By E, 'The active civil strife in the interior, the abrogation of the conversations with the Soviet representative in Berlin, the financial crash in New York' and the heavy decline of local stocks,—all of which were important features during the week,—have not succeeded in atousing the silver and China exchange market from its lethargic state. During the period under review business during the' past few weeks; and this means a good deal or, without wishing to be paradoxical, wary little indeed. some timid attempts Dut has not sueceaded in rising from its sick bed. Ca Friday, the Continent came out as buyer, but, with America willing t6 supply any reasonable want of any reasonable price, the silver market closed weakish. Shipments from the Pueifie coast to Shanghai/ Hongkong amounted to about Ts.900,000 worth of bar silver. During the same period $3,000,000 went to outports, of which on was consigned to Nanking.
Closing rates for December wore as follows: Interbank £ 28/32, U.S. $558, yon 86y. Merchants rates for October November were to be had for £ Yi. U.S. $55, Java Glds. 1862, Exports (four' m/s ered.) could be placed for November at. Qs/dvd. US. $065, Frs, 14.42, The Hongkong Dollar October 24 is a memorable day for the financial status of Kong. From that day onward ail-ver dollars, British or Mexican, ware once more admitted as circulating media with legal tender qualities. One should have thought that, immediately upon becoming effective, this measure would have lowered the ratio of the Hongkong dollar view-vis the Shanghai tael to about 73. But, when the week closed, Hongkong quoted still 79 Shanghai taels for 100 Hongkong dollars, after having transacted business, a few days earlier, at 77.
The stock of' British dollars la Hongkong is deposited with the Treasury as cover for notes in vi culation, The quantity of Mexicans available at Shanghai or elsewhere in China is apparently smi er than originally estimated, else it would be a good stroke of Dusiness to circulate these coins in Hongkong (the embargo now being removed) by shipping them from other China ports in exchange for 77 to 79 Shanghai taels per 100 dollars., To order new British doi-Jars from the London or Bombay mints will cost three per cent. seigniorage, besides one per cent. for freight and interest. On the other hand, it stands to reason that the Hongkong—Shanghai rate is bound to come down, probably not as low as the Chinese silver della: but gradually to a level of Shanghai taels.
The British Dollar It might not be amiss to make 0 of this opportunity by giving a ief history of the British silk dollar, the well-known coin the obverse of which shows the figure of Britannia standing on a rock ris ing from the sea. Her right hand holds a trident, while her left rests upon a shield.
The first British dollar was coin-
Straits Settlements, Malay States ard Labuan. But, besides, the British dollar found groat favour on the mainland of China. The' provines of -Chibli, Shansi and Honan between 1909 and 1912, absorbed Some of the Yangtze provinces have also adopted the British dollar as 4 convenient medium of circulation.
Taking into account that, apart {from the above mentioned quan of British dollars struck in. Indi there was some further output, the London mint, one can safely estimate the total production of British dollars as "approximating 250;000,000. Where has this quantity gone to? The stock of British dollars at present in Hongkong {is probably Yeas than 60,000,000. What the " quantity in circulation and. hoarded in China is at this time appears dificult to guess. That a good quantity has wandered into the melting pot goes wita-out saying.
In 1908 the seigniorage was raised from one to two per cent. Now the coinage would probably be done by the London mint which charges 80 many shillings per 1,000 dollars, cost which approximates three per cent. The composition of the British silver dollar has remained unchanged from the very start, namely weight 416 grains (36.95636 'Erams), fineness 0.900, s0 that the content' of pure silver is 9748 rains.
Text read from the printed page and cleaned; old type leaves the occasional error.