fyxmll Mmvmxi^ J iitotg 1 BOUGHT WITH THE INCOME ] PROM THE SAGE ENDOWMENT FUND THE GIFT OF m^ntu ^- Sage , 1891 S///0/^j A.'^'^/'^o 714 Cornell University Library The original of tliis book is in tine Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924031243714 A READY RECKONER OF THE WORLD'S FOREIGN AND COLONIAL EXCHANGES. A READY RECKONER OF THE WORLD'S FOREIGN AND COLONIAL EXCHANGES WITH THE AID OF LESS THAN 2000 FIGURES 756 TABLES OF EXCHANGE, CONSISTING OF, FROM 13,800 TO 200,000 FIGURES EACH, CAN BE DISPENSED WITH. JOHN HENRY ^ORMAN, OF THE LONDON CHAMBER OF COMMERCE. NEW YORK: G. P. PUTNAM'S SONS LONDON : SAMPSON LOW, MARSTON & COMPANY, L™ 1893. PREFACE. Perhaps it may be considered that among four or five vastly important questions which might be asked respecting- the condition of any community, the following concerning currency are not the least important. How does it effect its interchanges of commodities, services, and properties between its members, and as a community with other communities of the earth ? Does it cut notches in a stick as a record of something of value in kind parted with or received, to be returned in the same or some other kind of equivalent value ? Does it possess a measure of value ? Are its proclivities and practice in favour of the use of paper instead of the weight of metal indicated by the paper ? Are the weight and quality of the substance used of primary importance to it? Does it possess a scientific, automatic, metal monetary system ? Has it an effective metal monetary cum coinage charge system ? Does its system consist of inconvertible paper? The perplexities and difficulties and the diverse views which have been so prominent during the last twenty years in VI PREFACE. ■ connection with the world's two great measures of value and means of payment, gold and silver, have arisen from the darkness as to their mode of action which enshrouds the employment of these instruments for facilitating inter- changes between man and man, and community and com- munity. It would seem that until a science primer upon money which will satisfy the world is produced, the present state of ignorance and uncertainty must continue. The writer has long held, and still holds, the opinion that the thorough comprehension springing from the practice of the foreign and colonial exchanges presents the soundest foundation for the construction of this science. He there- fore thinks it due to the students of the subject that he should immediately present to the world a development in working the exchanges which admits of the abolition of all tables of exchanges, and which also wonderfully simplifies the necessary instruction upon the exchanges. There are many ways of working the foreign and colonial exchanges. Financiers, bankers, bullion coin and exchange dealers, merchants, traders, and dealers mostly arrive at results by the use of exchange tables. This is working by signs in a rule-of-thumb manner, with the almost certain result of losing sight altogether of the thing signified, which is always between countries possess- ing effective monetary systems, either a weight of pure gold for a weight of pure gold or pure silver ; or a weight of pure silver for a weight of pure silver, or for a weight of pure gold. The further development which it is attempted to PREFACE. Vll exhaustively set out in this book consists of converting the monetary sign for a weight of gold in one country into the monetary sign for the same weight of gold in another country, and the same with silver ; and the monetary sign for a weight of gold in one country into the monetary sign for a weight of silver of equivalent value to the weight of gold in another country, at the ratio of the day between the two metals, and vice versA ; by means of the mint- issue weight of pure metal in each chief money of account of the world. This manner of working the exchanges and adding to or deducting from the sum exchanged the deviation from the fixed and absolute pars of exchange in the shape of premium or discount, keeps the important matter of weight of gold and silver prominently before the mind, and should greatly aid in preparing it to receive the science of money as soon as it may be promulgated. It will be seen that there are other and shorter modes of reaching fixed pars of exchange of large or small sums of money, but the working would be effected by the use of signs for weights, and not by the weights of pure metal. The monetary systems of i6i countries are shown. The 274 fixed gold and 156 fixed silver pars of exchange are given. A constant is given under each head of thirty monetary systems, embracing the proposed new Austria- Hungarian and the possible Russian gold systems, by which the ratio of the day between the metals can be easily determined. With the ratio and the mint issue weights of the world's chief moneys of account, 870 VI 11 PREFACE. different exchanges of gold for gold or for silver; silver for silver or for gold, forming any sunij can be easily and correctly reached. Gold and silver constants are given, which, if they are multiplied by the price of silver of the day in gold mone- tary systems, and the price of gold of the day in silver monetary systems, give the absolute par with each chief money of account in many places. Lengthened interest in the welfare of seamen has added a keen incentive to the production of this simple ready reckoner. These men and soldiers, besides travellers throughout the world, will find the book a guide to the closely approximate exchange value of current gold and silver standard coins, tokens, and printed or written promises to pay money of all systems everywhere. Should this book prove a stepping-stone to the science of money, it would attain the highest distinction the writer could desire for it, and would be an ample reward for the labours of the author in the vastly important but, as yet, very inadequately explored field of money. CONTENTS. PART I. CHAPTER I. PAGE Object of the construction of the book — Monetary and currency systems — Two meanings to the term "standard "—Condi- tions of two monetary and one currency system — Monopoly coins — Bi-metallism — Mono-metallism — The foreign and colonial exchanges ... ... ... ... ... i CHAPTER II. The seven factors in working the exchanges of standard metals — The world's weights of measures of value and the populations which use, or should use, the same — Description of the seven factors ... ... ... ... ... ... 8 CHAPTER III. Two descriptions of rates of exchange — Fixed and absolute pars of exchange — Cambists — Six causes of deviation from pars of exchange ... ... ... ... ... ... 17 CHAPTER IV. Concrete cases of exchange of gold for gold ... ... ... 26 CHAPTER V. Concrete cases (continued) — Silver for silver — Gold for silver — » Silver for gold — Exchange tables — Inconvertible paper currency — Its effects upon the interchange of substances, X CONTENTS. PAGE properties, and services — Importance of a stable measure of value for deferred obligations— The vast difference between monetary and currency systems ... ... ••■ 33 CHAPTER VI. Proposed rectification of the unscientific working and unintelli- gible quotations of the foreign and colonial exchanges ... 42 CHAPTER VII. The scientific mode of quoting and working the world's foreign and colonial exchanges (fO»^2°»»£Y RECKONER OF TffE WORLD^S Currency. — The term " currency " includes money and all intermediaries which, under given conditions, do the work of money. («) Money Tokens. — ^These intermediaries, which do not come under the writer's definition of money, are metal tokens for money, and all credit instruments which are either promises or orders to pay money. The conditions under which the tokens for money and promises and orders to pay money do their work are, that metal tokens for money are not unlimited legal tender; as in the British Isles, where no more than forty shillings in one payment nor twelve pence in one payment are legal tender, but where, at the same time, gold is legal tender to an unlimited extent (b) Credit Instruments. — The condition upon which credit instruments do their work on an equality with the standard substance or money is, that the money promised can be obtained without question, delay, or expense at the will of the holder of the promise or order to pay the money, when the promise of money, or the order to pay money, becomes due. • A country possessing a currency system only might find it impossible to obtain the standard substance for any quantity of promises to pay it. Or it might be able to purchase the standard substance for a small or heavy premium expressed in these promises. Standard {a). — The term " standard " is used in two senses in connection with money. In the first and most important sense, it is the substance appointed in a country as both a measure of value and a means of payment, such as gold in the British Isles and silver in India. Standard {b). — In the second sense, it is applied to the composition of the standard metal. Pure gold and pure silver are not hard enough to stand the wear and tear of FOREIGN AND COLONIAL EXCHANGES. S circulation, and are therefore mixed with baser metal to supply this deficiency. The quantity of alloy varies in the construction of standard metal for coins of gold and silver. It consists of a certain proportion of weight in looo, as in British standard gold, 83-333 parts alloy in 1000 parts of standard gold. The v,'riter desires to avoid the introduction of his views upon the science of money, but he thinks that from his standpoint it is only right that he should give what he considers to be the conditions. I. Of a Scientific Automatic Metal Monetary System. — It must consist of one substance in each country. The substance must be received in unlimited quantities by the state, be fitted by the state for currency purposes, and be appointed unlimited legal tender. There should not be any coinage charge for manufacturing the standard coin, so that the exchange value of the coin and bullion should be equal. That for all promises to pay money, the standard substance of the weight indicated by the promise should be obtainable in exchange for the promise at the option of the payee, without question, delay, or expense. II. Of an Effective Automatic Metal- cum-Coinage Charge Monetary System. — To the extent of the coinage charge, there is a departure from the conditions of a scien- tific metal monetary system. A coinage charge does not add to the international value of the metal forming the coin. It widens the margin of exchange to the detriment of the country doing business with the country wherein the charge is imposed. The charge acts unfairly on the people of the country imposing it. In India, where the poor either hoard silver or make it into bangles, the coinage charge falls as a tax upon them. And this charge is doubled should it be necessary to reconvert their bangles, etc., into rupees. Among the Western powers of the world, the o A HEADY RECKONER OF THE WORLD'S approved principle is not to levy any coinage charge upon standard metal which is converted into coins. Under this system the standard coin is obtainable at the option of the holder of a promise to pay the standard substance at the due date, without question, delay, or expense. III. Of a Currency System. — A country which cannot pay for its imports with the standard substance, and whose standard metal is at a premium in paper promises to pay money, does not possess a monetary system. It has sunk to a currency system. Monopoly Coins. — Monopoly coins, such as the Dutch 2^ guilder for 28^ millions of people in Java and other Dutch possessions forming a system of currency, cannot be compared with a scientific automatic metal monetary system at work in a country possessing its own mints. In the first-named the object is to have a counter as an inter- mediary in effecting exchanges which to a great extent partakes of the nature of inconvertible paper in the world at large. In the second, the object is that the substance shall do its work by the value-giving factors it contains, not only in the country itself, but in the whole world on equal terms. Before giving a definition of the foreign and colonial exchanges, it is necessary to state what bimetallism is. Bimetallism, or Local Dual Standards. — This is a theory and attempted practice to make one efiScient, permanent, scientific, automatic monetary standard by the union of two metals, gold and silver, at a ratio of weight to be fixed by government authority. Say the ratio is 15^ to i ; that is, I Si parts of silver to i part of gold. Then the mint or mints of one country or many countries are to be open to the unlimited reception of gold and silver from any place or person, to be fitted for monetary purposes by the state and to be made unlimited legal tenden under state enact- FOREIGN AND COLONIAL EXCHANGES. ^ ment in the final settlement of all monetary obligations ; the payer to have the option of making payment in which- ever metal he pleases. Monometallism is the treatment of one metal only for one country in the manner in which the advocates of bimetallism desire that two metals should be treated for one country. The Toreign and Colonial Exehanges. — The full defini- tion of this term is, the foreign and colonial exchanges of gold for gold, or for silver, or for either gold or silver at the option of the payer, or for inconvertible paper ; silver for silver, or for gold, or for either gold or silver at the option of the payer, or for inconvertible paper ; either gold or silver at the option of the payer, for either gold or silver at the option of the payer, or for gold, or for silver, or for inconvertible paper; inconvertible paper for inconvertible paper, or for gold, or for silver, or for either gold cm: silver at the option of the payer. These exchanges being effected, either by the means of the transmission of standard metal between countries, or by written orders called bills of ex- change, or instructions by telegraph to pay the weight of standard substance indicated by the order issued in one country for the payment of the money in another country. There are two sides to bimetallism, a state or mint receptive side, and the distributive side. The closure of the mints of the Latin Union of France, Italy, Belgium, and Switzerland in 1873 against the unlimited reception of silver, in which the United States of North America joined, destroyed bimetallism on its receptive side. The distributive side of bimetallism still exists in the Latin Union and the United States of North America ; but the international trade of such of these countries as still possess effective monetary systems is conducted upon, and settled by, gold. A READY RECKONER OF THE WORLD'S CHAPTER II. The seven factors used in the exchanges of standard metals— I. Weights in grains of pure metal on issue from the mints of the present and possible chief moneys of account in twenty-eight monetary systems with the signs for one grain of pure standard metal in each system, with the populations which use or should use the systems— On the differences in the weights of the moneys of account — II. Money weights — III. Weights by which gold and silver are sold — IV. Money tables — V. The ratio between silver and gold — VI. Premium and discount on fixed and absolute pars o( exchange — VII. Norman's unit-of-weight system. Factors used in the Exchanges of Standard Metals. — These are seven. I. The mint issue weight of pure gold in each chief gold standard money of account, such as a pound sterling or sovereign ; and the mint-issue weight of pure silver in each chief silver standard money of account, such as a rupee. II. The table of weights by which money is weighed in each country of the world. III. The weight by which silver is sold in each country possessing a gold standard, and the weight by which gold is sold in each country possessing a silver standard. IV. The money table of each monetary system. V. The ratio established between gold and silver by the gold price of silver in gold-standard countries, and by the silver price of gold in silver-standard countries. VI. The percentage addition to, or diminution from fixed and absolute pars of exchange of standard metals, due FOREIGN AND COLONIAL EXCHANGES. 9 to transmission and coinage charges upon standard metal, interest for the use of money, profits to dealers in exchange, and the difference of credit enjoyed by parties to a bill of exchange. VII. Norman's unit-of-weight system. 1ST Factor. Mint-issue Weight of Pure Gold and Pure Silver in tlie World's Chief Moneys of Account. — There are to-day fifteen gold-standard and thirteen silver-standard monetary systems, which are, or should be, in operation in the world. An asterisk attached to names of countries in this book denotes that the monetary system has been displaced in that country by a currency system. The weights are given to the fourth decimal place. They are given to the sixth where necessary under the head of each gold monetary system. The sign for one troy grain is attached to each system. Also the population, ooo omitted, which are using or should use the system. I. Egyptian pound II. British ,, III. Turkish „ IV. Portuguese* milreis V. Uruguay* peso VI. Newfoundland dollar VII. U. States, N.A. „ VIII. Argentine* peso ... IX. Cuban* X. Chilian* ,, ... XI. Brazilian* milreis ... XII. Dutch guilder XIII. Scandinavian crown XIV. German mark XV. French franc GOLD. Pure gold troy grains. II47781 ii3'ooi6 102-0804 25-0885 24-0150 23-5420 23-2200 22-4017 21-5019 21-1809 12-6819 9'3334 6-2227 4-4803 Monetary sign for I troy grain. 8-7124 ochrs. 2-1238 pence 39-1848 paras 39-8588 reis 4-1640 cents 4-2477 „ 4-3066 „ 4'4639 » 4'6S07 ,. 47203 „ 78-8521 reis 10-7141 cents 16-0701 ores 18-0789 pfennigs 22-3196 centimes Popula- tion. 7.500 43,621 4,668 7,250 700 198 68,684 4,200 1,600 2,716 14,000 4,565 6,975 49.428 "5,777 lO A READY RECKONER OF THE WORLD'S SILVER. I. Shanghae tael ,.. 513-0572 I -9491 cash 303.242 II. Trade dollar ... 378-000 0-2645 cent III. Mexican dollar ... 377-0586 0-2652 „ 10,448 IV. Java 2j guilder •• 376-1434 0-2658 „ 28,500 V. Japanese yen .. 374-4000 0-2670 „ 40.453 VI. Philippine dollar . ,.. 360-5614 0-2773 .. S.636 VII. Peruvian* sol ... 347-2278 0-2880 „ 18,034 VIII. Tripoli mahbub ... 313-2000 2-3039 paras 1,010 IX. Russian* rouble . .. 277-7221 0-3600 copeck 108,787 X. Siamese tical .. 206-285 0-1551 phi-nungs 5,000 XI. Austrian* florin .. 171-4708 0-5832 kreutzers 41.359 XII. Indian rupee .. 165-0000 I -1636 pies 290,714 XIII. Persian kran ... 63-0316 0-3173 shahis 7.654 Gold. — It will be noticed that there are three pounds possessed by Egypt, the British Isles and Australasia, and Turkey. The heaviest is 12-69 grains of pure gold more than the lightest. The Brazilian milreis is little more than one-half the weight of the Portuguese milreis. There are six pesos and dollars, the heaviest being 2-83 grains of pure gold more than the lightest. The Argentine peso is five times the weight of a franc. The study of the 967 equivalents presented in the following tables affords matter for interesting reflection. Such questions as the following might be asked: — Why such a trifling difi"erence between the British and the Egyptian pound as 1-77 grains on a weight of ii3'ooi6? Why such trifling differences between the weights of pure gold in the dollar family ? The Newfoundland dollar and the British pound have a common basis. The weight of gold represented by one halfpenny is the same as that represented by the Newfoundland cent, so that 4.f. 2.d. in the British monetary system and a dollar in the Newfoundland monetary system indicate the same weight of pure gold, namely, 23-542008 troy grains. One is tempted to imagine that the motive for these minute FOREIGN AND COLONIAL EXCHANGES. 1 1 differences might have been the determination that these measures of value ought not to be the same weights, or the mistaken idea that if not the same the lesser could do the work of the greater. Silver. — The difference between the lightest and the heaviest of the five silver dollars is only 17 "4360 grains, or 47 per cent, upon the lightest weight equal in value at j,Zd. per ounce to \\d. The trade dollar is no longer coined. Taking the twenty-eight metal measures of value, it will be noticed that there is only one which has a round number of grains, namely, the rupee, with 165 grains of pure silver ; all the rest run into decimals of a grain. '"'^^ '^"^^ Of the 321,882,000 peoples whose interchanges should be measured by and settled in gold, 80,362,000 have no effective monetary system. At the present time the British Isles and Australasia, etc., the United States of North America, etc., Germany, France, Belgium, Switzerland, Scandinavia, Holland, Turkey, and Egypt, with a popu- lation of about 230,000,000, maybe said to possess effective gold monetary systems for the conduct of international trade. Of the 860,837,000 peoples whose interchanges should be measured by and settled in silver, 168,180,000 have no effective monetary system. At the present time China, the Straits, Japan, the Philippine Isles, Tripoli, Siam, India, Persia, and Mexico, with a population of 664,157,000, may be said to possess effective silver monetary systems for the conduct of international and their internal trade to the extent that the silver currency has permeated their terri- tories. 