24
233
25
with iron duct and sand; and the price of it in the Canton Market at present is about $1.35 each.
For a tael, 970 cash is given for the Mexican Dollar. The lack of standard currency is due to the Government not issuing it to the Public but only to the Imperial Troops, and the issue is made to them at the market rate, except that for every 100 taels issued, they are given at the rate of only 1,000 cash, thus causing a slight loss to the recipients.
The value of the cash in the Canton Market is fixed daily by the money brokers who meet in conclave and determine the price, which, as far as I can learn, appears to fluctuate above the intrinsic value of the Coin according to the supply of it in the market.
7 Specimen of Each.
15 I forward with this despatch specimens of the cash issued by the Chinese Government in each reign since the commencement of the present dynasty in A.D. 1644, an inspection of which will at once show the manner in which their coins have been depreciated, especially during the present reign.
16. By Chinese Law, payments are made at the rate of 1,200 cash for one dollar, but as 970 cash is given for even the present depreciated Mexican Dollar, it is equivalent to about one Shilling Sterling.
...
Page 25
...
...