, which is the reverse of that in other kinds of exchange, is % of a centime is equivalent to 1/8 of 1 per cent. in the pound sterling, and as most of the French exchange was formerly covered or paid through English exchange, this method served a convenience in figuring. The other reason, which is given by the "Financier" of New York, is that as there are 5 francs to the dollar, 1/8 of 1 per cent. on 1 franc would call for 5/8 of 1 per cent. on 5 francs, the equivalent of $1.

But these quotations on francs by % of a centime, though they served every purpose a few years ago, are not now sufficiently close to meet the competition of the present day and are supplemented with fractional quotations, such as 5.15-5/8 - 1.32, or 5.15-5/8 - 1-16, or 5.15-% plus 1-32, etc. These plus or minus fractions do not apply directly to the rate, but mean 1-32, 1-16, 3-32, etc., of 1 per cent. plus or minus the equivalent amount in American money, which is added or deducted as the case may be.

In a publication entitled "Foreign Exchange," issued by myself, furnishing conversion tables for foreign-exchange transactions, I have adopted a method for quoting on French exchange that would do away with those confusing fractional quotations, by supplying conversion tables for francs, the equivalent of $1 by eighths of a centime. For example: instead of jumping from 5.15-5/8, which would be the next lower quotation, the tables in this book are for 5.15, 5.15 1/8, 5.15 1/4, 5.15%, 5.15-1/2, and then 5.15%, which practically serve the same purpose, and avoid the complicated figuring of the fractions, plus or minus 1-32,1-16, or 3-32, etc., of 1 per cent mentioned; and I look for its general adoption in the near future.