2ND Factor. Money Weights.^ — The table of weights by which money is weighed in each country. The French system of weights 12 A READY RECKONER OF THE WORLD'S is used in ten out of the fifteen gold monetary systems, and in three out of the twelve silver monetary systems (the trade dollar is no part of a special monetary system) ; troy weight is used in three of the gold monetary systems. 3RD Factor. Weights by which Gold and Silver are sold. — The kilogram or half-kilogram of pure metal is used in ten gold and in three silver monetary systems. In the United States of North America, both gold and silver are sold by the ounce, or 480 grains of pure metal. In the British Isles they are sold by the standard ounce, or 440 troy grains of pure gold, and 444 troy grains of pure silver. 4TH Factor. Money Tables. — By reference to the money table under the head of each country, it will be seen that in twenty-two out of twenty-eight monetary systems, namely, thirteen gold and nine silver, the chief money of account is divided into 100 or 1000 parts only. STH Factor. The Ratio of Silver to Gold. — This ratio is established by the variable gold price of silver in gold-standard countries, and the variable silver price of gold in silver- standard countries. This factor furnishes a very valuable means for quickly and accurately determining upon the weights of gold and silver the absolute par value between the gold and silver in different monetary systems. Gold for Silver.— To find the ratio of gold to silver in a gold-standard country. This ratio is found by dividing the gold sign for any weight of gold by the gold sign for an equal weight of FOREIGN AND COLONIAL EXCHANGES. 1 3 silver. It does not matter in the least what the weight is. We will take a grain. To find the ratio in a gold-standard country. The gold sign for an ounce of gold (440 grains pure ■ gold) in such a gold-standard country as Great Britain is £'i ijs. io^ or ^^233° n^- 2(/., as the answer to the sum. It has been seen that this sum of 58,432 fr. 56 c, worked by weights with a premium for charges, yields ;^233o I If. 1-361/. 8. Multiplied by •03964831 the decimal of a pound equivalent to a franc, the result is ;^233o iij. x-^fid. Multiplied by the British fixed sign for i fr., viz. 9-51569;/., the result is ;^233o iis. 2d. Multiplied by 9f|^., or 9-5 156251/., the result is ;^233o \os. io-66d. Divided by the French fixed sign for jQx, viz. 25 fr. 22-15 c., the result is .;^z33o ii-^- 2'52^- Divided by 25 fr. 22^ c, or 2$ fr. 22'i5625 c, the result is ;^233o iix. vi2d. FOREIGN AND COLONIAL EXCHANGES. 29 France buys gold at its mints at one full-weight franc, 4'48o3 troy grains of pure gold for 4-49005 troy grains of pure gold, or a charge of 2-2 per mille. Say the expense of transmission of gold is f- per cent. The charges of | per cent, and 2-2 per mille, equal to o'59S per cent, upon 25 fr. 22-15 c, are equal to 14-75 c., which, deducted from 25 fr. 22-15 c., equals 25 fr. 07-40 c. This charge of 1475 c- the shipper of bullion would have to pay. If be could get a good bill upon France at sight at this cost, it would be better for him than to ship the gold. This premium of 0-595 per cent., or 14*75 c. on 25 fr. 22-15 C-, the seller of the bill in the British Isles would get. The exchange would be quoted at 25 fr. 7-40 c. for ^i, meaning thereby £,\ for 25 fr. 7-40 c. Suppose the seller draws a bill upon France for 1000 fr. ; the 1000 fr. would be divided by 25 fr. 7-40 c, and this will give a greater weight of gold to be paid for the bill here than the drawee of the bill would have to pay in France, by the weight of gold which is indicated by_i4-75 c. for each sovereign and part of a sovereign. What is the fixed equivalent in gold dollars of the U.S.A. for ;^i 2,864 8^. M.l . Ii3-ooi6o5 _ 1. The sum is ■ of ;6i2,864-43333. Answer, 23-22 $62606-056 cents. 2. Another mode. In the British monetary system attached to the U.S.A. dollar, the fixed par will be found by $4-8666 : ;^i 2,864-43333 multiplied by 4-8666 gives $62606-051. In January, April, July, and October of each year, the mint authorities of the United States give the United States gold value of the chief gold standard (and otherwise) moneys of account of twenty-four countries. Also at the ruling market ratio between the two metals, 30 A READY RECKONER OF THE WORLD'S gold and silver, the gold prices for the chief silver moneys of account of thirteen countries. This is valuable informa- tion, which it would be well if other mints of the world would furnish. It would be best that prominence should be given in each rfeturn to the ratio of the period. The sovereign of the British Isles is taken at $4.86*6^ cents, in this valuation. The conversion of ;£i 2,864-43333 into dollars at this rate gives $62,6047648. French Exchange on Shipment of Gold to the British Isles. — I. Gold is being shipped by France to the British Isles. What will be the rate of exchange in France upon the British Isles for a bill at sight for ;^ 2 3 30 ws. I'jfid., the transmission and coinage charges amounting to 0-535 of I per cent. Answer by weight. — of 4'48o359 ^2330 ws. 1*36^. = 58,780-2229 fr. 0-535 of I per cent. on this is 314-4741 fr. ; together, 59,094-6970 fr. 2. By the French fixed sign for £,\, viz. 25 fr. 22-15 c., ;^233o \is. 1-36^. X 25-2215 = 58780-1030 fr. 0-535 of I percent, on this, 314-4735 fr. ; together, 59094-5765 fr. It is needless to repeat the various modes of reaching an answer to this sum. British Exchange on Receipt of Gold from Prance. — When gold is being received in the British Isles from France, to ascertain the par rate in the British Isles for a bill at sight on France, the following formula is used, with the deduction of 0-535 of i per cent, instead of the addition of 0-595 of I per cent. The result will be the equivalent weight yielded by the importation of gold. Say the sum is 58,780*2229 fr., then "^^^ of ii3'ooi6o5 58,780*229 fr. French Exchange on Eeceipt of Gold from the British Isles. — When gold is being received in France from the FOREIGN AND COLONIAL EXCHANGES. 3 I British Isles, to ascertain the par rate in France for a bill at sight on the British Isles, the following formula is used, with the deduction of "595 instead of the addition of °'S35' The result will be the equivalent weight yielded by the importation of gold. ii3'ooi6o5 Say the sum is ;6233o "■f- "i-'Tfid., then of 4-480359 ;^233o \\s. fidd. The Bank of England buys gold at ^^3 175. <^d. per standard ounce, or 440 troy grains. The sign for 440 troy grains of pure gold in the British Isles is ;^3 17^. io\d. This is I '6 per mille upon ;^3 17^-. ^d. The charges upon the transmission of metal are | per cent. These charges, f per cent, and i"6 per mille, together equal 0*535 per cent. This percentage added to par 25 fr. 22'is c. makes the rate of exchange £x for 25 fr. 35-64 c. Suppose the seller draws a bill upon France for looo fr. ; the 1000 fr. would be divided by 25 fr. 35-640., and this will give a less weight of gojd to be paid for the bill here than the drawee of the bill would have to pay in France, by the weight of pure gold whicfi is indicated by 13-49 c. for each pound. By the plan which the writer advocates, the 0-535 per cent, discount would be taken on the British par with one franc. It will be seen that the extreme deviation from par is 0-535 added to 0-595, making 1-13 per cent., of this 3-8 per mille is due to what some might call coinage charges, though there are no such charges in the British Isles or France. It is a charge for the more rapid possession of money than by means of receiving back the same metal from the mints in the shape of coin as that which was presented in the form of bullion. 32 A READY RECICONER OF THE WORLD'S The second charge, 075 per cent., is a variable one, and is probably too high. A large parcel of gold could be transmitted to France at \ per cent. Interest for the Use of Money. — This charge, like all other charges which cause a deviation from fixed or abso- lute pars, is worked into the exchanges in the form of premium or discount. This charge always operates as a discount. The rate for a bill of exchange at a longer usance than at sight — bills are drawn at one month, two, three, and six months' sight — would be less than par by the rate of interest for the use of money till the maturity of the bill of exchange. Thus, if a country is shipping bullion, the rate for the chief money of account of the country to which the shipment is being made will be at a premium to the extent of the transmission and coinage charges. But the bill is, say, payable at three months' sight ; there would therefore be a discount upon the bill to the extent of interest for the use of the money for three months. FOREIGN AND COLONIAL EXCHANGES. 33 CHAPTER V. Concrete cases continued — Silver for Silver — Exchange between Persia and Shanghae: three methods — Exchange between Shan- ghae and Persia : four methods— Gold for silver — Exchange be- tween Shanghae and the British Isles : three modes of reaching it — Silver for gold — Exchange between France and India : three modes of reaching it — Weights of money the corrective of Adam Smith's highway in the air — Exchange tables ^ — Inconvertible paper currency — Effect of use of inconvertible note currency upon current interchanges of substances and services — Importance of a stable measure of value for deferred obligations — The vast difference between a monetary system and a currency system. Silver for Silver. Shanghae is shipping silver to Persia. The rate of ex- change for a demand bill on Persia would therefore be at a premium by the amount of charges for transmission, etc., of silver to Persia. If this charge is to be taken on the fixed par_ of exchange between Shanghae and Persia, it can be added to that par in a percentage on the rate. In the following exchange the actual monetary sign in Persia will be sought for the weight of pure silver indicated by the Shanghae monetary sign. What is the Monetary Sign in Persia for 68,576-86 Shanghae Taels ? — I. Multiply the Shanghae taels by 513-0572 grains of pure silver in one tael, and divide by 63-0316 grains of pure silver in one kran, and the answer is D 34 ^ READY RECKONER OF THE WORLD'S 558,193-85 krans. II. Another mode: find the grains of pure silver indicated by 68,576-86 Shanghae taels, and multiply them by -3173 of a shahis, the Persian monetary sign for one grain of pure silver; the answer is 558,191-80 krans. III. Another mode : multiply 68,476"86, the Shanghae taels, by 8-1396 krans, 8-139682 being the Persian monetary sign for 513-0572 troy grains of pure silver; the answer is 558,193-83 krans. What is the Monetary Sign in Shanghae for 558,193-85 Krans ? — I. Multiply 558,193-85 krans by 63-0316 grains of pure silver, which make one kran, and divide by 513-0572 grains, which make one Shanghae tael; the answer is 68,576-86 Shanghae taels. II. Another mode : multiply 35,183,851-77 troy grains of pure silver, indicated by 558,193-85 krans, by 1-9491 cash, the Shanghae mone- tary sign for one grain of pure silver, and the answer is 68,576-84 Shanghae taels. III. Another mode: divide 558,193-85 krans by 8-139682 krans, which is the par with one Shanghae tael; answer, 68,576-86 Shanghae taels. IV. Another mode: multiply 558,i93'85 Persian krans by -122855 of one tael, which is the par of exchange with one kran; answer, 68,576-9 Shanghae taels. Gold for Silver. In ascertaining the weight of silver which .is to be obtained for a weight of gold, use is made of the ratio between silver and gold established by the gold price of silver in a gold-standard country, and by the silver price of gold in a silver-standard country. A constant is attached to each monetary system for easily and readily ascertaining the ratio on the gold price of silver and the silver price of gold of the day. What is the Equivalent in Shanghae with £15,864 FOREIGN AND COLONIAL EXCHANGES. 35 5s. lOd. in the British Isles, the Ratio between Gold and Silver being 24-75 ? — I. The pure silver in a Shanghae tael, viz. 5i3'o572 grains, divided by 2475, gives 2072958 grains of gold as the equivalent with 5 13 '05 72 grains of silver. The rest of the sura is the repetition of former practice. ii3'ooi6o5 ;— ^ — of;^i5,864 5^. \od. gives 86,479-8o Shanghae taels. II. This ratio of 2475 between gold and silver indicates a price of silver in the British Isles of 38"ioo8(/. for a standard ounce, or 444 grains of pure silver. The silver constant for China in the British monetary system is i'iS5,534^. ; this, multiplied by 38*ioo8(f. gives 44-o26779 °^- "'^•i ot i'3 per cent. less. The invari- able rule in each country should be — The fluctuating rate as the first factor ; the second factor, the fixed rate or sign for the weight of pure gold or pure silver in the chief money of account of the country upon which the rate is quoted. Under this rule the fluctuating rate will always be used as a multiplier of the amount upon the note or bill. Any youth who can work the unit-of-weight system can convert the rates of exchange as given in the columns of the daily papers into definite weights of pure gold or pure 44 A HEADY RECKONER OF THE WORLD'S silver, and determine at once whether a country has an effective monetary system or only a currency system, and whether the exchange is at a premium or a discount. It is doubtful if there will be any immediate alteration in the world's present mode of working and quoting the exchanges. The mind will be guided right if it systematically reverses the quotation when it finds that the second factor of it is not the sign for or the weight of the chief money of account in the country upon which the quotation is made. Table I. London Daily Newspapers' Weekly Quotations of the Foreign and Colonial Exchanges. Course of Exchange. Amsterdam and Rotterdam Sm.s Antwerp and Brussels, 3 m.s. Berlin and German bank places ... ... Paris, cheques ,. 3 ">s. Marseilles „ Antwerp ,, St. Petersburg ,, Moscow „ Genoa ,, Leghorn ,, Naples ,, Barcelona „ Cadiz ,, Madrid ,, Seville „ Malaga „ Valencia ,, Valladolid „ Santander ,, Bilboa „ Lisbon „ 12.C^ to I2-lJ I2.2J 2S-46J 20.56 to 14-41 to 25.515 to 20.60 25.235 25.464 to 25.28J to 25.515 ii'.'83l 26 SI to 11.88, to 26,^ t0 26J 25.865 to 25.915 44J to 44| 47 to 47J i/Sl on demand FI2.3S 3/31 3/35 3/3i 4/6J 3l3i 1/53^ i/SJ FOREIGN AND COLONIAL EXCHANGES. 4S Oporto 3 m.s. gold nom. Copenhagen „ 18.35 '° 18.39 Christiania ,, 18.36 to 18.40 Stockholm „ ,, ,, Purchasing Rates for the Week's Mail. Bombay, Calcutta, Colombo, Madras, Kurrachee, Delhi, Rangoon, and Akyab Batavia and Sourabaya ... Singapore and Penang Hong Kong Yokohama and Hiogo Shanghae tael Manila Interest drafts on Calcutta ,, coupons ... Quotations for drafts at longer sight are given, but the above are sufficient for my purpose. When the weights of pure gold, pure silver, and incon- vertible paper, indicated by the above signs, are better understood and people have learned the vast importance of measures of value embodied in standard substances such as gold and silver, and can reach the sign through the thing signified, the quotation might be a sign for a chief money of account, and the weight of pure gold or silver which it contains. As in the quotation of the exchange between the British Isles and the Netherlands, instead of i2-oi fl., 112-154 g., g. standing for grains of gold. The publication of the proportion between gold and silver established by the market gold price of silver in gold- standard countries, and the market silver price of gold in silver-standard countries, is of great value as a guide to the exchanges of gold for silver and of silver for gold. The proportion applied to the quotations of pure gold for pure silver, and of pure silver for pure gold, at once discloses the deviation from absolute par. Thus take from the 46 A READY RECKONER OF THE WORLD'S following columns the 8*239 grains of pure gold for the rupee, and multiply them by the proportion of pure silver to one of pure gold, say it is 20-5 parts, and i68"899S grains of pure silver are obtained; this on the weight of the rupee, viz. 165 grains, gives 2-36 per cent, more silver, and shows that the rate on absolute par is a premium in the British Isles of 2-36 per cent. Apply the same to the Shanghae tael, and the weight is i*o8 per cent, more than the weight of pure silver in the tael, and shows that the rate on absolute par in the British Isles is a premium of I '08 per cent. FOREIGN AND COLONIAL EXCHANGES. 47 M-a SS '§■« 06 r/i bl 'f'^ « M^ Y. <■ a o W J c b S« o 06 z < E- O c bo be u> ex m bxi » « b/) bufio uibe 0\ O f^OO Oro Q>C1 ^'l •-'00 vOC^ oooocooo „5:^ •■* --. 9.99 ^ cTt N r^ f^ o\ CO fO «fOt-.. « i-i « -^p r^l" ^ « "■* ^ CO CO *tl- 00 ^ <> '« in V V l-l cot-" M « HH COt^^ l-l MM MM - 8"- ce" d "^ '§ "^ '^ ^ -u ^ r '§ b ^h" Hi«Hte « ^ 00 ,^ „co -" ^7, „ « u 2 >S; o M :*■ y-1 p « y^ "CO g "o^"-0-« p^ O -■ V. '^ -^ 7. 7. V.O "O ««i5 „ O - tuo tuo t/: tu3 bi) tuo ^«0 ONvO '-' 0\ \o CO 1^ "-< r^ r-^ M 00 P J>. p p M W- ^ fO rO tJ- M M M l-l l-l W W t-t »-t M M HH « bfl tj) bjo "^o o o bjQ tU3 O CO " OS M ti£ bJ3 00 O iiOO 10 'e *" '^ CC ^3' -^ ^ p « '^Y^'^ ."* M 11 N PI « W lluO vO =2 =^ Mbiotii CO CO 00 00 Md) bo o vo ' vo « in CO 0\«H 8 CO ^ ° '^ c ^^ 01 ^ CO : ^ : : " .s S "S-^ 1-. C '^Sw ..M....°°.. -S S-§'g5,S*c.5M S*„§*a*o|.l1 S c B S - JS 5 - ,2 S S" rt B .2 a- 0.= ° 48 A READY RECKONER OF THE WORLVS Pi O > C/J (^ o P 8 g m S M 1 O w IS- f^ ON OO ^ H Vri o ^ w td OJ > H R hJ < D Pi5 t1 K bJO en < T ■ K ^ en o a. 2 "3 , 1 bA VD N * O CO 8 r^ "Sfe M > N li-> m 5 :d- p - .■=!■ P m =-s ui in r* " * CO b vn VD r^ ^^ VO VO ;: 5 c3 to m iO « « CO 'o ''t 1 ■3 g- =^ 2 « T3 -o ^ 'o ^ ■ M 0) ^ :: :: 7. = : = :; s o .5 vO J? 0\ M t^ i-r FN. ■* 00 m ON tS PO § in « m OO cr\ ov fo « VO Tj- Vp .-a- in S N 00 rD do 00 00 xn OO 00 OO M M w M "-• o ^ « « ^ « -. -. ^ rta win -*o .4» -t» -« •-B -fcl .S? u-> s? _co _rn ^ ^ _t*^ ^ JO M CO lo CO ^ "S5 "Sr "^ oT : u ^ CJ cd M 1- P w o" . ^ a o "o U * ' : : : s r^ )H nl ■o >. nJ cj ^ ■ < 1 s Wl C i :- : 1 • o* * 3 (S "3 . ^-2 -a (d la C MS" > IX - ■ i 2.2 " « « a s 2 " M'Si O ^ C HI ^00 oiQO H vo oo ro o\oo MioNooHm a\ nn^ < « Thoo tn r«.»o ovoNHON o* o'+>nmr^ tNOo ro m m **> i w o5 in\o ■^Ommw mOstspsW c« « « -^vo *o vo vo t^oo *o "O moo vo * > 00 OiO>^^**V *00 vO<00o'm'cI*««*mOOOOOOOOOOhm| »* « ---•.--«-■••.---- ■ovo co« MOO oo <^ on»o 00 iy> (^ in U10O moimtH^e* « o f^i-^Ow to VI m O) ■*«! ONin M o o\ t^vo m * t^ _t«» w M M p fo t»» M ^ C7\ « ov m o o ^00 DO p3 00 c-tb b Vo V-cnVNii — inamro "■"■"'"■"■■ H C t>. t«« f-VD ^ M b* o t*.*o >o «o ^ u*>wiP". cnmrr, tnroM m m m wMMVOWllO.- — -,-, g T^ in m ;*\D ^vo J^ 2 i m*?^ S^ IS 2 i.ET f^ ' ' ' ' \- "moo 6o 6 h* w fi meo HMCtMODHto^M (mo * m mvo ro ^.*o 00 t^ t». ■* in*o ^»« n ►* mmmrn^t-foro - - -r -' - -W g\ m gi ■* m r^vo m ^oo »*■ en * * *»o in m ^ m ,■+ .■* .(*> m ^-«- en _"fl- fn>p fn t^ ■♦ mvo t«. t^»o t^ -^ « (^ o^oo o3 i«*enrno\Pi O o- 0\*o m ^ ^ -^ -^ inoo oo os oo V^ 'm V *■-' o* V*oo '« '« « T3 B* C cd B : : :< ''"•50 : i-o"^ p, C m V 3.0T3 = So : : ".a . . . ■o g 0- .l*B-S.S S c = •!:=« -.2 BBC X^-S cja-n . «■ - _r B C -. • « s'-s g S» •a£ bE c »>'a.S b2-3 a 3 « 3 H." st.2 S'§.2 S S S S 21-S^gJ g| I &g i-g'S 5 S=3 g g § FOREIGN AND COLON/AL EXCHANGES. 