1879 — Page 158

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