"Shanghai Convention Money" is the money generally used in Shanghai market. It is called "conven-between the Chinese and between Chinese and foreigners as well as the exchange rate are based on this "convention" money. The standard is fixed by the following method Add the "touch" value of the sycee to its bullion weight. Divide this total value by 98. The amount obtained is the price of a Shanghai ta Let us take a concrete example. Suppose we have sycee bullion for settlement of business, he would get 2 per cent. reduction. Some say, however, that " conven. tion " money started with the bean business. Before there was any settlement in Shanghai, the bean business was very prosperous. All the stores handling beans were si ed in the the Custom House and the Dent ische Bank. The last named the El Note the old Customs Examinat n Shed. still here but is owned by tion"? money, because its monetary value does not correspond with i bullion value: th values being 98 cent. It is' diffe tual money, which is. a_ bullion weight, known to the foreigners as sycee.
Sycee is cast in the Shanghai Assay Office. When bullion weights come to Shanghai from other localities, they have to be re-cast by the Shanghai Office before they can be put on the market. The weight of each bar of sycee is about 80 Tsaoping taels. Every bar thus cast will be sent to the Valuation weighing taels. Its "touch value" is 2.75 taels. The total value of the sycee is 54.75 taels. Divide 54.75 by 98, we get 55.86 taels. That taels in bullion worth 55.86 in credit. By this method is the price of Shanghai taels determined.
Story of "Convention" Mone:
The history of the "convention" money is untraceable as well 2s unauthentic. It is believed by some people that it had its start years ayo when there was tremen: dous trade of bean and bean oil between Shanghai and Newchwang.
Shanghai market profitable, and all the bean stores used the " convention " money as the standard in their account Keeping. Hence all other business which was of very minor importance adopted the same money. Later business between Shanghai and other localities wa all handled under the system of convention " money.
At times the "convention" money was called "bean money."" Whea the Settlement was established for foreigners, the market generally developed, and convention money made its entry into the set-
Bureau to fix its actual value. Generally the Valuation Bureau will determine the exact weight of the sycee, and also its "touch" value. Both the weight and the "touch" value are expressed in term of taels which are its total value.
Text read from the printed page and cleaned; old type leaves the occasional error.