5 I Instructions for interpreting the London Daily Newspapers' weekly Quotations of the " Course OF THE Exchanges " and the Purchasing Rate of Bills of Exchange upon the East. The unit-of-weight system furnishes a very simple key to determine what is meant by the meagre information con- tained in the weekly quotations of exchanges in the London daily newspapers. Of the i6i countries, all of which probably have transactions in the foreign and colonial exchanges, mention is made of twelve in Europe and ten in the East only. Quotations are given for as many as three places in Italy and nine in Spain, the three in Italy being almost invariably the same quotations, which may be Said also of the nine in Spain. Take the first one against Rotterdam and Amsterdam i2-oi to i2'i|-, pre- sumably on demand as the next quotation attached to the saihe places is for 3 m.s. drafts. What do these figures mean ? As the quotation is for the exchange between the British Isles (doubtless London is meant) and the places named, this i2"o|- to i2T-|- must be signs for the weights of the standard substance of one country or the other. The above table shows that in the Netherlands the chief money of account at mint-issue weight is 9"364 troy grains of pure gold. This weight, multiplied by 12 fr. li c, makes 1 12-508 troy grains of pure gold. Knowing that the British sovereign contains ii3'ooi6 troy grains of pure gold at mint-issue weight, the correct conclusion is arrived at, namely, that 1 2 'i^ indicates 12 fl. li c, or 112-508 troy grains of pure gold. The only other assumption which could be made is that i2'i-j means 12s. i\d., which indi- cates 68-505 troy grains of pure gold in the British Isles. Divide 68*507 by the fine gold in the florin, and the result is 7 fl. 26-2 c. This cannot be the right answer, because of the following rule of the exchanges : — 52 A READY RECKONER OF THE WORLD'S Either a variable sign or weight of pure metal in more or less than one country's chief money of account, for a fixed sign or weight of pure metal in another country's whole chief money of account, or a fixed sign or weight of pure metal in a whole money of account of one country for a variable sign or weight of pure metal in more or less than one whole money of account of another count}y. It will be noticed, by reference to the table, that this quotation differs from the proposed one. The quotation, therefore, has to be used as a divisor of the amount of florins to determine the equivalent in British pounds. Divide looo fl. by 12 -015, tjie result is ;^83 4?. "jd. The newspaper q:ttotation gives two rates i2*o-|-to i2'i-|-, 1000 fl. at 1 2 'o-l and British pound equals ;^83 5^-. wd. Between countries which use the same weight of pure gold as their measure of value and means of payment, a variation from par is quoted by a premium of discount, as the weight given for the money of account in another country is more or less than the weight in the money cjf account. The same between silver-standard countries where the measure of value and means of payment is the same weight of pure silver ; as between the British Isles and Australasia, France and Belgium, India and Mauritius^ U.S.A. and Liberia. FOREIGN AND COLONIAL EXCHANGES. 53 CHAPTER VII. The scientific mode of quoting and working the world's exchanges — Premium or discount on fixed sign for weight, or upon weight — Objections to change met — Exchanges in March, 1893, between London and twenty-five foreign and colonial places. Fixed Gold Pars same Weight of Pure Metal under Different Signs. Fixed Silver Pars same. — The fixed gold pars of exchange being invariable signs for invariable weights of pure gold, and the fixed silver pars of exchange being invariable signs for invariable weights of pure silver, the scientific mode of working and quoting the exchanges would be by premium and discount in one country for the whole money of account in another country. Exchanges between Effective Metal Standard Countries and Countries using Inconvertible Paper might be worked also by Premium and Discount. — This rule is applicable to working and quoting the exchanges between effective gold- standard and between effective silver-standard countries. The absolute par, that par which exists between a gold- standard country and a silver-standard country, must be based upon the fluctuating price of silver in a gold-standard country, and upon the fluctuating price of gold in a silver- standard country. The exchanges with inconvertible paper currencies might be worked and quoted in the same manner. Were this the practice. Column III. for the British Isles, in the preceding chapter, would only contain the weights 54 A READY RECKONER OF THE WORLD'S or signs for the weights of the chief money of account of gold -standard countries with the rate of premium or discoimt attached to be paid in the British Isles; the weights or signs for the weights of pure gold to be paid for each chief money of account in silver-standard countries established by the market gold price of silver or the market silver price of gold of the day, with the premium or discount attached. To this might be added the weight of pure silver in each chief silver money of account in silver-standard countries. The following table gives the proportion of silver to one of gold established by the market price of silver for the day. Column I., Names of countries and cities. Column II., Fixed (f.g.) troy grains of pure gold, being the world's gold measures of value and signs for the same in British money, with premium or discount attached, being the rates of exchange of the day. Absolute (a.g.) weights in troy grains of pure gold and signs for the same constituting par for the chief standard silver coins on the day's market price of silver with the premium or discount attached, being the rates of exchange of the day; also the pure silver (f.g.) in the chief silver moneys of account purchased. All weights of coins at mint-issue weights. FOREIGN AND COLONIAL EXCHANGES. 55 Table IV. Date, October 1st, 1891. Proportion of Silver to i of Gold, 20"725, Col II. Col. I. Fixed (f.g.) and absolute (a.g )gold -weights with premium Names of countTies and cities. or discount attached and fixed (f.s.) silver weights in the world's chief moneys of account. I. Alexandria ... 1147781 f.g. OX 20s. y^^d. \ p.c. dis. TI. Constantinople 102-0804 „ , \%s. o-%od. i ,, III. Lisbon * 25-0885 „ , 53-29'^- 4i „ IV. Uruguay * ... 24-0150 ,, , 51-oofl'. 40 „ V. Newfoundland 23-5451 .. , 50-oorf. Is )) VI. United States N. America 23-2200 „ , 49-291/. faP-c. pm VII. Argentine Re- public * ... 22-4017 „ , 47-560'- 67 p.c. dis VIII. Cuba* 21-5019 „ , 45-66-/. 20 „ IX. Chili * 21-1762 „ , 44-97^/o i VI. What is the Indian monetary sign for the mint-issue weight of pure silver equivalent in value to the mint-issue weight of pure gold indicated by the British monetary sign ;^732 ws. ?>\d., at a ratio between the metals of 24-8156 pirts of silver to one part of gold ? 113-001605 —. — -. o — 1 of A732'S846. Answer, 812,450 7 a. 8 p. 165 -T- 24-8156 A close approximation to these answers would be reached by using the figures to the second decimal place only. FOREIGN AMD COLOmAL EXCHANGES. 63 The following were the rates of exchange in March between London and chief monetary systems of the world : — Rates of Exchange, March, 1893. London. Par. Sight. Constantinople 110.27-56 pi. " _ ' 3.m s. 110-62 Alexandria 98.4-52 „ 97i — Lisbon * S3 -278 dol. 42* ■ - • — Montevideo 51-004 „ 3 m.s. S2d. gold New York . . . ■ 49-316 ,. 49* to i 2 m.s. 48J Buenos Ayres 47-578 „ — 3 m.s. 4Si gold Havanna 45-666 „ — 2 m .s. 20i to J 7o prem . Santiago 44-985 .. — . — St. Petersburg (gold) 38-059 ,. 25i to I 3 m.s. 94-70 & 25 dol. Rio Janeiro 26-934 „ — ,, I2| to 13J Vienna (gold) 12-0088 fr. 12-115 to 12-12J „ 12-22 to I2-22J Amsterdam 12-1072 „ 1209 „ 12-1I .. I2-3J Copenhagen 18-1595 ,> 1814 „ i8-i6 „ 18-29 Berlin 20-4292 „ 20-43J „ 2044 >, 2054 Paris 25-22155,, 25-16 „ 25-17 .. 25 32 J Rates of Exchange, March, 1893. London. Par at iiid. per oz. At sight. Four months- sight. Shanghae' 43-760^. 44frf. Hongkong ... 32'i6i/. 32id. — Mexico 32-l6 the sum is therefore 113-001605 — 7— of ;425 ; the answer is 424-85 rupees. If we 0-64.95 ii3'oo take — — — of ^25, the answer is 425-45 rupees. The gold might not command 42485 rupees. To ship it back to London would cost i per cent. The banker or dealer must have his fair profit. The rate might range between absolute par and i^ per cent, discount. If shipments of metal were being made to the British Isles, a good credit instrument, such as Bank of England notes or a first-class bill on demand for gold, would be worth i per cent, more than the gold, because the transmission of this would save the cost of the conveyance of the gold pieces. For the sake of elucidating the exchanges of standard gold coins for standard silver coins, and standard silver coins for standard gold coins, by the means of the weight of pure metal in standard coins, and the ratio of the day between the two metals, .take the following : — Six men, a British evangelist, a French soldier, a German savant, a Danish naturalist, a Dutch planter, and an American author, each with standard gold money of his F 66 A READY RECKONER OF THE WORLD'S country in his pocket, take lunch at a hotel in Yokohama. The landlord agrees to receive their gold in payment for their lunch and give each his change in Japanese money at the absolute par of the day established by the silver price of gold. This price is 388 yens 6-54 sens per 100 momme, or 5 797 "06 232 troy grains of pure gold. Each man's proportion of the bill amounted to 2 yens 23 sens. What is the charge in the money of each man's country, and the change each man receives in Japanese money for the standard coin of his nation ? Having the silver price of gold of the day in Yokohama, the next step is to ascertain the ratio of silver to gold which the price establishes. Attached to the Japanese monetary system the constant 1 5 "4836 is given for use in determining this. Divide 388 '0654 yens by 15 '4836, and the ratio between the metals is found to be 25'o63 parts of silver to I part of gold. The next step is to discover the equivalent weight of gold at 25*063 parts of silver to 1 part of gold for the mint-issue weight of silver in the yen. The weight of silver in the yen he finds, on reference to the Japanese monetary system, is 374"4 troy grains of pure silver. 374*4 divided by 25-063 gives 14-9383. Therefore 14-9383 troy grains of pure gold, at the ratio of 25-063 parts of silver to I part of gold, are of the same exchange value on that day at Yokohama as 374-4 troy grains of pure silver. The proposition for each man is : " If a silver yen is valued at 14-9383 troy grains of pure gold, how many yens will the pure gold in my piece of money be worth ? " The following is the working of the Britisher's question in two ways, the longer and the shorter, with the difference resulting from the two methods. To reach the number of silver yens for . 113:001605 . _ a sovereign, the statement is of £^x. Divide i4"93o3 113-001605 by 14-9383; the answe^r is 7-564 yens. By the FOREIGN AND COLONIAL EXCHANGES. 67 shorter method, of £1 ; answer, 7 'seg, or 7 per mille 1493 more than by the longer process. There is another method. Multiply the weight of pure gold in the sovereign by the ratio of silver to gold, and divide by the weight of pure silver in the yen. The sum is ii3"ooi6os of 2<;'o6'? ; the answer is 7"';64 yens. 374-4 By the use of the multiplier and divisor to the second decimal place only, of 25-063. The answer is the 374'40 same, 7 '5 64 yens for a sovereign. The Britisher pays his bill, and receives 5 yens and 33 sens in exchange for the balance of his sovereign. The formula for the Frenchman is — 98-60718 -_ — of 25-063 ; answer, 6"6oo6 yens. Or 374-4 98-60718 of one 2o-franc piece; answer, 6-6035 yens. 14-9383 In these two sums the only multiple provided in this book is of 374*4. The Frenchman pays his bill, and receives 4*37 yens in exchange for the balance of his 20-franc gold piece. The formula for the German is — 110-62680 -, of 25063; answer, 7-4055 yens. Or 374-4 110-62680 of one 20-mark piece ; answer, 7 '4055 yens. 14-9383 The German pays his bill, and receives 5 yens 17^ sens in exchange for the balance of his 20-mark gold piece. The formula for the Dane is — 1244544^ p£- 25-063 ; answer, 8-3312 yens. Or 374-4 68 A READY RECKONER OF THE WORLD'S 1 24 '45442 of one 20-krone piece; answer, 8"33i2 yens. 149383 The Dane pays his bill, and receives in exchange for the balance of his 20-krone piece, 6 yens 10 sens. The formula for the Dutchman is — 93"3348s 374-4 of25'o63; answer, 6'248 yens. Or 93334 — - — of one lo-guilder piece; answer, 6*248 yens. i4'9383 The Dutchman pays his bill, and receives 4 yens and 2 sens in exchange for the balance of his i o-guilder gold piece. , The formula for the American is — of25'o63; answer, 7 7 7 1 9 yens. Or 374'4 ii6"i . 1 „ • of one 5-dollar piece ; answer, 7"76i9 yens. The American pays his bill, and receives 5 yens 54 sens in exchange for the balance of his 5-dollar gold piece. Exchange of Silver for Gold. — Assume that the ratio between the metals is 24-815 of silver to i of gold. It is desired to exchange 425 rupees in the British Isles for gold. The equivalent weight of gold, with 165 grains of pure silver at 24-815 parts of silver to i part of gold, we have found to be 6-64.95 grains of pure gold. To ascertain the . 6-64.01; absolute par, the sum is therefore Z-i-'_ of 421; 113-001605 -^ 6-65 rupees; the answer is ;4 2 5 -008 8. ; — of 425 rupees gives _;^25-oi43. The shipment of this silver to India would cost I per cent. State notes for India for 425 rupees should sell better in the British Isles than rupees, as by the trans- mission of them to India, the expense of the packing and shipping of silver pieces would be saved. FOREIGN AND COLONIAL EXCHANGES. 6g Nine seamen, an Indian, a Chinese, a Japanese, a Siamese, a Manila-man, a Persian, a Mexican, a Russian, and an Austrian, acquaintances, determine to spend three days together in a boarding-house off the Commercial Road, London, and to divide the expenses between them. Each of them has the standard silver coins of his country only in his pocket. The landlord agrees to take payment at I per cent, discount on the gold upon the absolute par established by the gold, price of silver of the day. The price of silver of the day is ST^if. per standard ounce. Each man has to pay 8^. 6d. What amount of silver will each man's board cost him, and what change will each man get for his standard silver in British money ? Attached to the British monetary system is the constant 942'995. This being divided by 37'625, the British price of a standard ounce of silver of the day, establishes the ratio between the metals at i part of gold for 25-063 parts of silver. The grains of pure gold represented by 8s. 6d. in the British monetary system are 48"0257, which is ascertained by dividing 8x. dd., or zo2d., by the British sign for i grain of pure gold, viz. 2'i23863, the multiples of which will be found on p. 122. The Indian finds, under the head of the Indian monetary system, that the mint-issue weight of one rupee is 165 troy grains of pure silver. Dividing 165 by the ratio of silver to gold, e.g. 25 '063, he finds it to be equivalent to 6'5834 troy grains of pure gold. One rupee, therefore, is equivalent to 6"5834 grains of pure gold. But his bill amounts to 48-0257 grains of gold, or is. 6d. He must part with 8 rupees, and pay i per cent, for the exchange of them. These rupees are equal to 52-6672 grains of pure gold. The charge of -5266 of a grain of gold for exchanging the rupees must be added to the bill, and makes the grains of gold 48'5523. This deducted from 52-6672 leaves 4-ii49 70 A READY RECKONER OF THE WORLJyS grains of gold as the change which he has to receive. 4'ii49 grains of gold, multiplied by the sign for one grain in London, gives ^%d. as his change. The Chinaman would be pretty sure to have his silver in the form of Mexican dollars, but should he have it in Shanghae taels, the tael, 5 13 '05 7 2 troy grains of silver, divided by the ratio 25 '063, gives an equivalent value in 20*4707 troy grains of pure gold. He would require to give 2^ taels to pay his bill ; 2^ taels = 5i'i767 troy grains of pure gold. His bill with premium amounts to 48-5374 grains of pure gold. His change is therefore 3 '15 13 grains of gold, or 6^d., as the result of multiplying 3T513 grains of gold by 2-i2T,?>6T,d., the sign for one grain of gold. The Japanese would part with four of his yens. One yen is 374"4 troy grains of pure silver; four yens are therefore i497'6 grains of silver, which, divided by the ratio 2S'o63, gives 597534 grains of gold as the equivalent value to that weight of silver. This leaves a balance for him to receive of 1 1 '1302 grains of gold, or i.f. ix\d. The Siamese would part with seven of his ticals. One tical weighs 2o6"285 grains of silver; seven therefore weigh i443"995 grains of silver. This divided by the ratio gives 57 '6146 grains of gold as the equivalent This leaves a balance for him to receive of 9"oi28 grains of gold, or IS. id. The Manila-man would pay four of his dollars. One dollar weighs 36o"56i4 grains of pure silver; four dollars therefore are i442"2456 grains of silver. This divided by the ratio 25-063 equals 57-5448 grains of pure gold. This leaves a balance for him to receive of 8-9337 grains, or T.S. Td. The Persian would convert twenty-one of his krans into gold. One kran weighs 63-0316 grains of silver; twenty- one krans weigh 1323-6636 grains of silver. This divided FOREIGN AND COLONIAL EXCHANGES. 7 I by the ratio gives as the equivalent 52 8135 grains of pure gold. This leaves a balance for him to receive of 42597 grains, or ()d. The Mexican would pay four of his dollars. One dollar weighs 377 "0586 troy grains of pure silver; four dollars therefore weigh i5o8'2344 grains of silver. This divided by the ratio 25'o63 gives 6o'i777 grains of pure gold. The balance he has to receive is 1 1 '5503 grains of gold, or is. o\d. The Russian would pay five of his roubles. One rouble weighs 27 7 722 1 troy grains of pure silver; five roubles weigh i388'6io5 grains. This divided by the ratio gives 55-4048 grains of pure gold. The balance he has to receive is 6-9251 grains gf gold, or i.f. 2\d, The Austrian would pay eight of his florins. One florin weighs 171 '4708 troy grains of pure silver; eight florins therefore weigh I37i'7664 troy grains. This divided by the ratio gives 54-7325 grains of pure gold. His exchange therefore will be 6' 1695 grains of gold, or is. id. The methods herein given are not the same as those given to the Statist newspaper in October, 1892. These appear to the writer simpler and shorter, keeping the weights of the measures of value more before the mind, whilst combining the use of the ratio and the unit-of-weight systems. Exchange of Gold for Gold. — Monetary signs in sixteen gold monetary systems for the weight of pure gold in the measure of value and chief money of account of each of seventeen gold-standard systems are given in this book. These are popularly termed " fixed pars of exchange." But the working of the exchanges of any sum by weight is more direct, simple, and correct than by converting one sum into another currency by means of the sign for a weight. The formula for working by weights is the following : — It is desired to know the French sign for the weight of 72 A READY RECKONER OF THE WORLD'S pure gold indicated, by the British sign of jQze, y. lod., or ^ , „, 1 1 ^•001601; ^ - . . ;^25-i9i6. Then -^i- of ;^2S-i9i6 gives it. 4'48o3S9 11300 — of ;^25"i9t6 would give the answer sufficiently near 4*48 for sailors, soldiers, and travellers. It is desired to know the British sign for the French sign 4*4803 159 2Si'Qi6 fr. -^^— of 25i'9i6 fr. gives it. ii3-ooi6os Exchange of Silver for Silver. — Monetary signs in thirteen silver monetary systems for the weight of pure silver in the measure of value and chief money of account of each thirteen silver-standard systems are given in this book. It is desired to know the Japanese sign for 675"2S Austrian florins. The formula is of 675'2S fl., 374-4 which gives the answer. It is desired to know the Austrian sign for 246'i5 374'4 Japanese yens. The formula is of yens 246'is 17 1 '4708 ' which gives it. Exchange of Gold for Inconvertible Paper. — ^Whenever the exchange between two countries for a first-class bill of exchange at sight does not closely approximate to metal points, it is an indication that one or both countries do not possess effective metal monetary systems. Fixed pars of exchange — that is to say, the weight of pure metal in one country for the same weight of pure metal in another country — are given in monetary signs of seventeen gold and thirteen silver standard systems in this book. Take two concrete cases of exchanges with countries possessing currency systems only. Inthe Argentine Republic at Buenos Ayres, the premium FOREIGN AND COLONIAL EXCHANGES. 73 on gold is quoted at 213 per cent. By turning to p. 80, under the head of the British Monetary System, the sign in the British Isles for the mint-issue weight of pure gold in the Argentine measure of value, the sol, is found to be 47'578^. By turning to p. 115, it will be found that there is an example of converting a premium into a discount. 213 per cent, premium is the same as 68'05i discount. This discount on 47'578^. gives the British rate on Argentina at \%'zo c tifl S:^ .S s S 0) s g o>_ o," >: <« °u- u ■O O OJ ^ ■* ^< C ,^ rJ=! "S M H -^ 4J --J S (u ■" d I '^ rt ?^ "-< ^H ^ '8 SrS^.y (1h J, <1 -1 Q z o u S S- ■T3 rQ "i CUD pMO ■" dj w Q rt n ■S. o — ■So oj « U Bj3 o , P OJ «1 K^ yj rf O ^ '8 i 2 - s i.sl .3 13 ^*^ O t/i C fl O -^ — c4 (U ^ d ki 3 Sill §»" o "" ^ g am u 7^ w O bij ^ iJi Si 3 .a ^ O — T3'-- s a o > a oo o iS H o\vo fooo 10 in^Ooo cumcq ^ t^eo 0\ op ro 2 0\ 0\\0 « 00 lO ts.00 t^ o\ w oo tx M b*H QMC^iH-^cir^n p^oo o* in o « o . *? P T^ P .'"' ,'*'50 P ," P ."