THE FOUR TREATY PORTS.

355

HONG-KONG, CANTON, FOOCHOW, AMOY.

Moneys and Bullion.

At these ports accounts are kept in dollars and cents.

At Hong-Kong, Canton, Foochow chopped dollars circulate. These are examined and weighed at 717 taels Canton weight per 1000$.

At Foochow any sort of chopped dollars pass, but only the good ones are taken at par in Hong-Kong and Canton.

At Amoy accounts are kept in currency dollars, at 720 taels Canton weight per 1000$.

Clean or unchopped Mexicans command a small premium.

These dollars circulate-Japanese yens (416 grs. Tr.), Japanese trade dollars (420 grains Tr.), Hong-Kong dollars (416 grains), Mexican dollars (4161 grains 898 fine), and Spanish Carolus dollars (414 grains 894 fine).

The value of these in sterling varies with the price of bar silver in London and fluctuates between 3s. and 4s.

Sycee and bar silver are taken and quoted at a premium on the fixed par of 717 taels Canton weight per 1000$.

These ports also quote gold leaf 100 touch in dollars per tael, gold bars 98 touch in dollars per tael, and sovereigns and U.S. eagles in dollars per piece.

The standard is silver and .. there is no Mint par.

Arbitrated Par for Silver Dollar (Hong-Kong).

? = 1.

100+ prem. p.c. = 717 taels Canton weight.
1 = 580 grains.

480 = 1 oz. of given fineness.
240 = (222 + betterness or worseness)
oz. fine.

37

=

40 oz. st.

1 = price per oz. st. bar silver in
London.

Fixed Number=39025900.

Rule. F. N. x (222 ± B. or W.) × price in London in d=Rate of Exchange.

This gives the par of exchange without charges-these are 12 p.c. and must be added to the rate before working or to get a final

answer.

EXAMPLES.

1. Bar silver, 17 B. in London, 401d. per oz. st., in Hong-Kong, 3 p.c. Rate?

2. Bar silver, 16 B. in London, 4133d. per oz. st., in HongKong, 4 p.c. Rate?

3. Bar silver, 14 B. in London, 40ğd. per oz. st., in HongKong, 3p.c. Rate?

Bills and Exchanges.

The bill stamps are—'

"On demand" 2 cents.

"Not on Demand"-up to 100$ 30 cents singly, 15 cents each in sets: from 100 to 3000$ 1 dollar singly, 50 cents in sets: above 3000$ 1 dollar 50 cents singly, 75 cents. in sets.

Japan is quoted at a premium in $ for Bank demand drafts.

EXAMPLES.

357

1. Direct. London-Hong-Kong.

(1) £875. 16s. 72d., at 4 mos. 2s. 8d., and 4 mos. 28. 113d. Discount, 2 p.c., 31 p.c.

$1000, at 4 mos. 2s. 93d. Discount, 2 p.c. (3) £1000, at 4 mos. 3s. 14d. Discount, 3 p.c.

(4) $8514-75, at 4 mos. 2s. 9d., and 4 mos. 38. Oğd. Discount, 3 p.c., 31 p.c.

(1) Through Paris, short 25.17, 4 mos. 4.21.

(2) Through Shanghai, 4 mos. 3s. 113d. Demand, 75. Direct rates, 4 mos. 2s. 101d., 4 mos. 3s. 1d. Discount, 2 p.c., 3 p.c.

Minimum cost of bills for £1825, $6530?

CHINA (SHANGHAI, ETC.).

Moneys and Bullion.

10 cash or li =1 candareen.
10 candareen 1 mace.

10 mace

=

= 1 tael.

This is the money of account, only the cash or li are actual coins. The others are fixed weights of silver. The Canton tael weight = 580-036434 grains Troy = 580 roughly, .. taels = oz. Tr. x 2.

29

1.2083 (decimals) or 1--64 (aliquots).

The li is not a silver coin, but an alloy of copper, iron, and tin with a hole in centre. It is cast in moulds and nominally of a tael, but owing to depreciation 1 tael 1600-1800 cash now.

=

The unit is the tael.

At Shanghai the money tael used is the quantity of silver weighing a tael 898 fine (as the Mexican dollar), .. 1 money tael = 1.3937 dollars. 1 dollar 717517 money tael, and the quotations are given in taels.

=

There are local tael weights at all the Treaty Ports in addition to the chief ones which are:

=

The Canton tael 580-036434 grs. Troy grammes.

=

The Hai-Kwan tael 590-35 grs. Troy grammes (the Government tael).

=

The Shanghai tael 564 20 grs. Troy 36.56

grammes (for gold).

A uniform currency is sadly needed.

=

In large transactions ingots of silver called shoes are used of variable weight.

The Shanghai currency consists of such shoes of about 50 taels' weight each.

These ingots are assayed, stamped to show their touch or purity by the Hong Koo, and so rendered

current.

The Shanghai sycee (pure silver) is 6 p.c. premium on the Hong Koo's standard.

The Haikwan sycee (made by melting and refining at the Customs Bank, Mexican, Spanish, and other foreign dollars paid as duties) has as duties) has a premium of 3—10 p.c. over the dollar currency.

THE CHINESE TOUCH.

359

The Chinese report the fineness of metals by a percentage called toques or touch.

Gold bars are quoted in taels per 10 taels Shanghai weight 98 touch fine (365-6 grains).

Silver bars are quoted in taels per 100 taels Canton weight.

Mexican and Carolus (Spanish) dollars are quoted in taels per 100$.

The standard is silver, so there is no Mint par.

Arbitrated Par for Silver (Tael).

? 1 tael (money).

=

Quoted no. of taels 100 taels C. W.

1 = 580 gr. Troy.

480 = 1 oz. of given fineness.

=

240 (222 betterness or worseness) oz. fine.

1 = London price of bar silver in d. per oz. st.

Fixed Number='54429429.

Rule. F. N. x (222 + B. or W.) x London price = Rate of Exchange.

This does not include charges-which are generally 14 p.c. This must be added to the rate of exchange before working (when given).

EXAMPLES.

1. Bar silver, 17 B. in London, 39 d. per oz. st., in Shanghai, 110. Rate? Ans. 5s. 11d.

2. Bar silver, 15 B. in London, 401d. per oz. st., in Shanghai, 1112. Rate?

3.

109.

Bar silver, 16 B. in London, 41d. per oz. st., in Shanghai,
Rate?