402] noted, the difference between a nostro account and a vostro account was clearly set out in a treatise in English by John Carpenter [1632, pp.
401] Waninghen explains carefully "that a Vostro account is opened for a foreign principal and a Nostro account for a foreign agent." Although the illustrative accounts in Waninghen do include examples of the two types of account, at least in one passage in the text the two types are confused.
Irson then refers the reader to examples of two-currency accounts in his model ledger "pour avoir une plus grande intelligence de cette pratique." The first of several such accounts is the "Compte du Sieur Humphray Willette de Londres," who also has a vostro account. Irson's text then continues:
10] included a long explanation of the need for nostro and vostro accounts because his own experience showed him that many pupils had difficulty understanding the matter.
The first [Peele, 1553] has nothing on nostro and vostro accounts. His later treatise [Peele, 1569, ledger A, ff.