^ P « p w to ■^ fi "1 o IN oo »n>b o ^■■ t^oo *o m n c». m Mt-Moooonrvn-^'^voHt^i-iii-N WHH HrOMHHfO MMmHrn O4roo ooo coo mm i>.oo tj- o o m p^ ■**-^iOi>M>o * rooo 00 n O Q ^- 00 t».0 t«.ci lOto^O -^-O inw O ^O w pi « _« CO « oo (> p^ « tO03 P yi JO « I ro o\ cyoo M tv m o\ moo moo « i "" ' I m f I n I fo mo ■*© t^ommt^o i>.r)w t«.o c r*. O « — ■* mco 00 o g O oo m^o oo c m m N ro H vo w mco o lo o* n m m C ■^M ncivo o\M ■+p^moco mO « i/ §OM« mQOQOO'-'OmO o 00 ^ri-o mt^o mgco « cov^Q O'oo m •-' m^o ocoQncomoxoQ , m m a\\o ot o oo yi ■^ p ro t^ to t«. o p j 00 '« V- m **• Voo «oo »orOHOo>b6o m H « H (M H 01 n tuOtAbJSui bbtatUIcflbilu bJOtn bAuj bOin U) O * O :3g i S on ~ £f H-g P I N I H I O I ^ yi « I ;i I t p* t^ p* t^ p^ .Cp P W3 P ^ 'P P .0 ^ O , m b 'b "ovb b b lb V^ b -b m "o b b b r^OHCi wrnwMHOi-iCT OOOO 00 o» 0\ o\ Oioo a^Ol0^o^o^c^o\c^c?lO^ > MINT-ISSUE WEIGHT OF COINS. 77 « ET" ^ — "* "^ "^w »o H. c* 1 ) lo * oco to c 1 « M fv f. h^ C - . - . , J -^vo [^ - « 1-1 r I ■* H ^ p". inoo N < (N. lo n ■+VC N 00 CO w frt\0 ^^ . 5 VO'O" ■ ♦CO - N m o\ Vn, b V^ t^ V)\o 00 OsQooo Omo-^i ro Q f* uioo O ^ O 00 ( vo O - ^. * io\o 5 \o ( oomNroOfOOH( I ■* 0\ f«100 P>>0 ( I iH p«i i-i o^ o M inoo 00 ro H in o ^MO^o\0'CH0C3^ choo tnco 00 T lO N CTlOO Cf H CO 'p O p ■«*- t^ P^ I V b r^ in fo H 'm O V fo '« oo m o 00 O o \o o 10*0 o *orofoin"th(T)Otooo t>.ou^ ^»^cf oo oo m t-, o o ^9'*'30QOQ"^'^"0 mi*- -^co ^OfOOM5o^ innOm'-'"! rO-O "O t^ O «Q\oo«QVDQ\ommQ H>ovorv,ui rovo o\ o « 0\ inco -n- io\o \o co fO pivp p H p^ Tf M fO -shvp 'p yi ■* p c>. t^ 1003 mvb oo 'to"t>.'mo : V^ V>, tvoo >b oo m m uri) I omo m'tsOD 'm m V'rnVobi 0) W M M CICIPlftn tH MM M MM MM : » : ^5 £ i^ 'I °u% 2 ^ " o }1 ■? 5 01 o c « .J ' i:r= r, £ c b , « 3 : o K^"^ " ; o _ : « : '' .- ft-s E.C wg o E B Si c-S'S^ « ffl !>.3 ft3 o ftS *■ E s*-2 .o'S -■! o u m a O o ta MhS .2,JE, p, (I, HPi K .V-.'-ns 9 Q Q Q g I 8 g K ' 8 p pp. I p p p P P "p "p p o p p b in b I I 00 b b o b »b -b b b b b «^t"*0 'OOmOOmmOC^OO O^00 0\ 000\OiONO\C3iO\0\OlO\iJi si "■ 2 d > ^ iji '"i ^ ^-1 ^ y, ". ^ X X •^ -^ ta3 I— Hv< ^ i ^^ > ><1 X X X 78 SECTION I. 55 ? ^ ^ XT) :^ > r»1 ^ ■« <* s H H >t Z ^ O (1 IS -5> I-] o 1 o ^ lo o JJ-O s § -o »- o S 2 & = S •^ en 8S ■ 'o • • • — ^ . . c^ . ■g i -o acLCL^: g q-td^ Sii: ?,a fO ^ »noo mrt- O to O N ■.vO00 -^ 2- 00 ^ O fl-* 1^ « 0) \o O '^ -. « VO ^i. (5S •-• N !^" P* Np Th pvp ONOO P ."* r* f^ r ,^ ,■* V^ ON o\ b It M N i^i^ M w r^vo r^ S? S? SJ" " « w M « « ro inm_r>.oo O (0° H H ^ "S o. % did::! . . i; jd . "S. f^ONVO mm« Tl- ro*-^ Hits . M 3^ ~> ? N r^ moo ■^ « « w .a >, N -fj ISO O N VO w -^00 O s 00 ■* Ol ON fjN * Tt- lO COVO O VO vD i^irioo roNO 00 bsM ■1^ -^lO -^O ON M^ N in b b ^ VO t^CT. O •-> N fO OMO .Si. S3 « « m popororoin J5 o H H HI ^ W ^ 1 d ex d. .^ "S ^ -^ . S d oid^ Sv^ Si o E O^ VO On r^OO VO -"t *^W VO O VO VOOO ON -^ VO VO ro T}-00 « m"^vo o o oo un-t cooo J^ Co foo 0^ i-< U-> IN. cOOO O VO O « Q t^ jl **i S Omt) tH ■ u-)e4 Voo i^oo it \b ■"^i-inoo ON 5 m ro 7^ XO i-( ■<*. VO OO w M *0 w l-( ' ' HH .O \0 VO VO e^ tN.00 N VO VO ■<*■ t>. Tj- ^ SJ ^ "" -* <-i « M ro 'o • ■ ■ •-■ . . C^ " >2» ■§ (i ^ O-Q-CU^: g q:2«^ g^ij CM M ■*t-00 in -^i- t^oo rt O NO VO ON On -«*• cr» I'l ON ^00 CO m invo "^ o 00 m o •-< 00 Is M 1^ ^00 Ov 00 ini^ ro« o VO o M O ri. fO ro VO 10-* '-' O O 1^ O ON S&88I P Ti- p p ■?• 00 0^ 11 »-) l-l i^ ON « ON fOl^ f^ 00 .■^rv »p oo t^ in jnoo Tl- CO 00 ioN b 00 i^do b \b »H m O io ^ o rt ^ s? «oo « woo N^ VO t^r^ co« ■. N t^ t^ 1^ rotN. CO t>i .s ro O 00 00 00 '"^00 -"d- 00 '3 r-* Sl'^l- ■* - ■* J^ •'^(-^ ^ p> p p rr) m op P T* ^•-' CO*H CO ►-« b V N N " b M « * On N NO N NO :; N r^ Tj- Ti- rj- ro (^ fn « ro t-i en H^ , rn ,c in ■* ■^ ON ^ ^ ^ f^rf- I^ Ttl-^ ^ H ■*VO ^ in VO »n tN. m t^ m II II II II II 11 II II II II II II II N (U *© *: •>■? o £ Sa s § s j5 i . .2 .2 E.SP C >N O 3 o _o _S^ ^; * 13 « 0.-3 o:=; 3 in t; jd -««"^ -*i :3 tn tit '^ w5 E >l a—^ =a : : bil d) d ?*§« g« i c „S"o-ne -C, |S2"2^£?33SSS w m HiSsD > French franc ... 178-58 ,, Gold coins : corda of 10,000 reis, meia coroa of 75,000 reis, quintos de coroa of 2000, one-tenth of coroa of 1000 reis \ peca, 8000 reis ; meia, 4000. British sovereigns taken at 4500 reis, and half-sovereign, 2250 reis. The coinage charge on gold is one milreis per kilo, which is a trifle more than \ per cent, but the mintage is some- times undertaken gratuitously. The mint buys gold, -j^ fine, at s63'856 milreis per kilo, which is 6i5-ii5 milreis per kilo of pure gold. 1 The monetary system is at present displaced by a currency system. It is, or should be, in use in Angola, Cape Verde •Islands, Delagoa Bay, Guinea, Mozambique, Principe, Sofala, St Thomas, and Ziglunchor. V. Uruguayan Monetary System. Sign for X gram and I grain. 64-2633 cents. 4-164058 „ Peso. Gross. Fineness. Pure. Grams Grains 1-6970 .. 26-1887 917 1-5561 24-015034 Money Table. 100 centesimos = i peso. For Weights, see France. Gold and silver are sold per kilo, or i5432"34874 troy grains. The constant 642-61, being divided by the Uruguay price of silver in pesos, gives the ratio between silver and gold. SEVENTEEN GOLD MONETARY SYSTEMS. 85 Fixed Pars. Egyptian pound = 477-94 cents. British pound Turkish pound Portuguese * mil reis Newfoundland dollar U. States N.A. dollar = 470-54 = 425-06 = 104-47 = 98-03 = 96-68 Cuban * piso Chilian * peso Russian * rouble Brazilian * milreis Austrian * florin Dutch guilder — j Scandinaviancrown= 25 '91 German mark = 23-03 French franc =1865 = 89*53 cents. = 88-19 = 74 61 = 5280 = 39-18 38-86 Argentine* dollar = 9328 Weights and measures as in Spain. This monetary system is at present displaced by a currency system. VI. Newfoundland Monetary System Dollar. Gross. Fineness. Pure. Grams Grains 1-525497 23-542008 Sign for I gram and 1 grain. 65-5502 cents. 4-247727 „ Money Table. 100 cents = I dollar. Gold and Silver Weights. Troy Weight. Gold and silver are sold per troy ounce, or 480 grains of pure metal. The constant 2 038 "909, being divided by the price of silver in cents, gives the ratio between silver and gold. Fixed Pars. Egyptian pound British pound Turkish pound = 487-54 cents. = 480-00 „ = 433-61 „ Cuban * peso Chilian * peso Russian * rouble = 91 -32 cents = 89-95 ,. = 76-18 „ Portuguese* mil- Brazilian* milreis = 53-86 „ reis Uruguay * peso U. States N.A. = 106-56 = 102-09 Austrian * florin =39-97 ,, Dutch guilder = 39 -64 , , Scandinavian crown = 26-68 ,, dollar Argentine * peso = 98-61 = 95-14 German mark French franc = 23-74 ,. = 19-02 „ The weight of gold, for which i cent in Newfoundland and \d. in the British Isles are tokens, is the same in each country, viz. -2354 of i troy grain. 86 SECTION /, VII. United States N.A. Monetary System. Dollar. Grams Grains Gross. 1-671 25-800 Fineness. 900 Pure. 1-50464 23-22 Sign for 1 gram and I grain. 66-4608 cents. 4-306632 „ Money Table. 100 cents = I dollar. Table of Weights of Money. 24 grains = i pennyweight. 20 pennyweights = i ounce. 12 ounces = I pound troy. Gold and silver are sold by the troy ounce, or 480 grains of pure metal. The constant 2o67"i8, being divided by the price of silver of the day in cents, gives the ratio between the two metals. Fixed Pars. 494-27 cents. Chilian peso = 91-21 486-66 )j Russian rouble = 77-17 439-62 n Brazilian milreis = S4-61 108-04 n Austrian florin = 40-52 103-42 »> Dutch guilder = 40-19 Scandinavian crown= 26-80 101-38 n German mark -= 23-82 96-47 n French franc = 19-29 92-60 »> Egyptian pound = 494-27 cents. Chilian peso = 91-21 cents. British pound = Turkish pound = Portuguese* milreis = Uruguay * peso = Newfoundland dollar = Argentine * peso = Cuban * peso = One pound troy, or 5760 grains, of standard gold is coined into 223-2558 dollars; 5760 grains of pure gold are coined into 248-147 dollars ; 43 troy ounces, 900 fine or 18,576 grains of pure gold, are coined into 800 dollars. The mints are open to the unlimited reception of gold from any person or place. There is no coinage charge on gold. Silver is at present bought to an enforced extent at the market price by the Government. Transmission charge on gold to Europe less than -f per cent. This is the monetary system of Liberia also. SEVENTEEN GOLD MONETARY SYSTEMS. 87 VIII. Argentine Republic* Monetary System. Peso, Gross. Fineness. Pure. l'6i29 900 I'45i6i2 Grams Grains ... 24'9o83 Money Table. 100 centesimos = i peso. Sign for i gram and 1 grain. 688-8888 cents. 4-46393 » 22-401743 Table of Weights of Money See France. The constant 688-88, being divided by the price of silver of the day for i kilo, gives the ratio of silver and gold. Fixed Pars. Egyptian pound British pound Turkish pound Portuguese * mil- reis Uruguay " peso Newfoundland dollar U. States N.A. dollar = 571-87 cents. = 5o4'43 .. = 455-67 ,. = 111-99 .. = 107-20 „ = 105-08 „ = 103-65 „ Cuban * peso = 95*98 cents. Chilian * peso = 94-55 » Russian * rouble =79-99 ,, Brazilian * milreis = 56-61 „ Austrian * florin =42-00 „ Dutch guilder Scandinavian crown German mark French franc = 41-66 = 27-77 = 24-69 = 20-00 This monetary system is at present displaced by a currency system. The Hayti gourde is of the same weight as the peso of the Argentine Republic. The Paraguay peso is taken at the same. IX. Cuban* Monetary System, Peso. Gross. Fineness. Pure. Grams Grains I '3933 21-5019 Sign for I gram and I grain. 71-7713 cents. 4-6507 „ Money Table. 100 cents = I peso. Money Weights. Same as France. The constant 717-72, being divided by the price of silver of the day, gives the ratio between silver and gold. 88 SECTION I. Fixed Pars. Egyptian pound = 533-80 cents. Chilian • peso = 98 'SO British pound = 52S'S4 .. Russian * rouble = 83-34 Turkish pound = 47474 ., Brazilian * milreis = 58-98 Portuguese milreis = II6-68 „ Austrian * florin = 43-76 Uruguay * peso = 111-68 „ Dutch guilder = 43-40 Newfoundland Scandinavian dollar = 109-48 „ crown = 28-94 U. States N.A. German mark = 25-72 dollar = 107-99 „ French franc = 20-83 Argentine * peso = 104-18 „ ) cents. This monetary system currency system. is at present displaced by a X. Chilian * Monetary System. Grams Grains Gross. Fineness. 1-525 900 23-5343 Pure. 1-3725 21-1809 Money Table. 100 centavos = i peso. Sign for 1 gram and 1 grain. 72-8597 cents. 4-720306 „ Weight Table. See France. The silver dollar is five times the weight of the silver franc, and contains 347-2278 troy grains of pure silver on issue from the mint. The constant 728-59, being divided by the price of silver of the day, gives the ratio between gold and silver. Fixed Pars. Egyptian pound British pound Turkish pound Portuguese * mil- reis Uruguay * peso Newfoundland dollar U. States N.A. dollar 541-89 533-50 481-94 cents. 118-44 113-38 III-I4 106-62 Argentine ♦ peso = 105-76 cents. Cuban * peso = 101-51 ,, Russian * rouble = 84-60 ,, Brazilian * milreis = 59-87 ,, Austrian * florin = 44-42 „ Dutch guilder = 44-06 ,, Scandinavian crown German mark French franc = 29-37 = 26-n = 21-15 This monetary system is at present displaced by a currency system. Gross. Fineness. Pure. Grams 1-2902 900 ri6ii8 Grains . . 19-910817 „ 17-919736 SEVENTEEN GOLD MONETARY SYSTEMS. 89 XL Possible Russian* Monetary System. Rouble. Sign for i gram and z grain. 86-119292 copecks. S -580439 Money Table. 100 copecks = I rouble. Weight Table. I dolis, or '04444 grams, or "6858136 troy grains. 96 dolis = I zolotnick, or 4-26624 grams, or 65-8381056 troy grains. The s-rouble piece at mint-issue weight is 2 7 "902 195 troy grains of pure gold. There are 10 and 3 rouble pieces at the same proportionate weight. A silver rouble at mint- issue weight should contain 405 dolis of pure silver. At present (1893) coinage is for the State alone. The State bank buys gold and silver at varying prices. A fund or pound is 9216 dolis. The constant 352'62, being divided by the price of silver of the day, gives the ratio between gold and silver. Fixed Pars. Egyptian pound = 640-512 copecks British pound = 630-598 „ Turkish pound = 569-538 1 Portuguese * milreis = 140-008 t Uruguay * peso = 134-042 Newfoundland dollar = 131-370 J United States N.A. dollar = 129-577 J Argentine * peso = 125 on * Cuban * peso = 119-981 > Chilian * peso = 118-199 t Brazilian * milreis = 70767 , Austrian * florin = 52-511 , Dutch guilder = 52-084 ) Scandinavian crown = 34-725 , German mark = 30-867 , French franc = 25-002 1 90 SECTION I. XII. Brazilian* Monetary System. Gross, Grams "89648 Grains I3"8348 Milrds. Fineness. Pure. 916-667 -82177 12-681957 Money Table. 1000 reis = I milreis. '■ Sign for i gram and I grain. 1216-8707 reis. 78-85223 „ Weight Table. 24 grios = I escrupulos, 1-1953 grams, or 18-480 grains. 3 escrupulos = I oitavas 3-5859 ,, 55 '341 » 8 oitavas = l onca, 28-6875 » 442-728 „ 8 oncas = I marco, 229-5 )i 3S4i'824 „ French.weights are in use. One kilogram of fine gold is coined into 1216-875 milreis. There is an export duty in Brazil of 2^ per cent, on gold and silver. Custom duties are payable in gold in Rio Janeiro. The constant 1216-87, being divided by the price of a kilo, of silver in milreis, gives the ratio between gold and silver. Fixed Pars. Egyptian pound British pound Turkish pound Portuguese * mil reis Uruguay * peso Newfoundland dollar U. States N.A. dollar = 9050-50 reis. = 8910-40 „ = 8049-27 „ = 1978 '36 „ = 1893-64 „ Argentine * peso Cuban * peso Chilian * peso Russian * rouble Austrian * florin Dutch guilder Scandinavian crown German mark French franc = 1766-43 reis = i695'47 .. = 1670-16 „ = 1413-01 „ = 741-98 „ = 735-96 „ = 1856-62 = 1830-95 This monetary system is displaced by a currency system. = 490-68 „ = 436-15 .. = 353-28 „ XIII. Proposed Austrian* Monetary System. Florin or gulden. Gross. Fineness. Pure. Grams -6775 900 -60975 Grains IO-4554I7 .. 9-409875 Money Table. 100 kreutzers = i florin. Sign for z gram and I grain. 164-00164 kreutzers, 10-627134 „ Weight Table. See France. SEVENTEEN GOLD MONETARY SYSTEMS. 9 1 The constant 820-008, being divided by the price of 4 a kilo of silver, gives the ratio of the day. Fixed Pars. Egyptian pound ^ 1219762 kreutzers, British pound = 1200-883 Turkish pound = 1084-822 Portuguese * milreis = 266-629 Uruguay * peso = 255-210 Newfoundland dollar = 250-184 United States N.A. dollar = 246-762 Argentine * peso = 238-066 Cuban * peso = 228-503 Chilian * peso = 225-225 Russian * rouble = 190-435 Brazilian milreis = 134-773 Dutch guilder = 99-188 Scandinavian crown = 66-130 German mark = 58-781 French franc = 47-613 XIV. Dutch Monetary System. Guilder or florin. ^ T- -n Sign for I gram ■Gross. Fineness. Pure. and i grain. Grams -6720 900 -6048 i65-343iS9 cents. Grains 10-26682 „ 9-33348S 10-714112 „ Money Table. Weight Table. 100 cents = I guilder. See FRANCE. A kilogram of pure gold is coined into i6s"3439 pieces of 10 guilders each. The Bank of Holland ordinarily buys pure gold at 1647 florins per kilo., ahd sells it at 1653 florins per kilo. It also sells coins at 1658 florins per kilo. Coinage charge is 5 florins per kilo, on double ducat, -37 per cent. ; on ducat, -43 per cent. ; on 10 guilders, -337 per cent. The tolerance in fineness is 1 -5 per mille ; on weight, 2 per mille. Gold and silver are sold per kilo, of pure metal. The constant 1653-44, being divided by the price of I kilo, of silver in guilders, gives the ratio of silver to gold. 92 SECTION I. Fixed Pars. Egyptian pound = 122975 ce: British pound = i2io'72 , Turkish pound = I093'79 , Portuguese * mil- reis = 268'8o , Uruguay * peso = 257*30 , Newfoundland dollar = 252-24 , United States N,A. dollar = 24878 . Argentine * peso = 240'0i This is the currency of the Dutch possessions in Africa Guinea, Oman, the Orange Free States, and Guiana. Cuban * peso = Chilian * peso = Russian * rouble = Brazilian * mil- reis = Austrian * florin = Scandinavian crown = German mark = French franc = 230"37 cents. 226-93 „ 191-99 „ 135-87 » 100-81 „ 66-66 „ S9'02 „ XV. Scandinavian Monetary System. Crown. Gross. Grams '44803 Grains 6-9141 Money Table. 100 ores = I crown. Fineness. 900 Pure. ■APZ21$ 6-222721 Sign for r gram and I grain. 248-00007 ores. 16-070140 „ Weight Table. See France and Danish Mark. One kilo, of fine gold is coined into 248 lo-crown pieces, or 124 20-crown pieces. The coinage charge is — for 20-crown pieces, :|^ per cent. ; for lo-crown pieces, ^ per cent. Tolerance i^ to 2 per mille. The Danish National Bank ordinarily buys gold at 2480 crowns per kilo., fine, less \ per cent. Gold and silver are bought and sold by the Danish Mark of 8 unsers, or 16 lods, or 256 orts, equal to 235-294 grams, or 363i"i39 troy grains. The constant i24o'o, being divided by the Scandinavian price in crowns for \ a kilo, of silver, gives the ratio of silver to gold. SEVENTEEN GOLD MONETARY SYSTEMS. 93 Fixed Pars. Egyptian pound British pound Turkish pound Portuguese * mil- reis Uruguay " peso Newfoundland dollar United States N.A. dollar = l844'48 ores. = i8iS'9S » = 1640-43 „ = 403' 17 „ = 385 '92 „ = 378-31 .. = 372-92 „ Argentine * peso = 3S9'99 ores. Cuban* peso = 34S'S3 » Chilian * peso = 340-37 „ Russian* rouble = 287-97 >> Brazilian * railreis = 203-79 „ Austrian * florin = 151-21 „ Dutch guilder = 149-98 „ German mark = 88-88 ,, French franc = 81 -oo „ This is the monetary system of the Faroe Isles, Green- land, Iceland, St. Croix, St. John, and St. Thomas. XVI. German Monetary System, Mark. Gross. Fineness. Pure. Grams -39825 goo -358425 Grains 6-1458 „ S'S3I340 Sign for I gram and I grain. 279-00037 pfennigs. 18-078906 „ Money Table. Weight Table. 100 pfennigs = i mark. Same as FRANCE. A zoUverein pound, or 500 grams, or 77i6'i7437 troy grains of standard gold is coined into 125-55 lo-mark pieces. 500 grams of pure gold is coined into 1395- lo-mark pieces. Coinage charge on gold, 3 marks per pound of pure gold. Tolerance, 2^ per mille on zo and lo-mark pieces, 4 per mille on 5-mark pieces. Gold and silver sold by the \ kilo, of pure metal. Gold coins having lost 5 per mille of their weight cease to be legal tender. The Treasury, however, receives them at full value. The old silver thaler pieces are still unlimited legal tender. Other silver coins are only legal tender for 20 marks in one payment. The Imperial Bank of Germany ordinarily buys a pound of pure gold at 1392 marks, provided the minimum weight of a bar is 5 pounds, and the fineness not less than 900 in 1000 parts. 94 SECTION I. The constant 1395, being divided by the price in marks for \ a kilo., or one pound, gives the ratio of silver to gold. Fixed Pars. Egyptian pound = 2075-63 pfen. Argentine * peso = 405-00 pfen British pound = 2042-92 Cuban* peso = 388-73 „ Turkish pound = i845'So Chilian * peso = 382-92 „ Portuguese * mil- Russian * rouble = 323'96 „ reis = 453-57 Brazilian * milreis = 229-27 „ Uruguay " peso = 434' 16 Austrian * florin = 170-12 „ Newfoundland Dutch guilder = 168-73 .. dollar = 425-61 Scandinavian United States crown = II2'50 ,. N.A. dollar = 419-79 French franc = 81-00 „ This is the monetary system of the Dama and Nama coast, the Henterland of Africa, New Guinea, and Togo land — XVII. French Monetary System, Franc. Gross. Grams -32258 Grains 4-978126 Fineness. Pure. 900 -290322 4-480359 Sign for r gram and I grain. 344'4444 cents 22-31964 „ Money Table. 100 centimes = i franc. Weight Table. I gram, or 1 5 '43235 troy grains. 10 grams = i dekagram, „ I54'323S 1. 10 dekagrams = i hectogram, „ 1543-2348 „ 10 hectograms = I kilogram, ,,15432-34874 ,,.- One kilo, of gold'-i^fineis coined into 3100 francs. One kilo, of fine gold is coined into 3444-4443 francs. The remedy is xinnr for weight, -g\^ 'for fineness on 20 and 10 franc pieces ; and on 5-franc pieces, tthjit fo"^ weight, and -^ for fineness. The mint buys gold bars of 900 fineness at 3093-30 fr. per kilo., making the mintage charge 6-70 franc per kilo. The constant 3444"44, being divided by the price of i kilo, of silver in francs gives the ratio between gold and silver. SEVENTEEN GOLD MONETARY SYSTEMS. 