504
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commodities between that time and the time when the
dollar was at 4/2. The experience of there who have
long been resident in the Colcay ic that there has
been a further rise in priced consequent on the
continued full of the dollar to 1/.
5.
f. It therefore upperro that the convercion from silver to sterling on a 3/- doller bacio was made at a time when a 3/- dollar had become a thing of the pact: when experience had chew that a 1/8 dollar was poscible and even probable, and then the price of commodities had ndjucted itself to tais low rate:- The sterling caluries therefore, as well as the adjustment of the silver salaries, are bated on a value of the dollar, which has no longer any place in commerciel trumcnctions: and thoy have therefore no longer any reco,mined relation to the cost of
living.
The Secretary of State in his despatch says that "s reduction in the dollar value of imported articles must promene bly be only a matter of time if exchange contimec to rule hight. We venture with great respect to point out that, ni though in the opinion of the experts it is probable that the doller my rice to 2/0, there is no certainty of the continunce of thin high rate. The price of silver is affected by so many considerationt which it is impossible to foresee, that no bucineco truncuction: could be with cafety buced on the armuption of a continued hi rate. In the meantime the percent high prices of cormedities muct still prevali and the hardship from which officers are suffering will be continued indefinitely. Looking at the questicr from the point of view of the trademan the peecumption we venture to think, cennot be suported. For in the first pince no chfluge ccauld be expected in the price of mode until the stocks in hand, paid for when the dollar was low, ing been
exhausted.
condly, the fluctuations in exchange have been co