only these coins in exchange for their produce, and because they, at that time placed upon gold; as compared with Silver, a value far below that which the former metal bore in most other parts of the world. In 1861, 1862 and 1863 also, great expansion of the Export Trade of Shanghai took place, due mainly to the opening of the River Yangtze, and to shipments abroad of cotton, an article previously exported only coastwise. Under these circumstances, the existing circulating medium of Shanghai and the neighbouring Silk Cotton bearing districts, of which by a singular exception to all other parts of China, the Carolus Dollar, if undefaced, formed a large proportion, proved utterly inadequate to the requirements of trade, the results of which were that the Carolus dollar was driven to a fictitious value of, say thirty per cent above its intrinsic worth, and the Mexican Dollar, as far as found practicable, was introduced to fill the vacuum so created, but this attempt was never very successful, although the hopes which it excited enhanced for the time the premium to which the Mexican Coin was raised, and now that the Japanese have become important consumers of European Manufactures, the final result of all is that the Carolus and Mexican Dollars are of nearly the same value and that the so-called dollar was, must value vie Intent Calentatio at 4/3.