95 Fixed Pars. Egyptian pound = 2561-80 centi British pound = 2522-15 , Turkish pound = 2278-39 , Portuguese * milreis = 559-96 , Uruguay * peso = 538-01 Newioundland dollar = 525"44 United States N.A. dollar = 518-26 , Argentine * peso = 500-00 , Cuban * peso = 479-94 Chilian * peso = 472-75 Russian * rouble = 399-96 Brazilian * milreis = 283-05 Austrian * florin = 210-02 , Dutch guilder = 208-31 , Scandinavian crown = 138-89 , German mark = 123-45 This is, or should be, the monetary system for the follow- ing independent Governments : — Belgium, Bulgaria, Greece,* Italy,* Servia, Spain,* Switzerland, Roumania. Also for Algeria, the Belgic State on the Congo, Cephalonia, Cerigo, Comoro Islands, Corfu, Congo, Finland, Gaboon, Gibraltar, Guadaloupe, Guiana, Ithaca, Martinique, Morocco, Miguelon, New Caledonia, Obok, Ogowe, Paxo, Reunion Senegal, Santa Maura, St. Pierre, Tunis. SECTION II. THE WORLD'S THIRTEEN SILVER MONETARY SYSTEMS, WITH THE FIXED PARS BETWEEN THEM ALL. And a Constant attached to each to DETERMINE THE RaTIO BETWEEN GOLD AND SILVER ON THE Market Price of Gold of the Day. N.B. — Wherever an asterisk is attached, it denotes that a monetary system is displaced by a currency system. SELLING WEIGHTS OF GOLD AND SILVER, ETC. 99 i-i < %^ O H ■* 2 "^ 2 w O w § « 2 o O « < < Q » ?; iJ o n O PM a W s Z < O ii« ^ M s S ^ m w iJ W Ph H O W Bj "$■ a >< rrt n ?; r1 H r/1 S o S- s" §s| (fl W s ij u qa t^ ^ "„-M o \o o 1^ o « 00 in CO 00 m o ^ ro 00 CO » o\ N Ch _w N CO CO VO t-^ CO l>. *P c o - HI b ^ ^ ^ M « « r-* «^ <©■ =«&: m^ 5= . ^ A ~ \o o ON M vO s o VO .o c^r^ •«*- !2 ■* C^ CO IH o ro m ^ to **- 3 >» VO rh vo O -d- lO in b CO N « m = ■22 y vp lr> "P VO .^ l-< P p» O^ 00 ."* p it|8 00 CO M 00 00 ON b c^ io CO b N M M w w w CO ■ «* m^ 5= ^ •^ ■ii » w a , l^ ri>i « O M 00 vO 00 ^ NH o 92 03 rO M s. 00 oo 00 r^ 00 CO !>. ON m " ?f « o (S M l-« r-^ vO i-i O CJ CO al CTn p 0^ p C4 00 ■^ N lO 00 P V) 00 b b b ^ J_ c< Tf- ON XO V o CO ■? Cfl 4 CO ■^ ■* Tl- ^ ^ Tl- vn t^ ON ON =«& «» ■e^ ■*©= <^ « 01 H ui >. g s 1^ ^ c M fl-J:: 00 9 « M o ■^ v- « OS Q tn ON m >- 5? t-^ o 00 M VO 1 t^ « 5 o m (2 " en CO N i^ CO 1 ^ o m 8 ON to « ^ "1 J-" ON ON 00 Th U-) 1-^ M o w ^o ^ M b o Tf W- M M M in ,_, r4 «^ ■* M lO ^ N Tl- en «» 4©: "^ ■* ■^ t^ t^ r^ CO .S 00 r4 00 rh O 't ^ O CO ■^ 8 o 8 15. o i^ 1 00 p P ^ 1 P p p M bO bs ^ ri 00 b 1 « « ON ^b vO b CM >» r^ fo o. i^ CO *^ n 00 ■<1- o \rx * >» o\ "t ■«■ CO « t^ i-t H ^ ro lO vd !>. II II II 11 II 11 II II II II S II II 1 1 « i 1 1 ii cl O ^ O 1 M o 1 o 1 1 2 •s s ■■B « em en 3 : § 1 o : c 'a, • * § eg 1 1 I; .2* 1 * s .3 en <; 1- .3 100 SECTION 11. THE WORLD'S THIRTEEN SILVER MONETARY SYSTEMS. I. Chinese Monetary System. Shanghae tael. Pure silver. Sign for i gram and i grain. Grams 33 2455 Grains 5i3"oS72 30 •07919 cash. I 9491 cash. Money Table. 10 cash or le =1 candareen or fun. 10 candareens = i mace or tsein. 10 mace = i tael or leang. Weight Table. 5 79 '84 troy grains. Various European weights are given in the current cambists for i China tael weight. That given by Messrs. W. A. Browne and W. Nelson-Smith, viz. 597 -84 troy grains, is adopted. Among the English weights furnished to the British Government, as equivalent to Japanese weights, by Mr. W. Bransen in 1877, i momme is approximately S7"97i9539oo5 troy grains. Mr. Choh, of the London branch of the Yokohama Specie Bank, has recently given the weight as S7,970'632 troy grains in i kaume or 1000 momme. This weight is adopted. It appears probable that a China tael and 10 momme are the same weights. Gold and silver are sold by the tael, or 579*84 troy grains. The price of gold per tael, being divided by the constant 1T3016, gives the ratio between gold and silver. Fixed Pars of Exchange. Trade dollar = 736 75 cash. Mexican dollar = 734'92 Java 2i guilders = 733 "14 Japan yen = 72974 Philippine dollar = 70277 Peruvian* sol =67678 Tripoli mahbub = 6io'45 cash. Russian * rouble = 541 "30 „ Siamese tical = 402 "07 ,, Austrian * florin = 334'2I „ Indian rupee = 321-60 ,, Persian kran = 122 '85 „ In 1873, the Calcutta mint authorities gave the weight of pure silver in a Shangae tael at 5 08 '5 troy grains. The THIRTEEN SILVER MONETARY SYSTEMS. lOI general manager of the late New Oriental Bank Corpora- tion, Limited, who took an intelligent and uncommon interest in the subject, made the weight Si8"56 troy grains. The above weight of 5i3'o572 troy grains of pure silver is thus reached =717 Canton taels weigh 1000 new and true Mexican dollars, of 377,058 troy grains of pure silver each ; io2i Shangae taels equal loo Canton taels; the 1000 Mexican dollars therefore weigh 734"92 Shangae taels. The pure silver in 1000 Mexican dollars divided by this gives Si3'°572 troy grains of pure silver. Tate's Cambist gives a Shangae tael as equal to i'3937 Mexican dollars, or 52S-5o6s troy grains of pure silver; also 75 taels or too Mexican dollars, or 5027448 troy grains of pure silver. Haupt, in his Cambist, under the heads " China," " Shanghae," " Hongkong," " Vienna," gives information which makes the weight of pure silver in a Shanghae tael, so8"ii75, 5i5"g825, 5180659, and 523-5458. Among the facsimiles of coins published in 1875 by Verlag von L. Vangerow, there is a circular Chinese tael with characters on both sides valued at fr. 8.12 c, or 563'88 troy grains of pure silver. Under the head of " Anam " are two oblong pieces of silver called taels with characters upon both sides, and valued at fr. 8.50 c. each, or 590-28 troy grains of pure silver ; another valued at fr. 6.75 c, or 46875 troy grains of pure silver ; and a fourth at fr. 3.37 c, or 234-03 troy grains of pure silver. These French prices are taken at the proportion of i5-|- parts of silver to i part of gold. A Shanghae tael struck at the Hongkong mint in 1867, having on it the words "One Tael Shangae and Hongkong," and the figures "982-G 566," was but a specimen coin, which, however, the late Major Kinder, Director of that mint, suggested as con- venient for circula.tion in Hongkong and China. The first number on the coin is the fineness, and the second the weight in troy grains. The weight of pure silver in this 102 SECTION II. coin was therefore sS4-4oi8 troy grains. China has recently erected the largest mint in the world. The tael coin, to command circulation, for the basis of the Shangae tael, should not contain more than 513 troy grains of pure silver. II. Trade Dollar. Gross. Fineness. Pure. Sign for . gram and I grain. Grams ... 27"2I56 900 24*4940 4"o826 cents. Grains ... 420^0 „ 378'0 0-2645 »> Money Table, 100 cents. = I dollar. The price of gold, being divided by the constant i'S339, gives the ratio between the two metals. Fixed Pars. Shanghae tael = 13572 cents. Tripoli mahbub = 82-85 cents Mexican dollar = 9975 „ Russian * rouble = 73 '47 .. Dutch dollar = 9950 „ Siamese tical = 54'57 .. Japanese yen = 99 04 „ Austrian * florin = 45-36 „ Philippine dollar = 9S'33 ,, Indian rupee = 43-65 .. Peruvian* sol = 91 '85 „ Persian kran = 16-67 „ Neither the United States of North America nor Japan now coin Trade dollars. The proposed new Mexican dollar will contain 8-4291 troy grains more of pure silver than the present Trade dollar. III. Mexican Monetary System. Dollar, Gross. Fineness. Pure. Sign for i gram and I gram Grams ... 27-0643 902-778 24-433 4-0928 cents. Grains ... 417-6657 „ 377-0586 0-2652 „ Money Table. 100 cents. = I dollar. Money -Weight. 48 tormins or 8 drachmas = I onza or 28-7525 grams, or 443-7186 grains. French weights are used. Fixed Pars. ;nts. Tripoli mahbub = 83-06 cents Russian * rouble = 73'6S ., Siamese tical = S470 „ Austrian * florin = 4S'47 .. Indian rupee = 4378 „ Persian kran = 1671 „ THIRTEEN SILVER MONETARY SYSTEMS. I03 Gold and silver are sold by the kilo. The price of gold, being divided by the constant 4o'928, gives the ratio between the two metals. Shanghae tael = 136-06 ( Trade dollar = 100-25 Dutch 2j guilder = 99-75 Japanese yen = 99-29 Philippine dollar = 95-62 Peruvian* sol = 92-08 The Mexican dollar is the chief dollar of the East. The coinage charge is 5 per cent. This is paid by the producer of the silver, and is not recovered through international trade in Mexican dollars. An improvement is contemplated in the Mexican dollar by the Congress. A new dollar is proposed to contain 2773 grains of metal, 903 fine, 25-0402 grains, or 386-4291 troy grains of pure silver. This dollar would be 8 "42 9 1 troy grains more pure silver than is con- tained in the Trade dollar, and would most probably supplant it. The Mexican dollar governs the Exchanges of Borneo, Labuan, Hongkong, Singapore, and other parts of the East. A troy ounce of Mexican dollars contains 433*3333 troy grains of pure silver. The troy ounce of silver is therefore 2 "45 per cent more in weight of pure silver. Grams Grains Sign for I ^ram and I grain. 4-1028 cents. 0-2658 ,, IV. Javanese Monetary System. Dutch 2J guilder, or Java dollar. Gross. Fineness. Pur«. 28-0785 868-056 24-3737 433 "3 1 72 ,. 376-1434 Money Table. 100 cents. =■ I dollar. Weight Table. I real = 27-3451 grams, or 441-99915 troy grains. 9 reals = : Dutch mark troy, or 246-1066 grams, or 3797-99235 troy grains. 104 SECTION II. Gold and silver are sold per troy mark, or 3798 troy grains of pure metal. The price for i troy mark of gold, being divided by the constant 10-097, gives the ratio between the metals. Shanghae tael = 136 '39 cents. Trade dollar = 100 '49 „ Mexican dollar = ioo'24 ,, Japanese yen = 99 '53 ,, Philippine dollar = 95 "85 „ Peruvian 'sol = 92 '3 1 „ Fixed Pars. Tripoli mahbub = 83-26 cents. Russian * rouble = 73'83 ,, Siamese tical = S4'84 >> Austrian * florin =45-58 „ Indian rupee =43-86 „ Persian kran = 16-75 » There is no mint in Java. The 2^-guilder piece is a monopoly coin in the island. The silver circulation is supplied by Holland. Silver in Java is a counter like inconvertible paper, the only difference being that the dollar has greater cost value than bits of paper. V. Japanese Monetary System. Yen. Gro.s. Fineness. Pure. - ^^^V^r^ Grams ... 26-9564 900 24-2607 4-12189 sens. Grains ... 416-0 „ 374-400 0-26709 „ Money Table. 100 sens = I yen. Weight Table. = I shi or 0-003756 grams or 0*05997 troy grains. 10 shis = I rin „ 0-03756 „ 0-57971 „ 10 rins = I fun „ 0-37565 „ 5'797i9 •> 10 funs = I momme „ 3-75652 „ 57-97193 .• The coinage charge upon both gold and silver is i per cent Silver is sold per kaume, or 1000 momme ; gold per 100 mommes, or 5,797*0632 troy grains of pure gold. The price of gold, being divided by the constant i5;4836, gives the ratio between the metals. The pure gold in a s-yen piece is 7-5 grams, or 115742625 troy grains. The gold coinage consists, besides, of 20, 10, THIRTEEN SILVER MONETARY SYSTEMS. 10$ 2, and 1 yens, containing pure gold in the same proportion to that in the s-yen piece. Fixed Pars. Shanghae tael = 137-03 sens. Tripoli mahbub = 83-65 Trade dollar = 100-96 „ Russian * rouble = 74-17 Mexican dollar = 100-71 ,, Siamese tical = 55-09 Javanese dollar = 100-46 „ Austrian * florin = 45-79 Philippine dollar = 96-30 „ Indian rupee = 40-07 Peruvian * sol = 9274 » Persian kran = 16-83 The coinage of Trade dollars has ceased in Japan. Grams Grains Gross. 25-96 400-6253 Sign for X ^am and I grain. 4-2801 cents. 0-2773 „ VI. Philippine Isles Monetary System. Dollar. Fineness. Pure. 900 23-3640 360-5614 Money Table. 100 centavos = I dollar, also 100 „ =1 real. 8 reals = i dollar. The price in Spanish dollars for i kilo of gold, being divided by the constant 42*800, gives the ratio between the metals. Fixed Pars, Tripoli mahbub = 86-84 cents. Russian * rouble =77-02 „ Siamese tical =57-21 ,, Austrian * florin = 47-55 . >> Indian rupee = 45*76 >■ Persian kran = 17-48 „ The Philippine Islands dollar is in use in Penang, Manilla, Marran Isle, and Timan. Shanghae tael Trade dollar Mexican dollar Javanese dollar Japanese yen Peruvian • sol = 142-29 cents. = 104-83 = 104-57 = 104-32 = 103-83 = 96-27 Grams Grains VII. Peruvian* Monetary System Sol or dollar. Gross. Fineness. Pure 900 25-000 385-2087 22-500 347-2278 Sign for z gram and I grain* 4*4444 cents. 0288 „ io6 SECTION II. Money Table. lOo centesimos = I sol. Weight Table. Same as France. Former Spanish Weights. I libras, or i6 onzas, or 460T4 grams, or 7101 '04152 troy grains. 25 „ = I arroba j 4 arrobas = I quintal. The price of i kilo of pure gold, being divided by the constant 44-4444, gives the ratio between the metals. Silver is also sold by the kilo of pure silver. Fixed Pars. Shanghae tael = 14775 cents. Trade dollar = 108 -86 „ Mexican dollar =10859 ji Javanese dollar = 108 -32 „ Japanese yen =107-82 „ Philippine dollar = 103-84 „ Tripoli mahbub = 90*20 cents. Russian * rouble = 79-98 ,, Siamese tical = 59-40 ,, Austrian * florin = 49-38 ,, Indian rupee = 47-51 ,, Persian kran =18-14 » The following countries possess, or should possess, the same monetary system : Bolivia,* boliviano ; Costa Rica,* peso; Eucuador,* sucre; Salvador, peso; United States of Columbia, peso; Guatemala,* peso; Honduras,* peso ; Nicaragua,* peso ; Venezuela,* bolivar, \ dollar, or sol. In all these countries at present, monetary systems are displaced by currency systems. The pure gold in 5 sols is riz'oisyi troy grains, or 7-2585 grams. There are 20, 10, 2, and i sol gold pieces, at the same proportionate weight of pure gold. VIII. Tripolian Monetary System. Mahbtib. Gross. Fineness. Grams Grains Pure. 20-2957 313-200 Sign for I gram and I grain. 39-4172 paras. 2"30397 » THIRTEEN SILVER MONETARY SYSTEMS. 10/ Money Table. 40 paras = I piastre. 20 piastres = i mahbub. Weight Table. 37 J dirhem = i uckiah, or 30-504095 grams. 16 uckiah = i rottolo ,, 488'o6553 „ Gold and silver are sold by the uckiah of 472 troy grains of pure metal. The price of pure gold, being divided by the constant i"5o7, gives the ratio between the metals. Fixed Pars. Shanghae tael Trade dollar Mexican dollar Javanese dollar Japanese yen = 32762 piast = 24-136 = 24-077 = 24019 = 23-908 Philippine dollar = 23-024 Peruvian * sol = 22-172 piastres. Russian* rouble = I7'734 Siamese tical = 13 172 Austrian * florin = 10948 Indian rupee = iO'536 Persian kran = 4025 Grams Grains Gross. 19-9957 308-5806 Sign for i gram and I grain. 5-55676 copecks. 0-36C07 „ IX. Russian* Monetary System, Rouble. Fineness. Pure. 900 17-9961 „ 277-7221 Money Table. 100 copecks = I rouble. Money Weights. I dolis, or 0-04444 grams, or 0-6858136 troy grains. 96 dolis = I zolotnick, ,, 4-26624 ,, 65-8381056 „ A silver rouble at mint-issue weight should contain 405 dolis of pure silver. A funt or pound is 9216 dolis. Gold and silver are sold by the Russian pound, or 6319 troy grains of pure metal. The price of gold, being divided by the constant 22753, gives the ratio between the metals. Fixed Pars. Shanghae tael Trade dollar Mexican dollar Javanese dollar Japanese yen = 18473 copecks. = 136-10 = 13576 = 135 43 = 134-81 Philippine dollar = 129-82 Peruvian* sol = 125-02 copecks- Tripoli mahbub = 112-77 Siamese tical = 7427 Austrian * florin = 61-74 Indian rupee = 59-41 Persian kran = 22 69 I08 SECTION II. This monetary system is at present displaced by a currency system. Coinage is for ^the State alone. The State bank buys gold and silver at varying prices. X. Siamese Monetary System. Tical. Gross. Pure. Fineness. Sign for ^i^gram and Grams ... l5'l8o5 — I3'3670S 2^3939 phainungs. Grains ... 234-2711 — 206-285 0-1551 „ Money Table. 4 solots = I phainung. 4 phainungs = I fuang. 2 fuangs = I solung or miam. 4 solungs = I tical or dat. Money Weights. According to Dr. Browne, the tical for weighing gold and silver equals 15-29257 grams, or 236 troy grains. The weight of the monetary tical is taken from the Calcutta mint assay of 166 coins of the present reign. Assays made at the same time of 167 flat ticals of the previous reign gave 205-120 troy grains of pure silver; and of 167 round ticals of the same period, 213-2606 troy grains of pure silver. Measured by the Mexican dollar, the tical is equivalent with 5471 cents of Mexico. Gold and silver is sold by the 236 troy grains of pure metal. The price of gold, being divided by the constant I '14404, gives the ratio between the metals. Fixed Pars. Shanghae tael = 79-587 phainung. Trade dollar = 58-636 „ Mexican dollar =58-489 ,, Dutch dollar =58-348 „ Japanese yen = 58-076 ,,. Philippine dollar = 55 904 „ Peruvian * sol = 53-856 ,, Tripoli mahbub = 48-576 „ ' Russian* rouble = 43072 „ Austrian * florin = 26-598 „ Indian rupee = 22-716 ,, Persian kran = 9-777 „ THIRTEEN SILVER MONETARY SYSTEMS. IO9 XI. Austrian* Monetary System. Florin or guilder. Gross. Fineness. p Sign for i gram and * "^^ I grain. Grams Grains ... 12-3457 900 ... 190-5231 ii-iiii 9-00 kreutzers. 171-4708 0-5832 Money Table. Weight Table. 100 kreutzers = 1 florin. Same as France. Gold and silver are sold per \ kilo of pure metal. The price of gold, being divided by the constant 45, gives the ratio between the metals. Fixed Pars. Shanghae tael = 299-21 kreutzers. Trade dollar = 220-44 » Mexican dollar = 219-86 ,, Javanese dollar = 219-36 ,, Japanese yen = 218-34 >> Philippine dollar = 210-27 >> Peruvian * sol = 202-50 ,, Tripoli malibub = 182-66 „ Russian * rouble = i6r-g6 „ Siamese tical = 120-48 ,, Indian rupee = 96-22 ,, Persian kran = 36-75 ,, This monetary system is at present displaced by a currency system. XII. Indian Monetary System. Rupee. Gross. Fineness. Pure. ^''^Jxll^^ and z grain. Grams ... 11-6638 916-667 10-692047 17-966625 pies. Grains ... 180-0 ,, 165-0 1-163636 „ Money Table. 12 pies = I anna. 16 annas = i rupee. Weight Table. Grams. Grains. I punk = 0-0075936,01 0-1171875 4 punks = I dhan, or 0-0303745 „ 0-46875 4dhans = i ruttee ,, 0-121498 ,, 1875 8 ruttees = i masha „ 0-971984 ,, 15-000 12 mashas = I tola „ 11-66381 „ 180-000 no SECTION II. Gold and silver are sold per tola of pure metal. The price of gold, being divided by the constant I'ogog, gives the ratio between the metals. The coinage charge upon silver is 2^ per cent The gold mohur or 15 rupees contains 165 grains of pure gold on issue from the mint. There are double mohurs, f, and \ mohur pieces at the same propordon of weights. Fixed Pars. Shanghae tael = 49'7So annas. Trade dollar = 36 654 „ Mexican dollar = 36'S63 » Javanese dollar = 36'473 „ Japanese yen =36 '304 „ Philippine dollar = 34 '963 ,, Peruvian* sol = 33"67o annas. Tripoli mahbub = 30 '369 Russian * rouble = 26 '929 Siamese tical = 20^003 Austrian* florin = i6'624 Persian kran = 6' 1 12 The Indian monetary system is possessed by the Andaman Isles, Burraah, Ceylon, Goa, Imperial British East Africa Company Territories; in the Mauritius, where 100 cents make one rupee. Signs for Weight o.f Pdre Silver. Sign. Dec. of a troy grain ,^ of a Tunis fel o'os6oo ^ „ Persian shahis 0-04924 ^ „ Indian pie 0-05371 ^ „ Austrian kreutzer 0-053575 „ „ Siamese solit 0-05015 ^ „ Russian copeck O-043375 \ „ Tripolian para ... 0-061165 jj, „ Peruvian centesimo ... 0-05425 \ „ Philippine cent 0-045035 iji „ Japanese sen 0-05850 , „ „ Javanese cent 0-05875 „ „ Mexican dollar 0-05890 „ „ Trade dollar cent 0059050 \ „ Shanghae cash 0-06413 Grams Grains XIII. Persian Monetary System. AVa«. Gross. Fineness. Pure. Sign for i gram otr n ^^^ ^ grain. 4-5861 — 4-08438 4-8968 shahis. 70774 — 63-0316 0-3173 „ THIRTEEN SILVER MONETARY SYSTEMS. Ill Money Table. 50 dinars = i shahis. 20 shahis or 2 penebats = i kran. 10 krans = I toman. Weight Table. Grams. Grains. I gandum, or 0"047924, or 0739583 4 gandums = 1 nakhod „ o-\t)\(i. 54-50 .. 52-35 .. SECTION III. I. Rules and Examples for finding the Equivalent Premium to a Given Discount, and vice versa, II. For adjusting Exchange to an Invoice of Goods WHEN Exchange is worked by Premium and Dis- count on the Whole Sum exchanged. III. Multiples for the Conversion of Grams into Troy Grains. IV. Conversion of Fractions into Decimals. SECTION III. RULES AND EXAMPLES FOR FINDING THE EQUIVALENT PREMIUM TO A GIVEN DIS- COUNT, AND VICE VERSA. All charges for coinage and those connected with the transmission of standard metal, etc., and which cause the deviation from par in rates of exchange, assume a form of percentage which can be deducted from or added to the fixed and absolute pars of exchange for any sum of money, or may be taken upon the total sum exchanged. In the present mode of quoting and working the ex- changes, the charges are expressed in the quoted rates. Equivalent Premiums for a Given Discount. I. Whenever a paper currency exists at a discount com- pared with the metal standard for which it should exchange at par, and it is desired to know the equivalent premium on the metal standard, an example of the method to find it is attached. Example I. — Say the paper currency is at a discount of 74747 as compared with gold in the Argentine Republic, what is the percentage premium on the gold expressed in paper ? 100 74747 25'253) 7,474700 (296 per cent, premium. 50506 242410 227277 151330 157318 1 1 6 SECTION III. Equivalent Discount for a Given Premium. Example II. — Premium on gold in the Argentine Republic 296 per cent., at what percentage discount is the paper? 296 X 100 — = 74747 per cent, discount. Rule for adjusting Exchange to an Invoice of Goods when Exchange is worked by Premium AND Discount on one Factor. Exchange is quoted in London on Melbourne at 3 per cent, discount (I.) for a 60 days' sight bill, or at i per cent premium (II.) for a demand bill; what amount must be added to or deducted from the invoice to produce the amount of the invoice by the sale of the bill of exchange for the same ? Rule, — Multiply the invoice by 100, and divide the result by (I.) 100 — the discount, if the exchange be at a discount. (11.) 