If the course of exchange from Ireland to England is below par, and that of England to Holland is also under par, that of Ireland to Holland will be still lower; that is, in the compound ratio of that of Ireland to England, and that of England to Holland; for a Dutch merchant who can have his specie indirectly from Ireland, by way of England, will not choose to pay dearer by having it in the direct way.
Printze batek bere estatuan dirutza handiak biltzen baditu, dirua urria izan daiteke errealki, eta ugaria erlatiboki; adibidez, denboraldi horretan estatu horrek merkantzia asko ordaindu beharko balitu atzerrian, kanbioak behera egingo luke, nahiz eta dirua urri izan. Leku guztietako kanbioak proportzio batean jartzera jotzen du beti, eta hori berez dagokio gauzari.