Exchange
the act of exchanging, or giving one thing for another; or that which is so given. In commerce, a place where merchants, brokers, etc., meet to transact business; generally contracted into 'Change. The institution of exchanges dates from the 16th century. They originated in the important trading cities of Italy, Germany, and the Netherlands, from which last-named country they were introduced into England. In some exchanges only a special class of business is transacted. Thus there are stock exchanges, corn exchanges, coal exchanges, cotton exchanges, etc. For bill of exchange, see BILL.
Course of exchange, the current price of a bill of exchange at any one place as compared with what it is at another.
If for $500 at one place exactly $500 at the other must be paid, then the course of exchange between the two places is at par; if more must be paid at the second place, then it is above par at the other; if less, it is below it. Arbitration of exchange, the operation of converting the currency of any country into that of a second one by means of EXCHEQUER other currencies intervening between the two. In arithmetic, a rule for ascertaining how much of the money of one country is equivalent in value to a given amount of that of another. In law, a mutual grant of equal interests, in consideration the one for the other. Theory of exchange, a hypothesis with regard to radiant heat, devised by Prevost of Geneva, and since generally accepted. All bodies radiate heat. If two of different temperatures be placed near each other, each will radiate heat to the other, but the one higher in temperature will receive less than it emits. Finally, both will be of the same temperature, each receiving from the other precisely as much heat as it sends it in return.
This scale is called the mobile equilibrium of temperature.