100 + the premium, if the exchange be at a premium. The rate of discount on the first sum, or the rate of premium on the second sum, will bring the respective invoice amounts to the sums to be received from the purchaser of the bills, less the discount, or plus the premium. Table of Multiples for the Conversion of Grams into Grains. I. gram = 1 5-432348 troy grains. II. = 30*864696 III. = 46-297044 IV. = 61729392 V. = 77-i6i740 VI. = 92-594088 VII. = 108-026436 VIII. = I23'4S8784 IX. = 138-891 132 7000 troy grains make i lb. avoirdupois. FRACTIONS INTO DECIMALS. 117 Table of Conversion of Fractions into Decimals. h .. '015625 i? -515625 3^2 .. -03125 Ji •■ .- -53125 il .. -046875 if -546875 A .. -0625 tI - -5625 h .. -078125 ii -578125 i •• -09375 M -• - -59375 s? ■• -109375 ?l -609375 \ .. -125 i -625 ^ .. -140625 ii -640625 5 35 .. -15625 i -65625 H .. -171S75 i\ -671875 .. -1875 }^-. -6875 "A .. -203125 it -703125 5 ■■ -21875 \l -71875 IS e? •• -234375 J3 -734375 \... .. -25 \- -75 H .. -265625 II -765625 I .. -28125 i -78125 ^ .. -296875 iJ -796875 ^5 •• -3125 li - -8125 ?i .. -328125 15 -828125 U •• -34375 i -84375 il •• -359378 H -859375 \ " -375 \ -875 il .. -390625 i? -890625 \l .. -40625 i -90625 15 .. -421875 il -921875 A •■ -4375 li- -9375 if ■■ -453125 il -953125 M .. -46875 i -96875 i ■• -484375 % -984375 J - -5 SECTION IV. Multiples of 196 FIGURES WHICH REPRESENT THE MiNT-ISSUE WEIGHT IN Troy Grains OF Pure Metal composing SEVENTEEN GOLD MEASURES OF VALUE AND Chief Gold Moneys of Account of the World, Austria, Hungary, and Russia included. Also THIRTEEN SILVER MEASURES OF VALUE and Chief Silver Moneys of Account of the World. Thirty Monetary Signs for One Troy Grain of Pure Gold and Silver in Each System. Thirty Constants to aid in determining the Ratio between the Metals. The Multiples of 13 Gold Constants in Silver Monetary Systems. The Tonnage of 1,000,000 of each of the Gold Measures of Value and Each of the Silver Measures of Value. GOLD MEASURES OF VALUE, ETC. 121 SECTION IV. Judging by his own experience of the darkness he was in whilst for many years a worker of the colonial exchanges in India, compared with the light he now enjoys, the author cannot too highly recommend the working of all exchanges by weights of pure metal, not only for the accuracy of the method, but also for clearing the mind in preparation for the Teception of the science of money. Two examples of the use of these multiples may be given. Desired to know the German monetary sign for the weight of pure gold indicated by ^4365 in the British Isles. ii3'ooi6o5 The formula is of;^4365. Answer, 89,i74's8o S"53i3o7 marks. The use of these multiples to the second decimal place in the tables furnishes a closely approximate answer. — - — o^ £^Z^S- Answer, 89,i74"503 marks. This is 5"S3 not equal to that obtained by the use of the full multiples by about i per million marks. MuLiPLES OF Gold Measures of Value. I. Egyptian. Grains. Sign for I grain. I. 11477.80.96 8-71.24 ochrs. II. 229-55.61.92 17-42.48 „ III. 344-33'42.88 26-13.72 „ IV. 459-11.23.84 34-84.96 „ V. 57389.04.80 43-56.20 „ VI. 688-66.85.76 52-27.44 „ VII. 803-44.66.72 60-98.68 „ /III. 918-22.47.68 69-69.92 „ IX. 1033-00.28.64 78-41.16 „ 122 SECTION IV. II. Bri nsH. Grains. Sign for I grain. I. 113-00.16.05 2-12.38.63 pence II. 226 '00.32. 10 4-24.77.26 „ III. 339-00.48.15 6-37.15.89 „ IV. 452-00.64.20 8-49.54.52 „ V. 565-00.80.25 10-81.93. 15 >> VI. 678-00.96.30 12-74.31.78 „ VII. 791-01. 12.35 14-86.70.31 ,, VIII. 904-01.28.40 16-99.09.04 „ IX. 1017-01.44.45 19-11.47-67 „ III. Turkish. Grains. Sign for I grain. ' I. 102-07.98.87 39-18.84 paras. II. 204-15.97.74 78-37.68 „ III. 306-23.96.61 117-56.52 „ IV. 408-31.95.48 156-75.36 ,, V. 510-39-94.35 195-94.20 „ VI. 612-47.93.22 235I3.04 „ VII. 714-55.92.09 274-31.88 ,, VIII. 816-63.90.96 313-50.72 „ IX. 918-71.89.83 352-69.56 „ IV. Portuguese. Grains. Sign for I grain. I. 2508.85.24 3985. 89 reis. ir. 50-17.70.48 797I.78 „ III. 75-26.55.72 11957.67 ., IV. 100-35.40.96 I59"43.56 „ V. 125-44.26.20 199-29.45 ., VI. 150-53.11.44 239-15.34 .. VII. 175-61.96.68 279-01.23 „ VIII. 200-70.81.92 318-87.12 „ IX. 225-79.67.16 358-73.01 „ V. Uruguayan. Grains. Sign for I grain. I. 24-01.50.34 4-16.38 cents. II. 48-03.00.68 8-32.76 „ III. 72-04.51.02 12-49.14 ,, IV. 96-06 .01. 36 16-65.52 ,, V. 120-07.51.70 20-81.90 ,, VI. 144-09.04.04 24-98.28 „ VII. 168-10.52.38 29-14.66 „ VIII. 192-12.02.72 33-31.04 „ IX. 216-13.53.06 37-47.42 „ GOLD MEASURES OF VALUE, ETC. \2X VI. Newfoundland. Grains. I. 23-54.20.08 II. 4708.40.16 III. 70'62. 60.24 IV. 94-16.80.32 V. 117-71. 00.40 VI. 141-25.20.48 VII. 164-79.40.56 VIII. 188-33.60.64 IX. 2n-87.80.72 Sign for T grain. 4-24.77.27 cents. 8-49.54.54 12-74.31. 81 16-99.09.08 21-23.86.35 25-48.63.62 29-73.40.89 33-98.18.16 38-22.95.43 VII. United States N.A. I. II. III. IV. V. VI. VII. VIII. Grains. 23-22 46-44 6966 92-88 II6-IO 139-32 162-54 185-76 IX. 2o8-i Sign for I grain. 4-30.66.32 cents. 8-61.32.64 „ 12-91.98.96 „ 17-22.65.28 ,, 21-53.31.60 ,, 2S'S3-97-92 .. 30-14.64.24 „ 34-45.30.56 „ 38-75.96.88 „ VIII. Argentine. I. II. III. IV. Grains. 22-40.17.95 44-80.35.90 67-20.53,85 89-60.71.80 V. I12-01. 89.75 VI. 134-41.07.70 VII. 15681.25.65 VIII. 179-21.43.60 IX. 20i-6i.6i.55 Sign for I grain. 4'46-39-3 cents. 8-92.78.6 i3'39-i7-9 17-85.57.2 22-31.96.5 26-78.35.8 31-24.75.1 3571- 14-4 40'i7-S3-7 IX. Cuban. Grains. Si^n for i grain. I. 21-50.18.93 4-65.07 cents. II. 43-00.37.86 9'30-l4 ,. III. 64-50.56.79 1395-21 „ IV. 86-00.75.72 1860.28 „ V. 107-50.94.65 23-25.35 „ VI. 129-01. 13.58 27-90.42 ,, VII. 150-51. 32.51 32-55-49 ,. VIII. 172-01.51.44 37'2o-56 ,, IX. i93'Si-7o-37 4i'85-63 „ 124 SECTION IV. X. Chilian. Grains. Sign for i grain. I. 21- 18.09 4-72.03.06 cents. II. 42-36.18 9-44,06.12 „ III. 6354.27 14-16,09.18 „ IV. 8472.36 18-88.12.24 J. V. 105-90.45 23-60.15.30 „ VI. 127-08.54 28-32.18.36 „ VII. 148-26.63 33-04.21.42 „ VIII. 169-44.72 37-76.24.48 „ IX. 190-62.81 42-48.27.54 „ XI. Russian. Grains. Sign for I grain. I. 17-91.97.36 5-58.04.39 copecks II. 35'83-94-72 II -16.08.78 „ III. 5375-92.08 1,6-74.13.17 „ IV. 71-67.89.44 22-32.17.56 „ V. 89-59.86.80 27-90.21.95 „ VI. 107-51. 84.16 33-48.26.34 „ VII. 125-43.81.52 3906.30.73 „ VIII. 143-35.78.88 44-64.35.12 „ IX. 161-27.76.24 50-22.39.51 „ XII. Brazilian. Grains. Sign for 1 grain. I. 12-68.19.57 78-85.22.3 reis. II. 25-36.39.14 I57-70.44-6 „ III. 38-04.58.71 236-55.66.9 „ IV. 50-72.78.28 315-40.89.2 „ V. 63-40.97.85 394-26.11.5 „ VI. 76-09.17.42 473-II.33.8 » VII. 88-77.36.99 551-96.56.1 „ VIII. 101-45.56.56 630-81.78.4 „ IX. 114-13.76.13 709-67.00.7 „ XIII. Austria-Hungarian. Grains. Sign for I grain. I. 9-40.98.75 10-62.71.34 kreutzers. II. 18-81.97.50 21-25.42.68 „ III. 28-22.96.25 31-88.14.02 „ IV. 37-63.95-00 42-50.85.36 „ V. 47-04.93.75 S3-13.56.70 „ VI. 56-45.92.50 63-76.28.04 „ VII 65-86.91.2s 74-38.99.38 „ vni. 75-27.90.00 85-01.70.72 IX. 84-68.88.75 95-64.42.06 „ GOLD MEASURES OF VALUE, ETC. 125 XIV. Dutch. Grains. I- 9'33-34.8 II. 18-66.69.6 III. 28'00.04.4 IV. 37-33-39-2 V. 46'66.74.o VI. 56-00.08.8 VII. 65-33.43.6 VIII. 74-66.78.4 IX. 84-00.13.2 Sign for i grain. 10-71.41. 12 cents. 21-42.82.24 32-14.23.36 42-85.64.48 53-57.05.60 64-28.46.72 74-99-87-84 85-71.28.96 96-42.70.08 XV. Scandinavian. I. II. III. IV. Grains. 6-22.27.21 12-44.54.42 18-66.81.63 24-89.0S.84 V. 31-11.36.05 VI. 37-33.63.26 VII. 43-55.90.47 VIII. 49-78.17.68 .IX. 56-00.44.89 Sign for I grain. 16-07.01.43 ores 32-14.02.86 48-21.04.29 64-28.05.72 80-35.07.15 96-42.08.58 112-49.10.01 128-56.11.44 144-63.12.89 XVI. German. Grains. I. 5-S3-I3-07 II. 1 1 -06.26. 14 III. 16-59.39.21 IV. 22-12.52.28 V. 27-65.65.35 VI. 33-18.78.42 VII. 38-71.91.49 VIII. 44-25.04.56 IX. 49-78.17.63 Sign for I grain. 18-07.89.3 pfennigs. 36-15.78.6 54-23.67.9 72-31.57.2 90-39.46.5 108-47.35.8 126-55.25.1 144-63.14.4 162-71.03.7 XVII. French. Grains. 4-48.03.59 8-96.07.18 13-44.10.77 17-92.14.36 .. 22-40.17.95 VI. 26-88.21.54 VII. 31-36.25.13 VIII. 35-84.28.72 IX. 40-32. 32. 31 I. II. III. IV. V. Sign for 1 grain. 22-31.96.4 centimes. 44-63.92.8 66-95.89.2 89-27.85.6 111-59.82.0 133-91.78.4 156-23.74.8 178-55.71.2 200-87.67.6 126 SECTION IV. ToNXAGE OF Pure Gold in 1,000,000 Chief Moneys of Account IN EACH Gold Monetary System (I.). Constants to DETERMINE THE RATIO BETWEEN SILVER AND GOLD IN EACH System (II. )• I. II. Tonnage. Constants. Egyptian pound 7-320032 498-33 British pound 7-206734 942-995 Turkish pound 6-510229 -18^1-62 Portuguese milreis 1-6000031 615-II Uruguay peso 1-5^1568 642-61 Newfoundland dollar ... I -501408 2038-909 United States N.A. dollar 1-479591 2067-18 Argentine peso 1-428686 ' -' '688-88 Cuban peso I -371294 71772 Chilian peso I -350822 728-59 Russian rouble I 142840 352-62 Brazilian milreis -808798 1216-87 Austrian florin -6001 19 820-008 Dutch guilder -595248 1653-44 Scandinavian crown -396831 1240-00 German mark •352762 1395 00 French frauc -285736 3444-444 SILVER MEASURES OF VALUE, ETC. 127 MULTIPLES OF SILVER MEASURES OF VALUE. I. Shanghae. Grains. I. 5I3-OS-72 II. 1026' 11.44 III. 1539-17.16 IV. 2052-22.88 V. 2565-28.60 VI. 3078-34.32 VII. 3591-40.04 VIII. 4104-45.76 IX. 4617-51.48 sign for I gra'n. 1-94.91 cash. 3-89.82 „ 5'84-73 .. 779-64 „ 9-74-SS .. 11-69.46 „ i3'64-37 ., 15-59.28 „ I7'S4-I9 >, III. Mexican. Grains. I. 377-05.86 II. 7S4-II-72 III. 1131-17.58 IV. 1508-23.44 V. 1885-29.30 VI. 2262-35.16 VII. 2639-41.02 VIII. 3016-46.88 IX. 3393'S2.74 Sign for I grain. -26.52 cents. ■53-04 •79.56 1 -06.08 1-32.66 1-59.12 1-85.64 2-12.16 2-38.68 I. II. III. V. Grains. 374-4 748-8 1 123-2 IV. 1497-6 V. 1872-0 VI. 2246-4 VII. 2620-8 VIII. 2995-2 IX. 3369-6 Japanese. Sign for I grain- -26.70.9 sen. •53-41.8 „ •80.12.7 „ 1-06.83.6 „ l'33-54-5 .. 1-60.25.4 „ 1-86.96.3 „ 2-13.67.2 „ 2-40.38.1 „ VII. Peruvian. I. II. III. Grains. 347-22.78 694-45.^6 1041-68.34 IV. 138S-91.12 V. 1736-13.90 VI. 2083-36.68 VII. 2430-59.46 VIII. 2777-82.24 IX. 3125-05.02 sign for I grain. -28.8 •57.6 ■86.4 1-15.2 1-44.0 1-72.8 2-01.6 2-30.4 2-59.2 II. Trade Dollar. Grains. Sign for i grain. 378- 756- II34' 1512- 1890- 2268- 2646- 3024- 3402- ■26.45 cents. -52.90 ■79'3S 1-05.80 1-32.25 1-58.70 I-85-I5 2-11.60 2-38.05 IV. Javanese. Grain. 376-14-34 752-28.68 1128-43.02 IS04-57-36 1880-71.70 2256-86.04 2633-00.38 Sign for 1 grain. -26.58 cents. •53-16 •79-74 1-06.32 1-32.90 '•59-48 1-86.06 3009-14.72 2-12.64 3385-29.06 2-39.22 VI. Phillipines. Grains. 360-56.14 721-12.28 1081-68.42 1442-24.56 1802-80.70 2163-36.84 2523-92.98 2884-49.12 3245-95.26 Sign for I grain. -27.73 cents. •55-46 -83.19 1-10.92 1-38.65 1-66.38 1-94.11 2-21.84 2^49-57 VIII. Tripolian. Grains. 3i3"2 626-4 939'6 1252-8 1566-0 1879-2 2192-4 2505-6 2818-8 Sign for i grain. 2-30-39-7 pa 4-60.79.4 6-91.19.1 9-21.58.8 11-51.98.5 13-82.38.2 16-12. 77.9 18-43.17.6 20-73-57-3 128 SECTION IV. IX. Russian. I. II. III. Grains. 27772.21 555-44.42 833-16.63 IV. 1 1 10-88.84 V. 1388-61.05 VI. 1666-33.26 VII. 1944-05.47 VIII. 2221-77.68 IX. 2499-49.89 Sign for I grain. •36.00.7 copecks. ■72.01.4 ,, 1-08.02. I „ 1-44.02.8 „ 1-80.03.5 „ 2-16.04.2 „ 2-52-04.9 „ 2-88.05.6 „ 3-24.06.3 „ X. Siamese. Grains. 206-28.5 41257.0 618-85.5 825-14.0 1031 •42.5 VI. 1237-71.0 VII. 1443-99.5 VIII. 1650-28.9 IX. 1856-56.5 I. II. III. IV. V. sign for X grain. -15.51 phainung, -31.02 „ ■46-53 .. •62.04 )> •77-SS •93-06 I-08-S7 1-24.08 „ i'39-S9 XI. Austrian. XII. Indian. Grains. i7i^47.o8 342-94.16 514-41.24 685-88.32 857-35.40 VI. 1028-82.48 VII. 1200-29.56 VIII. 1371-76.64 IX. 1543-23.72 I. II. III. IV. V. Sign for I grain. ■58.32 kreutzers. 1-16.64 1-74.96 2-33.28 2-91.60 3"49-92 4-08.24 4-66.56 5-24.88 Grains, 165- 330' 495" 66o- 825- 990- "ss- 1320- 1485- Sign for I grain. i-i6.36pies. 2-32.72 „ 3-49.08 „ 4'65-44 » 5^8i.8o „ 6-98.16 „ 8^14.52 „ 9-30.88 „ 10-47.24 „ XIII. Persian. Grains. I. 63-03.16 II. 126-06.32 III. 189-09.48 IV. 252-12.64 V. 315-15.80 VI. 378-18.96 VII. 441-22.12 VIII. 504-25.28 IX. 567-28.44 Sign for i grain. •31.73 shahis. •63.46 •95.19 1-26.92 I-58.6S 1-90.38 2-22. 1 1 2-53-84 2-»S-57 CONSTANTS TO DETERMINE RATIOS. 1 29 Tonnage of Pure Silver in 1,000,000 Chief Moneys of Account in each Silver Monetary System (I.). Con- stant TO DETERMINE THE RATIO BETWEEN SILVER AND Gold in each System (II.). I. II Tons. Constants. Shanghae tael 32720484 I-I3016 Trade dollar 24-107142 I "5339 Mexican dollar 24-047104 40-92! Javanese dollar 23'988737 10-097 Japanese yen 23-877551 15-4836 Philippine dollar 22-994961 42-8 Peruvian* sol 22-144579 44-4444 Tripolian mahbub 19-974489 I -50702 Russian * rouble 17-711868 22-753 Siamese tical '3"iSS93i I -14404 Austrian * florin io'93559i 45 'O Indian rupee 10-522959 I -090909 Persian kran 4-019872 2-2555 Multiples of the Thirteen Constants to be used as Divisors of the Price of Gold in the Thirteen Silver Mone- tary Systems of the World to determine the Ratio between the Metals. I. II. III. IV. V. VI. VII. VIII. IX. Shanghae. 1-13.016 2-26.032 3 '39- 048 4-52.064 5-65.080 6-78.096 7-91. 112 9-04. 128 10-17. 144 Trade dollar. Mexican. Java. Japan. i'53-39 40-92.8 10-09.7 15-48.36 3-06.78 81-85.6 20-19.4 30-96.72 4-60.17 12278.4 30-29.1 46-45.08 6-13.56 163-71. 2 40-38.8 61-93.44 7-66.95 204-64.0 50-48-5 77-41-80 9-20.34 245-56.8 60-58.2 92-90.16 10-73-73 286-49.6 70-67.9 108-38.52 12-27.12 327-42.4 80-77.6 123-86.88 13-80.51 368-35.2 90-87.3 i39'35-24 I30 SECTION IV. Philippine. Peru. Tripoli. Russia. I. 42-8 44-44.4 1-50.702 22-75-3 II. 84-6 88-88.8 3-01.404 45-50.6 III. 128-4 i33'33-2 4-52.106 68-25.9 IV. I7I-2 177-77.6 6-02.808 91-01.2 V. 214-0 222-22.0 7-53-510 1 13-76.5 VI. 256-8 266-66.4 9-04.212 136-51.8 VII. 299-6 311-10.8 10-54.914 159-27. 1 VIII. 342-4 355-55-3 12-05.616 182-02.4 IX. 385-2 399-99.6 13-56.318 204-77.7 Siam. Austria. India. Persia. I. 1-14.404 45-0 109.09 2-25-55 II. 2'28.8o8 900 2-i8.i8 4-5I-IO III. 3-43.2IZ 135-0 3-27.27 6-76.65 IV. 4-57-616 1800 4-36-36 9-02.20 V. 5-72.020 225-0 S •45-45 11-27.75 VI. 6-86.424 270-0 6-5454 13-53-30 ■Vii. 8-00.828 315-0 7-63-63 15-78.85 VIII. 9-15.232 360-0 8-72-72 1804.40 IX. 10-29.636 405-0 9-81.81 20-29.95 SECTION V. Multiples of 1282 FIGURES WHICH COMPOSE THE WoRLD'S 214 MONETARY SiGNS for the mikt-issue weights of pure gold and Silver in the SEVENTEEN GOLD AND THIRTEEN SILVER CHIEF MONEYS OF ACCOUNT. MULTIPLES OF 1282 FIGURES. I 33 SECTION V. These signs are obtained by dividing the weight of pure metal in the heavier moneys of account by the weight of pure metal of the same quality in the lighter moneys of account of the different systems. The effect of this is that, under the head of the lightest money of account, which is France for gold and Persia for silver, the franc and kran signs will be found for the weights of all the other systems using the same metal. Under the systems which use the heaviest measure of value, viz. Egypt for gold and Shanghai for silver, no sign will be found. The signs for the weights of these two systems will be found under the other systems. These signs may be used as multipliers or divisors as the case requires. For instance, if it is desired to substitute the French sign for the British sign for any amount of money, the sum must be multiplied by the French sign for a sovereign. If it is desired to substitute the British sign for the French sign for any sum of French money, the amount must be divided by the French sign for a sovereign. Thus the substitution of one sign for any amount of pure metal for another sign can be effected in one operation. This mode is not so accurate as working with weights, and it fails to keep weights before the mind. But one calculation instead of two, which the other mode necessitates, will find general favour where absolute correct- ness is not of importance. The decimal places are marked so that they can be used 134 SECTION V. with facility to the second, fourth, and fifth places. The German sign for a British sovereign is 2o'4293o marks. The difference between the substitution of the German sign for the weight of pure gold indicated by ^^4365, by multiplying that sum by 2o"42 by means of the multiples given, or by leaving out the last two decimal points, is a trifle less than "I per mille on the marks less than the larger multiplier would give. Monetary Signs for the Same Weight of Gold. I. Egyptian Pound. The monetary sign for this see under the following sixteen heads. II. British Pound for an Egyptian Pound. Egyptian £. I. i'oi.57.2 II. 2-03.14.4 III. 304.71.6 IV. 4-06.28.8 V. 5-07.86.0 VI. 6-09.43.2 VII. 7- 1 1. 00.4 VIII. 8-12.57.6 IX. 9-14.14.8 III. Turkish Pound for a Pound, etc Egyptian £,. British ^. I. I-I2.43.9 1-10.69.9 II. 2-24.87.8 2-21.39.8 III. 3'37-3i-7 3-32.09.7 IV. 4-49-7S-6 4"42-79-6 V. 5-62.19.S 5'S3-49-S VI. 6-74.63.4 6-94.19.4 VII. 7-87-07-3 774-89-3 VIII. 8-99.51.2 8-85.59.2 IX. 10-11.95.1 9-96.29.1 IV. Portuguese Milreis for a Pound, etc. Egyptian £. British £,. Turkish ;£. I. 4-57.49.2 4- 50.41. 1 4-06.87.8 II. 9-14.98.4 9-00.82.2 8-13.75.6 III. 13-72.47.6 i3"Si-23-3 I2-20.63.4 FIXED GOLD PARS OF EXCHANGE. 1 35 IV. i8'29.96.8 i8'oi.64.4 i6-27.5i.2 V. 22'87.46.o 22'52.o5.5 2o'34.39.o VI. 27-44.95.2 27-02.46.6 24-41.26.8 VII. 3202.44.4 31-52.87.7 28-48.14.6 VIII. 36-59.93.6 36-03.28.8 32-55.02.4 IX. 41-17.42.8 40-53.69.9 36-61.90.2 V. Uruguayan Sols for a Pound, etc. Egyptian ;£. British ;f. Turkish ;f. ''SIS'^ I- 477-94-2 470-54-5 4'2S-o6-6 i-04.47 II. 9-55.88.4 9-41.09.0 8-50.13.2 2-08.94 III. 14-33.82.6 14-11.63.5 12-75.19.8 3"i3-4i IV. 19-11.76.8 18-82.18.0 17-00.26.4 4-17.88 V. 2389.71.0 . 23-52.72.5 21-25.33.0 5'22.35 VI. 28-67.65.2 28-23.27.0 25-50.39.6 6-26.82 VII. 33'4S-S9-4 32-93-8I.S 297S-46-2 7-31-29 VIII. 38-23.53.6 37-64.36.0 34-00.52.8 8-35.76 IX. 43-01.47.8 42-34.90.5 38-25.59.4 940-23 VI. Newfoundland Dollars for a Pound, etc. Portuguese Uruguayan milreis. peso. 1-06.56.9 1-02.00.9 2-13. 13.8 2-04.01.8 3-19.70.7 3-06.02.7 4-26.27.6 4-08.03.6 5-32.84.5 5T°-04-S 6-39.41.4 ,6-12.05.4 7-45.98.3 7' 14-06.3 8-52.55.2 8-16.07.2 9-59.I2.I 9-18.08.1 VII. United States N.A. Dollars for a Pound, etc. Egyptian ;£. British ;f. Turkish ;£. ^"^"felT !• 4'94-30-7 4-86.65.6 4-39.62 1-08-04-7 II. 9-88.61.4 9-73.31.2 8-79.24 2-16.09.4 III. 14-82.92.1 14-59.96.8 13-18.86 3-24.14.1 IV. 19-77.22.8 19-46.62.4 17-58.48 4-32.18.8 V. 24-71.53.5 24-33.28.0 21-98.10 5'40-23-S VI. 29-65.84.2 29-19.93.6 26-37.72 6-48.28.2 VII. 34-60.14.9 3406.59.2 3077-34 7'56-32.9 VIII. 39-S4-45-6 3893-24-8 iS'i^-^ 864.37.6 IX. 44-48.76.3 43-79.90.4 39-S6-S8 972.42-3 Egyptian £. British £. Turkish £. I. 4-87.54-S 4-8 4-33-60.7 II. 9-75.09.0 9-6 8-67.21.4 III. 14-62.63.5 14-4 13-00.82.1 IV. 19-50.18.0 19-2 17-34.42.8 V. 24-3772.5 24-0 21-68.03.5 VI. 29-25.27.0 28-8 26-01.64.2 VII. 34-12.81.5 33-6 30-35.24.9 VIII. 36-00.36..0 38-4 34-68.85.6 IX. 43-87.90.5 43-2 39-02.46.3 136 SECTION V. Uruguayan peso. Newfoundland $. I. 1-03.42.3 I-OI.38.4 II. 2-06.84.6 2-02.76.8 III. 3-10.26.9 3-04.15.2 IV. 4-13.69.2 4-05.53.6 V. S"i7-"-S 5-06.92.0 VI. 6-20.53.8 6-08.30.4 VII, 7-23.96.1 7-09.68.8 VIII. 8-27.38.4 8- 1 1. 07. 2 IX. 9-30.80.7 9-12.45.6 VIII. Argentine Pesos for a Pound, etc. Egyptian £,. British £,- Turkish £,. Portuguese milreis. I. 5*12.36.2 5-04.43.2. 4-55-67-8 1-11.99.3 II. 10-24.72.4 10-08.86.4 9-II-35-6 2-23.98.6 III. is-37.68.6 15-I3.29.6 13-67.03.4 3-35-97-9 IV. 20-49.44.8 20-17.72.8 I8-22.7I.2 4-47.97.2 V. 25-61.81.0 25-22.16.0 22-78.39.0 5-59-96.5 VI. 30-74.17.2 30-26.59.2 27-34.06.8 6-71.95-8 VII. 3S-86-S3-4 35-31.02.4 31-89.74.6 7-83-95-1 VIII. 40-98.89.6 „ 40-35.45.6 36-45.42.4 8-95.94.4 IX. 46-11. 25.8 45-39-88.8 41 -01. 10.2 10-07.93.7 Uruguayan peso. Newfoundland %. U.S. America $. I. I -07.21 1-05.09 1-03.65.2 II. 2-14.42 2- 10. 18 207.30.4 III. 3-21-63 3-15-27 3-10.95-6 IV. 4-28.84 4-20.36 4-14.60.8 V. 5-36.05 5-25-45 5-18.26.0 VI. 6-43.26 6-30-54 6-21.91.2 VII. 7-50.47 7-35-63 7-25.56.4 VIII. 8-57.68 8-40.72 8-29.21.6 IX. 9-64.89 9-45-81 9-32.86.8 IX. Cuban PesDs for A Pound, etc. Egyptian £,. British £. Turkish £. Portuguese milreis. I. 5-33.80.4 S-25.54.2 4-74-74-8 1-16.68.5 II. 10-67.60.8 IO-51.08.4 9-49-49-6 2-33-37-0 III. 16-OI.4I.2 15-76.62.6 14-24.24.4 3-50.05.6 IV. 21-35.21.6 2I-02.I6.8 18-98.99.2 4-66.74.0 V. 26-69.02.0 26-27.71.0 23-73-74-0 5-83-42-5 VI. 32-02.82.4 31-53.25.2 28-48.48.8 7-00.11.0 VII. 37-36.62.8 36-78.79.4 33-23.23.6 8-16.79.5 VIII. 42-70.43.2 42-04.33.6 47-29.87.8 37-97-98.4 9-33-48-0 IX. 48-04.23.6 42-72.73.2 10-50.16.5 FIXED GOLD PARS OF EXCHANGE. 137 I. II. III. IV. V. VI. VII. VIII. IX. Uruguayan peso. Newfoundland $. U. S. America $. Argentine peso. ru.68.8 2-23.37.6 3'35-o6-4 4-46.75.2 5-58.44.0 6-70.12.8 7-81.81.6 8-93.50.4 10-05.19.2 1-09.48.8 2-18.97.6 3-28.46.4 4'37.9S-2 5-47.44.0 6-56.92.8 7-66.41.6 8-75.90.4 9'8S-39-2 1-07.99 2-15.98 3'23-97 4-31.96 5'39-9S 6-47.94 7-SS-93 8-63.92 9-71.91 1-04.18.5 2-08.37.0 3-I2-SS-S 4-16.74.0 5-20.92.5 6-25.11.0 7-29.29.5 8-33.48.0 9-37.66.5 X. Chilian Peso for a Pound, etc. Egyptian J^. Britisli C- I. 5'4i-89-4 II. 10-83.78.8 III. 16-25.68.2 IV. 21-67.57.6 V. 27-09.47.0 VI. 32-51.36.4 VII. 37-93.25.8 VIII. 43-35.15.2 IX. 48-77.04.6 I. II. III. IV. V. VI. VII. VIII. IX. Newfound- land $. I-II.I4.7 2-22.29.4 3'33-44-i 4-44.58.8 S-5S-73-5 6-66.88.2 7-78.02.9 8-89.17.6 10-00.32.3 S-33-SO-7 10-67.01.4 16-00.52. 