The fluctuations in Exchange during the year 1879 have been very great, Rates having varied during that time between 3/7 and 4/ for Bank Bills at 6 months, and the price of Bar Silver and Mexican Dollars at home have fluctuated similarly. Towards the close of the year and up to the present date, Rates have hardened much and I account for same in the following way, viz.:—
In the early part of the year very large shipments of chopped Dollars were made to India from Hongkong, and Trade Dollars having been declared a legal tender in America for the payment of duties, almost all the coin of that denomination has been shipped to America, and a premium of 3 to 6% has been paid for Trade Dollars as compared with Mexican, so between the shipments to India, and to America, a vast amount of Treasure has been exported, and there is less Silver in China at the present time than there has been at any former period. Another source of depletion has been the drain of Carolus Dollars from China to Manila, where they are current along with the Gold Dollar (which is valued for 4/); this drain is still going on, but as all the Carolus come from Shanghai, the effect is not much felt in Hongkong.
It may be remembered that in 1876 a very large amount of Silver was imported into China; as it turns out much more than was required for the purposes of trade, and from that date up to the present time a steady drain from China has been going on at intervals. Carolus Dollars will be shipped largely to Manila during the next 3 months, but it will be impossible to ship any other description of Silver for the reasons above stated, viz.:—the very small stock of the metal at present remaining in this country.
| DATES | PRICE OF SILVER PER OZ. | PRICE OF DOLLARS PER OZ. | RATE OF EXCHANGE ON LONDON FOR 4 MONTHS' BILLS |
|---|---|---|---|
| January 1st | 49 7/8 | 48 | 3/7 |
| 10th | |||
| 14th | 50 | 48 1/4 | 3/8 |
| 15th | 50 1/4 | 48 1/4 | |
| 16th | 50 | 49 | |
| 30th | 3/7+ | ||
| 31st | 50 | ||
| February 8th | 49 7/8 | ||
| 11th | 49 | 48 | 3/7 3/7 1/2 |
| 18th | 49 7/8 | 3/7 1/2 | |
| 21st | 50 | 48 1/4 | |
| 25th | 49 | ||
| 28th | 49 1/4 | 48 | |
| March 15th | 49 1/4 | ||
| 20th | 48 1/4 | 3/7 3/7 1/2 | |
| 21st | |||
| 25th | 49 1/4 | ||
| 26th | 50 | 48 1/4 | 3/9 |
| 28th | 50 1/4 | 48 3/8 | |
| April 1st | 50 | ||
| 2nd | 49 1/4 |
Q 2
COURSE OF EXCHANGE.
The fluctuations in Exchange during the year 1879 have been very groat, Rates having varied during that time between 3/7 and 4/ for Bank Bills at 6 months, and the price of Bar Silver and Mexican Dollars at home have fluctuated similarly. Towards the close of the year and up to the present date, Hates have hardened much and I account for same in the following way, viz. :—
very
In the early part of the year very large shipments of chopped Dollars were made to India from Hongkong. and Trade Dollars having been declared a legal tender in America for the payment of duties, do, almost all the coin of that denomination has been shipped to America, and a premium of 3 to 6% has been paid for Trade Dollars as compared with Mexican, so between the shipments to India, and to America, a vast amount of Treasure has been exported, and there is less Silver in China at the present time than there has been at any former period. Another source of depletion has been the drain of Carolus Dollars from China to Manila, where they are current along with the Gold Dollar (which is value for 4/) this drain is still going on, but as all the Carolus come from Shanghai, the effect is not much felt in Hongkong.
It may be remembered that in 1876 a very large amount of Silver was imported into China: as it turns out much more than was required for the purposes of trade, and from that date up to the present time a steady drain from China has been going on at intervals. Carolus Dollars will be shipped largely to Manila during the next 3 months, but it will be impossible to ship any other description of Silver for the reasons above stated, viz.:—the very small stook of the metal at present remaining in this country.
THE FOLLOWING FIGURES WILL SHOW RATES FOR SILVER DOLLARS AND CHINA EXCHANGES ON THE DATES SPECIFIED.
PRICE OF SILVER
DATES.
PER OZ.
PRICE OF DOLLARS
PER OZ.
RATE OF EXCHANGE ON LONDON FOR
4 MONTHS' BILLS,
1879.
January
d.
d.
1st
497
48
a.
3/7
10th.
*
=
14th
50
481
481
##
3/8
#
15th
H
501
484
1)
16th
50
49
»
**
30th
#
497
3/7+
#
31st
50
February
8th
497
ย
=
11th
49
48
481
3/7
3/77
22
:
體
18th
499
-
13
"
"7
*
21st
50
482
2
H
25th
49
J
A
28th
491
48
*
=
March
15th
491
20th
481
3/7
317
21
H
25th
491
"J
12
ཌ
11
26th
50
481
3/9
#
28th
501
483
*
H
April
1st
50
=
כן
2nd
491
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