1 21-34.02.8 26-67.53.5 32-01.04.2 37'34-S4-9 42-68.05.6 48-01.56.3 U.S. America $. 1-09.62.7 2-19.25.4 3-28-88.1 4-38.50.8 5-48-I3-5 6-57.76.2 7-67.38.9 8-77.01.6 9-86.64.3 Turlcish £,. 4-81.94.2 9-63.88.4 14-45.82.6 19-27.76.8 24-09.71.0 28-91.65.2 3373-S9-4 38-5S-53-6 43-37.47-8 Argentine peso. 1-05.76.3 2-11.52.6 3-17.28.9 4-23.05.2 5-28.81.5 6-34-S7-8 7-42.34.1 8-46.10.4 9-SI-86.7 Portuguese milreis. 1-18.44.9 2-36.89.8 3'5S-34-7 473-79-6 5-92.24.5 7-10.69.4 8-29.14.3 9-47.59.2 10-66.04. 1 Cuban peso. I-OI.51.5 2-03.03.0 3'04-S4-S 4-06.06.0 S-07-S7-S 6-09.09.0 7-10.60.5 8-12.12.0 9-I3-63-S Uruguayan peso* I-I3-33-3 2-26.66.6 3'39-99-9 4'53-33-2 5-66.66.5 6-79.99.8 7'93-33-i 9-06.66.4 10-19.99.7 XI. Russian Roubles for a Pound, etc. Egyptian £,. I. 6-40.51.2 II. 12-81.02.4 III. 19-21. 53.6 IV. 25-62.04.8 V. 32-02.56.0 VI. 38-43.07.2 VII. 44'83-58.4 VIII. 51-24.09.6 IX. 57-64.60.8 British £,. 6-30.98.6 12-61. 97. 2 18-92.95.8 25-23.94.4 31-54.93.0 37-85-9I-6 44-16.90.2 50-47.88.8 56-78.87.4 Turkish ^. S-69-6S-S 11-39. 31.0 17-08.96.5 22-78.62.0 28-48.27.5 34-17.93.0 39-87-S8-S 45-57.24.0 51-26.89.5 Portuguese milreis. 1-40.00.5 2-80.01.0 4-20.01.5 5-60.02.0 7-00.02.5 8-40.03.0 9-80.03.5 1 1 -20.04.0 12-60.04.5 Uruguayan peso. I-34.OI.4 2-68.02.8 4-02.04.2 S-36.05.6 6-70.07.0 8-04.08.4 9-38.09.8 10-72.11.2 12-06.12. 6 138 SECTION V, Newfound- land %. }■ I '31 ■37-4 II. 2-62.74.8 III. 3-94.12.2 IV. 5-25.49.6 V. 6-56.87.0 VI. 7-88.24.4 VII. 9-19.61.8 VIII. 10-50.99.2 IX. 11-82.36.6 U.S. America %. 1-29.57.7 2'59.iS-4 3-88.73.1 5-18.30.8 6-47.88.5 777.46.2 9-07.03.9 10-36.61 .6 11-66. 19.3 Argentine peso. I-25.OI.I 2-50,02.2 37S-03.3 5 -00.04.4 6-25.05.5 7-50.06.6 8-75.07.7 10-00.08.8 11-25.09.9 Cuban peso. 1-20.03.9 2-40.07.8 3-60.11.7 4-80.15.6 6-00.19.5 7-20.23.4 8-40.27.3 9-66.31.2 10-80.35. 1 Cliilian peso. 1-18.19.8 2-36.39.6 3-54-59-4 4-72.79.2 5-90.99.0 7-09.18.8 8-27.38.6 9-45.58.4 10-63.78.2 XII. Brazilian Milreis for a Pound, etc. Egyptian ^. I. 9"oS-o5.3 II. 18-10.10.6 III. 27-15. 15. 9 IV. 36-20.21.2 V. 45-25.26.5 VI. 54-30.31.8 VII. 63-35.37.1 VIII. 72-40.42.4 IX. 81-45.47.7 British £,. 8-91.04.2 17-82.08.4 26-73.12.6 35-64.16.8 44-55.21.0 53-46.25.2 62-37.29.4 71-28.33.6 80-19.37.8 Turkish £,. 8-04.92.2 16-09.84.4 24-14.76.6 32-19.68.8 40-24.61.0 48-29.53.2 56-34.45.4 64-39.37.6 72-44.29.8 Portuguese milreis. 1-97.82.8 3-9S-65-6 S'93-48.4 7-91.31.2 9-89.14.0 11-86.96.8 13-84.79.6 J5-82.62.4 17-80.45.2 Uruguayan peso. 1. 1-89.36.3 3-78.72.6 5-68.08.9 7-S7-4S-2 9-46.81.5 VI. 11-36.17.8 VII. 13-25.64.1 VIII. 15-14.90.4 IX. 17-04.26.7 II. III. IV. V. Newfoundland %. 1-85.63.4 3-71.26.8 5-56.90.2 7-42.53.6 9-28.17.0 11-13.80.4 12-99.43.8 14-85.07.2 16-70.70.6 U.S. America % 1-83.09.4 3-66.18.8 5-49.28.2 7'32.37-6 9-15.47.0 10-98.56.4 12-81.65.8 14-64.75.2 16-47.84.6 Argentine peso. 1-76.64.2 3'S3-28-4 5-29.92.6 7-06.56.8 8-83.21.0 10-59.85.2 12-36.49.4 14- 13. 13.6 15-89.77.8 Cuban peso. 1-69.54.7 3-39-09.4 5-08.64.1 6-78.18.8 8-47-73-S VI. 10-17.28.2 VII. 11-86.82.9 VIII. I3-56.37.6 IX. 15-25.92.3 I. II. III. IV. V. VI. Chilian peso. 1-67.01.6 3'34-03-2 5-01.04.8 6-68.06.4 8-35.08.0 10-02.09.6 11-69.11.2 13-36.12.8 15-23. 14.4 Russian rouble, 1-41.30.1 2-82.60.2 4-23.90.3 S-65.20.4 7-06.50.5 8-47.80.6 9-89.10.7 11-30.40.8 12-71.70.9 FIXED GOLD PARS OF EXCHANGE. 139 XIII. Austrian Florins for a Pound, Egyptian £,, I. I2'I9.76.2 II. 24-39.52.4 III. 36-59.28.6 IV. 48-79.04.8 V. 60-98.81.0 VI. 73-I8.57-2 VII. 85-38.33-4 VIIX. 97-58.09.6 IX. 109-77.85.8 Uruguayan peso. I. 255.21.1 II. 5-10.42.2 lit. 7-65-63-3 IV. 10-20.84.4 V. 12-76.05.5 VI. 15-31.26.6 VII. 17-86.47.7 VIII. 20-41.68.8 IX. 22-96.89.9 Cuban peso. I. 2-28.50.3 II. 4-57.00.6 III. 6-85.50.9 IV. 9-14.01.2 V. 11-42.51.5 VI. 13-71.01.8 VII. I5-99-5Z-I VIII. 18-28.02.4 IX. 20-56.52.7 British f,. 12-00.88.3 24-01.76.6 36-02.64.9 48-03.53.2 60-04.41.5 72-05.29.8 84:06.18.1 96-07.06.4 108-07.94-7 Newfoundland $. 2-50.18.4 5-00.36.8 7-50-5S-2 10-00.73.6 12-50.92.0 15,-01.10.4 17-5I.28.8 20-01.27.2 22-51.65.6 Turkish £. 10-84.81.6 21-69.63.2 32-54.44-8 43-39.26.4 54-24.08.0 65-08.89.6 75'93-7i-? 86-78.52-8 97-63-34-4 U.S. America {. 2-46.77.2 4"93-54-4 7-40.31.6 9-87.08.8 12-33.86.0 14-80.63.2 17-27.40.4 19-74.17.6 22-20.94.8 Chilian peso. Russian rouble. 2-25.09.2 4-50.18.4 6-75.27.6 9-00.36.8 II-25.46.O 1350-55-2 i5'75-64-4 18-00.73.6 20-25.82.8 1-90.43.7 3-80.87.4 S'7i-3i-i 7-61.74.8 9-52.18.5 11-42.62.2 i3'33-o5-? 15-23.49.6 i7'i3-93-3 Portuguese milreis. 2-66.61.9 5'33-23-8 7-99.85.7 10-66.47.6 i3'33-o9-S 15-99.71.4 18-66.33.3 21-32.95.2 23-99.57-1 Argentine peso. 2-38.06.6 4-76.13-2 7-14. 19.8 9-52.26.4 ii-9o-33-° 14-28.39.6 16-66.46.2 19-04.52.8 21-42.59-4 Brazilian milreis. 1-34.77-2 2-69.54.4 4-04.31.6 5-39.08.8 6-73.86.0 8-08.63.2 9-43.40.4 10-78.17.6 12-12.94.8 XIV. Dutch Florins for a Pound, etc. Egyptian ^. I. 12-29.74.S II. 24-59.49-0 III. 36 '89-23-5 IV. 49-18.98.0 V. 61-48.72.5 VI. 73-78.47-0 VII. 86-08.21.5 VIII. 98-37.96.0 IX. 110-67.70.5 British {,■ I2-IO.7I 24-21.42 36-32.13 48-42.84 60-53.55 72-64.26 84-74-97 96-85.68 108-96.39 Turkish t,. 10-93.69.5 21-87.390 32-81.08.5 43-74.78.0 54-68.47.5 65-62.17.0 76-53-86.5 87-49.56.0 98-43-25S Portuguese milreis. 2-68.81.2 5-37.62.4 8-06.43.6 10-75.24.8 13-44.06.0 16-12.87. 2 18-8I.68.4 21-50.49.6 24-19.30-8 I40 SECTION V. Uruguayan peso. Newfoundland $. U.S. America $. Argentine peso I. 2-57.29.9 2-52.23.1 2-48.78.1 2-40.01.4 II. 5-14.59.8 5-04.46.2 4-97.56.2 4-80.02.8 III. 7-71.89.7 7-56.69.3 7-46.34-3 7-20.04.2 IV. 10-29. 19.6 10-68.92.4 9-95.12.4 9-60.05.6 V. 12-86.49.5 12-61.15. 5 12-43.90.5 12-00.07.0 VI. i5'43-79-4 15-13.38.6 14-92.68.6 14-40.08.4 VII. 18-01.09.3 17-65.61.7 17-41 .46.7 16-80.09.8 VIII. 20-58.39.2 20-17.84.8 18-90.24.8 19-20.11.2 IX. 23-15.69.1 22-60.07.9 22-39.02.9 2I-60.I2.6 Cuban peso. Chilian peso. Russian rouble. Brazilian milreis. I. 2-30-37-3 2- 1 1. 80.9 I -91. 99.4 I-3S-87-5 II. 4-60.74.6 4-23.61.8 3-83-98-8 2.71.75.0 III. 6-91. II. 9 6-35.42.7 5-75.98.2 4-07.62.5 IV. 9-21.49.2 8-47.23.6 7-67.97.6 5'43-So-o V. 11-51.86.5 10-59.04.5 9-59.97.0 6-79-37-5 VI. 13-82.23.8 12-70.85.4 11-51.96.4 8-15.25.0 VII. 16-12. 61. I 14-82.66.3 I3-43-9S-8 9-51.12.5 VIII. 18-42.98.4 16-94.47.2 IS-3S-9S-2 10-87.00.0 IX. 20-73.35-7 Austrian florin. 19-06.28.1 17-27.94.6 12-22.87.5 I. I-OO.81.8 II. 2-01.63.6 III. 3-02.45.4 IV. 4-03.27.2 V. 5-04.09.0 VI. 6-04.90.8 VII. 7-05.72.6 VIII. 8-06.54.4 IX. 9-07.36.2 XV. Scandinavian Crowns for a Pound, etc. Egyptian ;£. I. 18-44.5 II. 36-89.0 III. SS'33-5 IV. 73-78.0 V. 92-22.5 VI. 1 10-67.0 VII. 129-11. 5 VIII. 147-56.0 IX. 166-00.5 British £. 18-15.95.1 36-31.90.2 54-47-8S-3 72-63.80.4 90-79-75-5 108-95.70.6 127-11. 65. 7 145-27.60.8 I63-43-SS-9 Turkish £. l6-40i43.8 32-80.87.6 49-21.31.4 65-61.75.2 82-02.19.0 98-42.62.8 114-83.06.6 131-23.50.4 197-63.94.2 Portuguese milreis. 4-03.17.6 8-06.35.2 12-09.52.8 16-12.70.4 20-15.88.0 24-19.05.6 28-22.23.2 32-25.40.8 36-28.58.4 FIXED GOLD PARS OF EXCHANGE. 141 II. III. IV. V. VI. VII. VIII. IX. Uruguayan peso. I. 3-85.92.4 771.84.8 11-57.77.2 15-43.69.6 19-29.62.0 23-15.54.4 27-01.46.8 30-87.39.2 3473-3I-6 Newfoundland %. 378.32-3 7-56.64.6 11-34.96.9 15-13. 29.2 18-91.61.5 22-69.93.8 26-48.26.1 30-26.58.4 34-04.90.7 U.S. America $ 373-I4-8 7-46.29.6 11-19.44.4 14-92.59.2 18-65.74.0 22-38.88.8 26-12.03.6 29-85.18.4 33-58.33.2 Argentine peso. 3-6 7-2 IO-8 14-4 18-0 21-6 25-2 28-8 32'4 Cuban peso. I- 3-4S-S3-8 II. 6-91.07.6 III. 10-36.61.4 IV. 13-82.15.2 V. 17-27.69.0 VI. 20-73.22.8 VII. 24-18.76.6 VIII. 27-64.30.4 IX. 31-09.84.2 Chilian peso. 3'40-38 6-80.76 10-21. 14 13-61.52 17-01.90 2042.28 23-82.66 27-23.04 30-63.42 Russian rouble. 2-87.97.4 S7S-94-8 8-63.92.2 11-51.89.6 14-39.87.0 17-27.84.4 20-15.81.8 23-03.79.2 25-91.76.6 Brazilian milreis. 2-03.8 4-07.6 6-II.4 8-15.2 IO-19.O 12-22.8 14-26.6 16-30.4 18-34.2 I. II. III. IV. V. VI. VII. VIII. IX. Austrian florin. I-51.2I.8 3-02.43.6 4-53-6S-4 6-04.87.2 7-56.09.0 9-07.30.8 10-58.52.6 12-09.74.4 13-60.96.2 Duteh florin IS 3-0 4-S 6-0 7-S 9-0 lo-s 12-0 13s XVI. German Makk for a Pound, etc. Egyptian £,. I. II. III. IV. 20-75.05 41-50.10 62-25.15 83-00.20 V. 103-75.25 VI. 124-50.30 VII. I45-2S-35 VIII. 166-00.40 IX. 186-75.45 British £. 20-42.93 40-85.86 61-28.79 81-71.72 102-14.65 122-57.58 143-00.51 163-43.44 183-86.37 Turkish £,. 18-45.48 36-90.96 55'36.44 73-81.92 92-27.40 110-72.88 129-18.36 147-63.84 166-09.32 Portuguese milreis. 4-53-57 907.14 13-60.71 18-14.28 22-67.85 27-21.42 3174-99 36-28.56 40-82.13 142 SECTION V. Uruguayan peso. Newfoundland $. U.S. America {. Argentine peso. I. 4'34i6-3 4-25.61.1 4-19.79 4-04.99.6 II. 8-68.32.6 8-51. 22.2 8-39-S8 8-09.99.2 III. 13-02.48.9 12-76.83.3 12-59.37 12-14.98.8 IV. 17-36.65.2 17-02.44.4 16-79.16 16-19.98.4 V. 21-70.81. S 21-28.05.5 20-98.95 20-24.98.0 VI. 26-04.97.8 25-S3-66.6 25-18.74 24-29.97.6 VII. 30-39. 14. 1 29-79.27.7 29-38.53 28-34.97.2 VIII. 34-73.30.4 34-04.88.8 33-58.32 32-39.96.8 IX. 39-07.46.7 38-30.49.9 37-78.11 36-44.96.4 Cuban peso. Chilian peso. Russian rouble. Brazilian milreis. I. 3-88.72.8 3-82.92.5 3-23.96.7 2-29.27.4 II. 777-45-6 7-65.85.0 6-47.93.4 4-58.54.8 III. 1 1 -66. 1 8.4 "•48.77.5 9-71.90.1 6-87.82.2 IV. I5-S4-9I-2 15-31.70.0 12-95.86.8 9-17.09.6 V. 19-43.64.0 19- 14.62.5 16-19.83.5 11-46.37.0 VI. 23-32.36.8 22-97.55.0 19-43.80.2 13-75.84.4 VII. 27-21.09.6 26-80.47.5 22-67.76.9 16-04.91.8 VIII. 31-09.82.4 30-63.40.0 25-91.73.6 18-34.19.2 IX. 34-98.55.2 34'46.32.S 29-15.70.3 20-63.46.6 Austrian florin. Dutch florin. Scandinavian crown. I. I -70. 1 1. 9 I-68.73.S 1-12.49.9 II. 3-40.23.8 3-37.47.6 2-24.99.8 III. 5-IO-35-7 5-06.21.4 3-37.49.7 IV. 6-80.47.6 6-74.95.2 4-49.99.6 V. 8-56.S9-S 8-43.69.0 5-62.49.5 VI. 10-20.71.4 10- 12.42.8 6-74.99.4 VII. H-90.83.3 11 -81. 16.6 7-87.49.3 VIII. 13-60.95.2 13-49.90.4 8-99.99.2 IX. 15-3I07.I 15-18.64.2 IO-I2.49.I XVII. French Franc for a Pound, etc. Egyptian £,. I. 25-61.80.5 II. 51-23.61.0 III. 76-85.41.5 IV. 102-47.22.0 V. 128-09.02.5 VI. 153-70.83.0 VII. 179-32.63.5 VIII. 204-94.44.0 IX. 230-56.24.5 British £. 25-22.15.5 50-44.31.0 75-66.46.5 100-88.62.0 126-10.77.5 I5I-32.93.O 176-55.08.5 201-77.24.0 226-99.39.5 Turkish £,. 22-78.38.6 45-56.77.2 68-35.15.8 91-13.54.4 I13-9I.93.O 136-70.31.6 159-48.70.2 182-27.08.8 205-05.47.4 Portuguese milreis. 5-59.968 11-19.93.6 16-79.90.4 22-39.87.2 27-99.84.0 33-59.80.8 39-19.77.6 44-79.744 50-39.71.2 FIXED GOLD PARS OF EXCHANGE. 143 Uruguayan peso. Newfoundland %. U.S. America %. Argentine peso. I. 5-36.00.6 S"2S-47-i 5-18.26.2 5-0 11. 10-72.01. 2 10-50.94.2 10-36.52.4 lo-o III. 16-08.01. 8 15-76.41. 3 15-54.78.6 15-0 IV. 21-44.02.4 2101. 88.4 20-73.04.8 20-0 V. 26-80.03.0 26-27.35.5 25-91. 31.0 25-0 VI. 32-16.03.6 31-52.82.6 31-09.57.2 30-0 VII. 37-52.04.2 36-78.29.7 36-27.83.4 35-0 VIII. 42-88.04.8 42-03.76.8 41-46.09.6 400 IX. 48-24.05.4 47-29.23.9 46-64.35.8 49-0 Cuban peso. I. 4-79-9I-4 II. 9-59.82.8 III. 14-39.74.2 IV. 19- 19.65.6 V. 23-99.57.0 VI. 28-79.48.4 VII. 33-59.39-8 VIII. 38-39.31.2 IX. 43-19.22.6 Chilian peso. 4-72.95.1 9-45.90.2 14-18.85.3 18-91. 80.4 23'64-75-S 28-37.70.6 33-10.65.7 37-83.60.8 42-56.55-9 Russian rouble. 3-99.96.2 7-99.92.4 II-99.88.6 I5-99-84-8 19-99. 81.0 23'99-77-2 27-99-73-4 31-99.69.6 35-99.65.8 Brazilian milreis. 2-83.05.7 5 -66. 1 1. 4 8-49.17.1 11-32.22.8 14-15. 28. 5 16-98.34.2 19-81.39.9 22-64.45.6 25'47-50-3 Austrian florin. Dutclr florin. Scandinavian crown. German mark. I. 2-10.02.5 2-08.37 1-38.88.8 1-23.45.7 II. 4-20.05.0 4-16.74 2-77.77.6 2-46.91.4 III. 6-30.07.5 6-25. n 4-16.66.4 3-70.37.1 IV. 8-40.10.0 8-33.48 4-55-55-2 4-93-82.8 V. 10-50.12. 5 10-41.85 6-94.44.0 6-17.28.5 VI. 12-60.15.0 12-50.22 8-33.32.8 7-40.74.2 VII. 14-70.17.5 14-58.59 9-72.21.6 , 8-64.19.9 VIII. 16-80.20.0 16-66.96 II-II.I0.4 9-87.65.6 IX. 18-90.22.5 18-75.33 12-49.99.2 li-ii.n.3 144 SECTION V. MONETARY SIGNS FOR THE SAME WEIGHT OF SILVER. I. Shanghae Tael. For the world's silver-standard monetary signs for the weight of pure silver in a Shangae tael, see under the head of the succeeding twelve silver monetary systems. II. Trade Dollar for a Tael. Shanghae. I. 1-35.72.9 II. 271 -45.8 III. 4-07.18.7 IV. S'42-91.6 V. 6-78.64.5 VI. 8-14.37.4 VII. 9-50. 10.3 VIII. 10-85.83.2 IX. 12-21.56.1 III. Mexican Dollar for a Tael. Shanghae. Trade. $. I. 1-36.06.8 1-00.24.9 II. 2'72. 13.6 2-00.49.8 III. 4-08.20.4 3-00.74.7 IV. 5-44.27.2 4-00.99.6 V. 6-80.34.0 5-01.24.5 VI. 8-16.40.8 6-01.49.4 VII. 9-S2-47-6 7-OI-74-3 VIII. 10-88.54.4 8-01.99.2 IX. 12-24.61.2 9-02.24.1 IV. Java 2| Guilder for a Tael, etc. Shanghae. Trade %. Mexican %. I. 1-36.40.0 1.00.49.3 1-00.24.3 II. 2-72.8 2-00.98.6 2'oo.48.6 III. 4-09.2 3-01.47.9 3-00.72.9 IV. 5-45.6 4-01.97.2 4-00-97.2 V. 6-82.0 5-02.46.5 5-01.21.5 VI. 8-18.4 6-02.95.8 6-01.45.8 VII. 9-54.8 7-03-45-I 7-OI.70.I VIII. 10-91. 2 8-03.94.4 , 8-01.94.4 IX. 12-27.6 9-04.43.7 9-02.18.7 FIXED SILVER PARS OF EXCHANGE. I4S V. Japanese Yen for a Tael, etc. I. II. III. IV. V. VI. VII. VIII. IX. Shanghae. I-37-03-4 274.06.8 4' 1 1. 10.2 5-48.13.6 6-85.17.0 8-22.20.4 9-59.23.8 10-96.27.2 12-33.30.6 Trade %. 1-00.96.3 2-01.92.6 3-02.88.9 4-03.85.2 5-04.81.5 6-05.77.8 7-06.74.1, 8-07.70.4 9-08.66.7 Mexican $. I-OO.71.O 201.42.0 302.13.0 4-02.84.0 S"03-S5-o 6-04.26.0 7-04.97.0 8-05.68.0 9-06.39.0 Javanese $. 1-00.46.5 2-00.93.0 301.39.5 401.86.0 5-02.32.5 6-02.79.0 7-03.25.5 8-03.72.0 9-04.18.5 VI. Philippine Isles Dollar for a Tael, etc. Shanghae. I. 1-42.29.4 II. 2-84.58.8 III. 4-26.88.2 IV. 5-69.17.6 V. 7- II. 47.0 VI. 8-53.76.4 VII. 9-96.05.8 /III. 11-38.35. 2 IX. 12-80.64.6 Trade %. 1-04.83.6 2-09.67.2 3-14.50.8 4'I9-34-4 5-24.18.0 6-29.01.6 7-33-8S-2 8-38.68.8 9-43.52.4 Mexican ft. I-04.57-S 2-09.15.0 313-72.5 4-18.30.0 5-22.87.5 6-27.45.0 7-32.02.5 8-36.60.0 9-41. 17.5 Javanese ft. I -04.32. 1 2-08.64.2 3-12.96.3 4-17.28.4 5-21.60.5 6-25.92.6 7-30.24.7 8-34.56.8 9-38.88.9 Japanese $. 1-03.83.8 2-07.67.6 3-11.51.4 4-15-35-2 S-19.19.0 6-23.02.8 7-26.86.6 8-30.70.4 9'34-54-z VII. Peruvian Sol for a Tael, etc. Shanghae. 1-47.75.8 2-95.51.6 4'43-27-4 5-91.03.2 7-38.79.0 8-86.54.8 VII. 10-34.30.6 VIII. II -82.06.4 IX. 13-29.82.2 I. II. III. IV. V. VI. I. II. III. IV. V. VI. VII. VIII. IX. Japanese yen. 1-07.82.5 2-15.65.0 3'23-47-5 4-31.30.0 5'39-i2.5 6-46.95.0 7-S4-77-S 8-62.60.0 9-70.42.5 Trade ft. 1-08.86.2 2-17.72.4 3-26.58.6 4-35.44.8 5-44.31.0 6-52.17.2 7-62.03.4 8-70.89.6 9-79-75-8 Philippian ft. 1-03.84.0 2-07.68.0 3-11.52.0 4-15.360 5-19.20.0 6-23.04.0 7-26.88.0 8-30.72.0 9-34.56.0 Mexican ft. I-08.59-3 2-17.18.6 3'25-77-9 4"34-37-2 5-42.96.5 6-51.55-8 7-60.15.1 8-68.74.4 977-33-7 Javanese ft. 1-08.32.7 2-16.65.4 3-24.98.1 4-33-3°-8 5-41.63.5 6-49.96.2 7-58.28.9 8-66.61.6 9' 74-94-3 146 SECTION V. VIII. Tripoli Mahbub FOR A TaEL, etc, Shanghae. Trade %. Mexican %. Javanese $. I. 1-63.81.1 1-20.68.9 1-20.38.9 1-20.09.7 TI. 3-27.62.2 2-41.37-8 2-40.77-8 2-40.19.4 III. 4-9>-43-3 3-62.06.7 3-61. 16.7 3-60.29.1 IV. 6-SS.24.4 4-82.75.6 4-81.55.6 4-80.38.8 V. 8-19.05. s 6-03.44.5 6-01.94.5 600.48. 5 VI. 9-82.86.6 7-24.13.4 7-22.33.4 7-20.58.2 VII. II -46.67.7 8-44.82.3 8-42.72.3 8-40.67.9 VEIL 13-10.48. 8 9-65.51.2 9-63. II. 2 9-60.77.6 IX. 14-74.29.9 10-86.20. 1 10-83.50. I 10-80.87.3 Japanese yen. Philippine $. Peruvian sol. I. 119.54.0 I-I5.II.5 I 10.86.4 II. 2-39.08.0 2-30.23.0 2-21.72.8 III. 3-58.62.0 3-45-34-5 3-32.59,2 IV. 4-78.16.0 4-60.46.0 4-43.45.6 V. 5-97.70.0 S75-57-5 5-54.32.0 Vl. 7-17.24.0 6-90.69.0 6-65.18.4 Vlt. 8-36.78.0 8-05.80.5 7-76.04.8 VIII. 9-56.32.0 9-20.92.0 8-86.91.2 IX. 10-75.86.0 10-36.03.5 9-97.77.6 IX. 1 Russian Rouble FOR TaEL, etc. Shanghae. Trade %. Mexican %, Javanese %. I. 1-84.73.7 1-36.10.7 I-3S-76.8 1-35-43-9 II. 3-69-47-4 2-72.21.4 2-71.53.6 2-70.87.8 III. S-S4.2I.I 4-08.32.1 4-07.30.4 4-06.31.7 IV. 7-38.94-8 5-44.42.8 5-43.07.2 5-41.75.6 V. 9-23.68.5 6-80.53.5 6-78.84.0 6-77.19.5 VI. 11-08.42.2 8-16.64.2 8-14.60.8 8-12.63.4 VII. 12-93.15.9 9-52.74.7 9-50.37.6 ' 9-48.07.3 VIII. . I477-89.6 10-88.85.6 10-86. 14.4 10-83. 51. 2 IX. 16-62.63.3 12-24.96.3 12-21.91.2 12-18.95.1 Japanese yen. Philippine %. Peruvian sol. rripoli mahbub. I. 1-34.81.1 I 29.82.8 1-25.02.7 I-I2.77.4 II. 2-69.62.2 259.65. 6 2-50.05.4 2-25.54.8 III. 4-04-43-3 3-89.48.4 37S-08.I 3-38.32.2 IV. S'39-24-4 5-19.31.2 5-00.10.8 4-51.0.96 V. 6-74.05.5 6-49. 14.0 6-25-13-5 5-63.87.0 VI. 8-08.86.6 7-78.96.8 7-50.16.2 6-76.64.4 VII. , 9-4S-67-7 9-08.79.6 8-75.18.9 7-89.41.8 VTir. , 10-78.48.8 10-38.62.4 10-00.21. 6 902. 19. 2 IX. 1213.29.9 11-68.45. 2 11-25.24.3 10-14.96.6 FIXED SILVER FARS OF EXCHANGE. 147 X. Si; IMESE TiCAL FOR A Tael, etc. Shanghae. Trade J. Mexican $. Javanese $. T. 2-S3-S6-0 1-83.24.1 1-82.78.0 I-82.34.I II. 5-07. 12.0 3-66.48.2 3-65.56.0 3-64.68.2 III. 7-60.68.0 5-49-72.3 5-48.34.0 5-47.02.3 IV. lo- 14.24.0 7-32.96.4 7-31. 12.0 7-29.36.4 V. 12-67.80.0 \ 9-16.20.5 9-13.90.0 9-II.70.5 VI. 15-21.36.0 10-99.44.6 10-96.68.0 10-94.04.6 VII. 17-74-92-0 12-82.68.7 12-79.46.0 12-76.38.7 vin. 20-28.48.0 14-65.92.8 14-62.24.0 14-58.72.8 JX. 22-82.04.0 16-49.16.9 16-45.02.0 16-41.06.9 Japanese yen. Philippine $. Peruvian sol. Tripoli mahbub. I. I-81.49.7 1-74.78.7 1-68.32.4 I-51.82.9 II. 3-62.99.4 3-49-S7-4 3-36-64-8 3-03.65.8 III. S-44.49.I 5-24.36.1 5-04.97.2 4-55-48.7 IV. 7-25.98.8 6-99.14.8 6-73.29.6 6-07.31.6 V. 9-07.48.5 873-93-S 8-41.62.0 7-59-I4-S VI. 10-88.98.2 10-48.72.2 10-09.94.4 9-10.97.4 VII. 12-70.47.9 12-23.50.9 ii-78.26'.8 10-62.80.3 VIII. I4-51.97.6 13-98.29.6 13-46.59.2 12-14.63.2 IX. I6-33-47-3 Russian rouble. I573-08.3 15-14. 91.6 1 3 -66 .46. 1 I. 1-34.63.0 II. 2-69.26.0 III. 4-03.89.0 [V. S-38-S2.0 V. 6-73.15.0 VI. 8-07.78.0 VII. 9-42.41.0 VIII. 10-77.04.0 IX. 12-11.67.0 XI. Austrian Florins for a Tael, etc. Shanghae. Trade 9- Mexican $. Javanese %. I. 2-99.21.0 2-20.44.6 2-19.89.7 2-19.36.3 II. 5-98.42.0 4-40.89.2 4'39-79-4 4-38.72.6 III. 8-97.63.0 6-61.33.8 6-59.69.1 6-58.08.9 IV. 1 1 -96.84.0 8-81.78.4 8-79.58.8 8-77-45-2 V. 14-96.05.0 II -02.23.0 10-99.48.5 10-96.81. s VI. 17-95.26.0 13-22.67.6 13-19.38.2 13-16.17.8 VII. 20-94.47.0 J5-43.12.2 15-39.27.9 I5-35-54-I /III. 23-93.68.0 17-63.56.8 17-59.17.6 17-54-90.4 IX. 26-92.89.0 J9-84.OI.4 19-79.07.3 1 9- 74- 26. 7 148 SECTION V. Japanese yen. Philippine $. Peruvian sol. Tripoli mahbub. I. 2-18.34.6 2-10.27.6 2-02.5 1-82.65.5 II. 4'36.69.2 4-20.55.2 4-05.0 3-65.31.0 III. 6-55.03.8 6-30.82.8 6-O7.S S-47-96.S IV. 873-38-4 8-41.10.4 8-10.0 7-30.62.0 V. 10-91. 73.0 10-51. 38.0 IO-I2.5 9-13.27.5 VI. 13- 10.07.6 12-61.65. 6 12-15-O 10-95.93.0 VII. 15-28.42.2 14-71.93.2 I4'>7'5 I2-78.58.S VIII. 17-46.76.8 16-82.20.8 16-20-0 14-61.24.0 IX. 19-65. 1 1.4 18-92.48.4 1822-5 16-43.89.5 Russian rouble. Siamese tical. I. 1-61.96.5 1-20.30.3 II. 3'23-93-o 2-40.60.6 III. 4-85.89. s 3-60.90.9 IV. 6-47.86.0 4-81.21.2 V. 8-09.82.5 6-01. 51. 5 VI. 9-71.79.0 7-21. 81. 8 VII. VIII. "•33-7S-S 11-95.72.0 8-42.12.1 9-62.42.4 IX. I4-57-68.5 10-82.72.7 XII. Indian Rupees for a Tael, etc. I. II. III. IV. V. VI. VII. VIII. IX. Shanghae. 3'io-94-3 6-21.88.6 9-32.82.9 12-43.77.2 I5-S4-7I-S 18-65.65.8 21-76.60.1 24-87.54.4 27-98.4S.7 Trade $. 2-29.09.0 4-58.18.0 6-87.27.0 9-16.36.0 II-45.45.O 13-74.54.0 16-03.63.0 18-32.72.0 20'6i.8i.o Mexican %. 2-28.52.0 4-57.04.0 6-85.56.0 9-14.08.0 1 1 -42.60.0 13-71.12.0 15-99.64.0 18-28.16.0 20-56.68.0 Javanese (. 2-27.94.5 4-55.89.0 6-83.83.5 9-II.78.O 11-39.72.5 13-67.67.0 IS-9S-6I.S 18-23.56.0 20-51.50.5 I. II. III. IV. V. VI. VII. VIII. IX. Japanese yen. 2-26.90.9 4-53.81.8 6-80.72.7 9-07.63.6 "■34-S4-S 13-61.45.4 15-88.36.3 18-15. 27. 2 20-42. 18. 1 Philippine $. 2-18.52.2 3'37-04-4 6-55.56.6 874.08.8 10-92.61.0 13-11.13.2 15-29.65.4 17-48. 17.6 19-66.69.8 Peruvian sol. 2- 10.44. 1 4-20.88.2 6-31.32.3 8-41.76.4 10-52.20.5 12-62.64.6 14-73.08.7 16-83.52.8 18-93.96.9 Tripoli mahbub . 1-89.81.8 379-63.2 S'69-4S-4 7-59.27.2 9-49.09.0 1 1 -38.90.8 13-28.72.6 15-18.54.4 17-08.36.2 FIXED SILVER PARS OF EXCHANGE. 149 Russian rouble. Siamese deal. Austrian florin. I. 1-68.31.6 I-25.02.I 1-03,92.1 II. 3-36-63-2 2-50.04.2 2-07.84.2 III. 5-04.94.8 375-06.3 3'"-76.3 IV. 6-73.26.4 5-00.08.4 4-15.68.4 V. 8-41.58.0 6-25.10.5 5-19.60.5 VI. 10-09.89.6 7-50.12.6 6-23.52.6 VII. 11-78.21.2 8-75.14.7 7-27.44.7 VIII. 13-46.52.8 10-00.16.8 8-31.36.8 IX. 15-14.84.4 11-25.18.9 9-35.28.9 XIII. Persian Krans FOR A TAEL, etc , Shanghae. Trade $. Mexican %. Javanese $. I. 8-13.96.8 5-99.69.9 5-98.20.5 S-96-7S-3 II. 16-27.93.6 1 1-99.39.8 II-96.4I.O u -93.50.6 III. 24-41.90.4 17-99.09.7 17-94.61.S 17-90.25.9 IV. 32-55-87-2 23-98.79.6 23-92.82.0 23-87.01.2 V. 40-69.84.0 29-98.49.5 29-91.02.5 2983.76.4 VI. 48-83.80.8 35-98.19.4 35-89.23.0 35-80.51.8 VII. 56-97.77.6 41-97.89.3 4i'87-43-S 41-77.27.1 VIII. 65-11. 74.4 47-97.59.2 47-85.64.0 47-74-02.4 IX. 73-25.71.2 S3"97-29-i 53-83.84-S 5370.77-7 Japanese yen. Philippine %. Peruvian sol. Tripoli mahbub. I. 5'93-98-7 5-72.03.2 5-50.87.9 4-96.89.3 II. 11-87.97.4 11-44.06.4 11-01.75.8 9-93.78.6 III. 17-81.96.1 17-16.09.6 16-52.63.7 14-90.67.9 IV. 23-75-94-8 22-88.12.8 22-03.51.6 19-87.57.2 V. 29-69.93.5 28-60.16.0 27-S4-39-S 24-84.46.5 VI. 35-63.92.2 34-32.19.2 33-05-27.4 29-81.35.8 VII. 41-57.90.9 40-04.22.4 38-S6-IS-3 34-78.25.1 VIII. 47-51.89.6 45-76.25.6 44-07.03.2 39-75.14.4 IX. 53-45-88.3 51-48.28.8 49-S7-9I-I 44-72.03.7 Russian rouble. Siamese tical. Austrian florin. Indian rupee. I. 4-40.60.7 3-27.27.2 2-72.03.8 2-61.77.3 II. 8-81.21.4 6-54.54.4 5-44.07.6 5-23.54.6 III. 13-21. 82.1 9-81. 81.6 8-16.II.4 7-85.31.9 IV. 17-62.42.8 13-09.08.8 10-88.15.2 10-47.09.2 V. 22-03.03.5 16-36.36.0 13-60.19.0 13-08.86.5 VI. 26-43.64.2 19-63.63.2 16-32.22.8 15-70.63.8 VII. 30-84.24.9 22-90.90.4 19-04.26.6 18-32.41.1 VIII. 35-24.85.6 26-18.17.6 21-76.30.4 20-94.18.4 IX. 39-65.46.3 29-45.44.8 24-48.34.2 23-S5-9S-7 SECTION VI. Silver and Gold Constants, which, if multiplied BY THE Market Price of Silver or Gold of the Day, gives the Absolute Par of Exchange. CONSTANTS TO DETERMINE ABSOLUTE PARS. 153 o I— I H U w i-( ui rt o t" ?9c:l 300 o > £ ^ ■" Ml X n " " ■ 5£ >• X>K* 5 ° c ■- - 'S 'H S 2 JJ?. tS ,.*5 Coo? S" . S6j. mS"oo •A X! ■«5- )-i 00 "-J cKod rC i^ r^ fovd lo d\ d* M *-; ?^ SlOO O ■* 0^« CO m « 0^ O N ■-: ^. "T H" . CO 1 O O o p p p VIOO « 00 >-< o ^ ¥vO m ^ « 00 m f^-oo rONMS "^j;;'^ 2ns O &0 O p O p ^^^2 2ftls-f&F??§PP ,«r^fv^ rhVO "~vo r-vo roi^oo ^-i 2^ §^ d^vo- CO d 2 s: !j: ^ ? p;^ 2- ? :? - S" ^S'3p'Fp?^PPPP°Pf'°° „ „ ^ V> JO o; 2" 8 5 K"S S5 K iS'^^ R o O^*^ ' CO "N N O O O 58888888888: 5^ covo vO>^"p"pJ^;jnoOO OO O t-^f^'P ^^r*. %^ t^ "^S, ?>£"§ io°^°° « O r--- S'^E'S'S S^p p P p p P P P 154 CONSTANTS TO DETERMINE ABSOLUTE PARS. oT u u it „Ji QO ir^vO O "-• fO "TO ^^ ^„ *^ '^ oo" , in CO o" "-^ fo rToo cR »>^ fo ^ ^1 ^ 0'3 \o ooooooii-iNmi>-N»J^5:fO a 1 0) sis, O ' r^ i-^ r->. r- r^vo y^ ^ ro po ►-< •^ ^ 1 o -00 « ■a &?» n"[ TpropfrOiriMCrfO i-T'o' O to' ■^■^•'iTONOOOrOH-.O'^ V o "£ H, s5|" P N W W N M N ;^ M M jH p o 4) > w - S2 >t Is ■s u o .is ° a . a* ON o to m lo t-^ o fo ONOO li^ :;i u ^ SrS.i O . N-Ht^qjMrON l>.'0 CO I^ •s- 00 1 \D\0 lO n" Cf fOvO i-r -^ fO N H CO i^ !>. t^ r^ t^«o li-) -"d- CO CO !-< ■is ^ p poop pp poop (4 1> r •o CI SS.S a; 43 l§^ in in m « "^ « o o '<:^ "TO i-t vo a\ u ■£ •c i|! m OM>* Tl- N « u^iiT^tvD ti •-• m u-ii -^'^co«ooo^^^oc»^--TJ• *o M 00 00 00 op f>. r^»p ;;^ CO CO M ^- h ^ fO" * .£* s^ s i! S i rt o is . o 00^ (M \o lo CO o u^yD "O !>■ ■;incr oloo O a .S ma onvo loiomcoo t1-oo \o onoo w H •sasb 00vp\pO'p\p'p "^^CON C^ "H " lO :: g> ::::::::: : {3 i :: g" ::::::::: : ij • • o : . : : : a- X >, ii'^ 1 1 '^'^ ' ' 1* g* :* : : U H S ^^^S f^ H 1^ i^ < ^5 fiJ h-S W HH* > f^' h-J hJ H-; kJ kJ ^ l-T HH ( iSS ) INDIA'S TENTATIVE MYTHICAL GOLD STANDARD. On June 26th an Act was passed by the Council of the Governor-General of India, with the approval of the British Cabinet, which abolished India's effective silver-standard cum-coinage charge system. By the same Act a mythical gold rupee was shadowed, and the mints of India were closed against the reception of silver from the public, whilst the purchase of silver and the coinage of rupees of 165 grains of pure silver in each may be effected at the discretion of the State. Silver rupees continue to be unlimited legal tender. The aim is for India to become possessed of an effective gold monetary system with a gold rupee as the chief measure of value, fifteen of these gold rupees to contain the same weight of pure gold as is contained in one sovereign. If nothing intervenes, the success of this measure hangs upon the accumulation of gold by the Government of India. If a stock of gold is made dependent upon the ratio between the whole import and export trade of India, it is likely to occupy a long time before the standard will be anything but mythical, even under the most favourable circumstances. If the current of trade should change the position, the Governments of India and the British Isles would become worse off than they would have been under the continuous silver standard. XVIII. — Indian Gold Monetary System. Gross. Fineness. Pure. Sign for 1 gram ana I grain. Grams ... — — '488159 327762 annas. Grains ... — — 7"53344 2-123863 „ For Weight and Mo.ney Tables, see p. 109. 156 INDIAN MYTHICAL GOLD RUPEE. The constant sSa'zg, being divided by the gold price of silver of the day in annas, gives the ratio between the two metals. Fixed Pars. One penny and one anna are signs for the same weight of pure gold. It therefore follows that the figures under fixed pars of the British system, p. 8i, are the same. See there, but read annas for pence. Multiples of the troy grains of pure gold in the Indian rupee (I.), and of the Indian monetary sign for i troy grain of pure gold (II.) : — I. I. 7'S3-34-4 II. 2-12.36.83 annas. II. 15-06.68.8 4-24.77.26 III. 22 "60. 03. 2 6-37.IS-89 IV. 30-13.37.6 8-49.54.52 V. 37-66.72.0 10-61.93. 15 VI. 45-20.06.4 12-74.31.78 VII. 52-73-40.8 14-86.70.41 VIII. 60-26.75.2 16-99.09.04 IX. 67-80.09.6 19-11.47-67 Till the breakdown in theory and practice of local dual standards in 1873, ten rupees were roughly taken as equal to a British sovereign, and one and a half anna as one penny. This mythical standard makes the two signs, one anna and one penny, indications of the same weight of gold. It follows that the figures for the monetary sign of a grain of pure gold in both the Indian and the British gold systems is the same. The figures for the fixed exchanges between the seventeen other gold systems and the British Isles divided by 15 give the pars of exchange between those systems and the Indian mythical gold rupee. INDEX. Absolute par of exchange. See Par of exchange, meaning attached to. Acre monetary system, 83 African „ „ 91 Aleppo „ „. 83 Algerian ,, „ 95 Amati, L. Bartlett, Weights of money and Exchange tables, 59 Andaman Isles monetary system, no Angola monetary system, 84 Antigua „ „ 82 Argentine Republic monetary system, chief money of account, pars of exchange, 87 Ascension monetary system, 82 Australasia monetary system, chief money of account, weights, tables, pars of ex- change, 82 Austria-Hungary do. do., 90. B Bagdad monetary system, 83 Bahama Islands monetary system, 82 Barbados monetary system, 82 Bechuanaland monetary system, 82 Belgic State on the Congo mone- tary system, 95 Belgium monetary system, chief money of account, pars of exchange, weights, tables, 9S Bermuda Islands monetary system, 82 Bill of exchange, 7 Bi-metallism, definition of, 6 two sides to, 6 Bolivia monetary system, 106 Book, object of the, i, 2 construction of, 2 Borneo monetary system, 103 Brazil monetary system, chief money of account, pars of exchange, weights, tables, . . 90 . British Guiana monetary system, 82 British Isles, monetary system, chief money of account, pars of exchange, weights, tables, 80 Broussa monetary system, 83 Bulgaria „ „ 95 Burmah ,, ,, no Bussorah ,, ,, 83 Cambist, 21 definition of, 21 mode of reaching par between IS8 INDEX. France and British Isles, 22 Canada monetary system, 82 Cape of Good Hope „ 82 Cape Verde Islands ,, 84 Cephalonia ,, 95 Cerigo „ 95 Ceylon ,, no Channel Islands „ 82 Charges, coinage, and transmis- sion of metal, 23 Chili monetary system, 88 Chinese ,, ,, 100 Choh, on weight of Japanese kaume, 100 Cochin China monetary system. See Trade Dollar, Sect. II. Coinage charges widen the margin to the limits of the fluctua- tion of the exchanges, S does not add to the in- ternational value of metal, 5 Coins, charge for coinage of. See Coinage Charges effect of less than legal weight of, 24 monopoly, 6 weights of current, table, 75 Comoro Islands monetary system, 95 Congo monetary system, 95 Constants, use of, 153, 154 to find ratio between gold and silver, 49, 66 Corfu monetary system, 95 Costa Rica „ ,, 106 Credit instruments, 4 different degrees of, enjoyed by parties to a bill of exchange, 24 Cuba monetary system, 87 Currency system, definition of, 36 effect of use on interchanges, inconvertible paper, 1 7, 37 vast difference between a monetary and a currency system, 40 Cyprus monetary system, 82 Daily newspaper Exchange quo- tations, 44 Dama and Nama Coast monetary system, 94 Damascus monetary system, 83 Danish monetary system, chief money of account, pars of exchange, weights, and tables, 92 Deferred pecuniary obligations, vast importance of a stable measure of value for, 39 Definition of scientific automatic money system, 5 Delgoa Bay monetary system, 84 Dominica „ „ 82 Dutch „ ,, 91 Ecuador monetary system, 106 Education, money important part of, I Egyptian monetary system, etc., 78 Exchanges, Norman's seven fac- tors for working the, 8 absolute pars of, 19, 21 between London and the Argentine Republic, 73 between London and Brazil, 74 concrete cases of, 26 definition of the foreign and colonial exchanges, 7, 17 eight modes of working the, 27 exchange dealers' profit, 24 factors used in exchanges of standard metals, 8 fixed pars of, 17, 21 gold for inconvertible paper, . 72 limits to fluctuation of, based on metal, 26 metallic standard rate of, 17 New York Nation on working 0^,37 INDEX, '59 Exchanges, of pure gold for pure gold, fixed pars, 26, 7 1 of pure gold for pure silver, absolute pars, 34, 64, 65 of pure silver for pure silver, fixed pars, 33, 64, 72 of pure silver for pure gold, absolute pars, 35, 68 par between British Isles and France by cambists, 21 par between British Isles and France by unit-of- weight system, 22 quoted and worked by pre- mium and discount on one factor, 53 rates of, better expressed in weights of pure metal, 26 rates of, proportionate weights of pure metal everything, 36 rule for quoting and working rates of, 43 scientific quoting and working of, 56 756 tables for rule-of-thumb working, 36 tables of, 36 unscientific and misleading quotations and working of, 43 weights of gold and silver, 36 which at once indicate incon- vertible paper, 73 without weight no fixed pars, 21 worked by premium and dis- count on fixed and absolute pars is scientific, 56 Faroe Islands monetary system, 93 Fiji „ „ 82 Financiers, etc., 24, 62 Finland monetary system, 95 Fixed pars of exchange. See Pars of exchange Foreign and colonial exchanges, full definition of, 7 Foreign and colonial exchanges, between gold and silver standard countries, 19 complete guide to pars of. Sects. I. and II. metal points or limits to fluctuation of, 23 instances of one factor and of two factors, 50, 55 of gold, silver, and incon- vertible paper, 53 one or two factors in quoting and working, 50 • rectification of quoting and working, 42 world might use one factor with advantage, 56 Formulae for changing the mone- tary sign for any weight of gold or silver into the sign of any other system, also the sign for any weight of gold into silver, and vice versd, on the ratio of the day between the metals, 63 French monetary system, chief money of account, pars of exchange, weights, and tables, 94 Gaboon monetary system, 95 Gambia ,, ,, 82 Germany monetary system, chief money of account, weights, tables, and fixed pars of exchange, 93 Gibraltar monetary system, 95 Goa „ „ no Gold and silver, weights by which they are sold, 12. See under each monetary sys- tem. Sects. I. and II. constants, 154 fixed gold pars, same weight under different signs, 17 standard, population using or should use, 9 world's fifteen chief moneys i6o INDEX. of account ; at present only nine effective, 9 Gold and silver, 272 fixed pars of exchange, Sect. I. Gold Coast monetary system, 82 Greece 95 Greenland }i } 93 Grenada J) J 82 Guadeloupe )J s 95 Guatemala 106 Guiana >I ) 92 Guide, four objects with which it • is constructed, 2 not intended to teach the science of money, 3 Guinea monetary system, 84, 92 H Haupt's cambist, 21 Hayti monetary system, 87 Hinterland of East Africa mone- tary system, 94 Honduras monetary system, 106 Hong Kong „ „ 103 Hungary. See Austria- Hungary, 90 Iceland monetary system, 93 Imperial British East Africa monetary system, no Inconvertible note currency, effect of Use of, 37, 38 people using, 1 1 India, use of silver among poor in, S . India's tentative mythical gold standard under Act, June 26th, 1893, ISS Indian monetary system, chief money of account, weights, tables, and fixed pars of exchange, 109 Interest for use of money included in rate of exchange, 24, 32 Italy monetary system, 95 Ithaca „ „ 9S Jamaica monetary system, 82 Japanese monetary system, chief money of account, weight, tables, and fixed pars of exchange, 104 Java currency system, excep- tional features of, 5 Javanese monetary system, etc., 103 Labuan monetary system, 103 Lagos „ „ 82 Liberia ,, ,, 86 London, nine Exchanges of silver for gold in, 69 M Malta monetary system, 82 Manilla „ „ 105 Marran Isles „ 105 Martinique „ 95 Masterly skill in bullion and coin, 2 Mauritius monetary system, 1 10 Measures of value, importance of stable, 39 Mexican monetary system, chief money of account, weights, tables, and fixed pars of exchange, 102 Miguelon monetary system, 95 Mint-issue weight of coins of the day, 75 Mint-issue weights of measures of value. See under each monetary system Monetary systems, seventeen gold, 78 definition of an effective, 5 definition of a scientific, 3, 5 fifteen gold and thirteen silver, 9 people using, 9, 11 vast distinction between a, and a currency system, 40 INDEX. l6l Money, definition of, 3, 60 a matter of weight, 37 and weight essential combi- nations, 21 J. H. Norman's definition of. 3 limitation of term to standard substance, 3, 60 promise to pay money cannot be the same as, 27 quantity and value, theories of, 60 tables, 12. See under each system, Sects. I. and II, tokens of, 4 value theory of, 60 volapuic of, 37 weights, II world's chief moneys of ac- count, 9 Monometallism, definition of, 7 lyionopoly coins, 5 Montserrat monetary system, 82 Morocco ,, ,, 95 Mozambique „ „ 84 N Natal monetary system, 82 Netherlands monetary system, chief money of account, weights, tables, and pars of exchange, 91 Nevis monetary system, 82 New Caledonia monetary system, 95 Newfoundland ,, 85 New Guinea „ 82, 94 Nicaragua ,, io5 Norman, J. H., writings on money. See end of book unit-of- weight system, 15 O Obok monetary system, 95 Ogowe „ „ 95 Oman „ ,, 92 Orange Free States monetary system, 92 Par of exchange, cause of devi- ation from fixed, 22 absolute, meaning of, 19 absolute par, definition of, 19 absolute pars. Sects. I. and II. definition of, 17 fixed pars, 17,53, Sects. I., II. modes of reaching fixed, 18 „ ,, absolute, 19 without weights of metal there could not be any fixed or absolute pars, 21 Premium and discount on, 15, 22 causes of deviation from, 23 between British Isles and France, cambist's method, 22 deviation from, 22 deviation from, within metal points, 31 how to ascertain, between silver and gold. See under each monetary system premium and discount upon an absolute par of exchange is scientific, 56 premium and discount upon a fixed par of exchange is scientific, 56 scientific method of reaching, 26 unit-of-weight method, 22 Paraguay monetary system, 87 Paxo ,, „ 95 Penang „ „ 105 Persian monetary system, chief money of account, weights, tables, and fixed pars of exchange, no Peruvian monetary system, 105 Peruvian sol, effect of deprecia- tion on deferred obliga- tions, 39 Philippine Islands monetary system, etc., 105 Populations using gold and silver measures of value, 9 Portugal, monetary system, chief l62 INDEX. money of account, weights, tables, and fixed pars of exchange, 83 Premium and discount on par, objections to work ex- change by, met, 58 Price, 161 countries in the world in which prices are, or should be, weights of pure gold or pure silver. See under each system Principe monetary system, 84 Quantity theory of money, 60 Quotations, intelligible, 47 interpretations of, 51 of Exchange, London, 44, 48, 63 premium or discount on par, suggested mode, 49 R Rates of exchange, 17 could be reduced to utmost simplicity, 56 either one or two factors in, 49 metallic rate and inconver- tible paper rate, 17 quoted by premium and dis- count on one factor, 5 1 table of London daily papers' weekly quotations, 44 Ratio between gold and silver, 12, 19 constants to determine, 126, 129 Reunion monetary system, 95 Roumania „ „ 95 Royal Niger Co.'s territories monetary system, 82 Rules and examples, to find the sign for one grain of pure gold in gold-standard coun- tries, 16 Rules and examples, equivalent premium to a given dis- count, 115 to adjust exchange worked by premium and discount to an invoice, 116 to find the ratio established between gold and silver by fluctuating gold prices of silver and fluctuating silver prices of gold, 12 Russian monetary system, chief money of account, weights, tables, and fixed pars of exchange, 89, 107 Sailors, soldiers, and travellers, guidance of, in exchange, 64 Salvador monetary system, 106 Sandwich Isles monetary system, 82 Santa Maura monetary system, etc., 95 Scandinavian monetary system, 92 Science of money, not object of the book to teach, 3 Scientific quoting and working of the exchanges, 37 between British Isles and Mauritius, scientific, 57 rule for scientific working in all countries, 56 Senegal monetary system, etc., 95 Servia monetary system, etc., 95 Shanghae monetary system, chief money of account, weights, tables, and fixed pars of exchange, 100 Shanghae tael, cambist's weights of, lOI Siamese monetary system, chief money of account, weights, tables, and fixed pars of exchange, 108 Sierra Leone monetary system, 82 Silver constants, 153 156 fixed pars of exchange. Sect. II. INDEX. 163 Silver, gold price of, rule for find- ing ratio of silver to i of gold on. See each gold system. Part I. Singapore monetary system, etc., 103 Smith, Adam, his " Highway in the Air," 36 Smyrna monetary system, 83 Sofala monetary system, 84 Spain monetary system, etc., 95 Standard substance, definition of money, 3 coins and bullion, 3 reasons for limiting money to, 4 Standard coin, 4 Standard of value, 4 conditions necessary for a, 5 St. Croix monetary system, 93 St. Helena „ „ 82 St. John „ „ 93 St. Kitts „ „ 82 St. Lucia „ „ 82 St. Pierre „ „ 95 St. Thomas „ „ 84, 93 St. Vincent „ „ 82 Switzerland „ „ 95 Tables, conversion of fractions into decimals, 117 multiples of the conversion of grams into grains, Ii6 of exchange quotations in two factors of pure metal, 50 of gross and fine weights in grams and grains of the world's present current gold and silver coins, Sects. I. and II. of intelligible quotations of exchanges, 47, 50, 55 of names of 28 chief moneys of account, and the signs for I gram and l grain in each, 9 Tables of newspaper quotations of exchanges, 44, 63 of weights by which gold and silver are sold in gold- standard countries, 77 of weights by which gold and silver are sold in silver- standard countries, 99 of weights of current gold and silver coins on issue from mints, 75, 76 of world's exchanges worked by premium and discount, Tate's cambist, 21 Timan monetary system, 105 Tobago „ „ 82 Togo Land „ „ 94 Trade dollar „ ,, 102 Transvaal ,, ,, 82 Travellers' experience of changing money, in London, 70 ditto Yokohama, 66 Trinidad monetary system, 82 Tripolian „ ,, 83 Tristan d'Acunhamonetary system, 82 Tunisian monetary system, 95 Turkey monetary system, chief money of account, weights, tables, and fixed pars of exchange, 82 Turks' Islands monetary system, 82 U Unit-of-weight system, description of, 15 par between British Isles and France, 22 United States, North America, monetary system, etc., 86 of Columbia, monetary sys- tem, etc., 106 Uruguay monetary system, chief money of account, weights, tables, and fixed pars of exchange, 84 164 INDEX. Value theory and quantity theory of money, 60 Venezuela monetary system, 106 Virgin Islands „ „ 82 Volapuk of money, 37 W Weight of Shanghae tael, 100 Weights of 28 standard measures of value, 9 by which gold and silver are sold in gold-standard coun- tries, 77 Weights by vfhich gold and silver are sold in silver-standard countries, 99 Yokohama, 6 exchanges of gold for silver at, 66 Ziglunchor monetary system, 84 Zululand „ „ 82 ( I ) TWO HANDSOME TABLES, One treating of Gold, and the other of Silver, ILLUSTRATIVE OF The Foreign and Colonial Exchanges OF GOLD AND SILVER. Facsimiles (obverse and reverse) of the World's Chief Standard Coins, with the weights of pure metal on Issue from the mint, upon which the exchanges are worked. The gross and fine weights and alloys of the coins in grams and troy grains. The signs for one gram and one troy grain of pure metal In twenty- flve of the World's present twenty-nine Monetary Systems. Thirty-seven columns, containing 444 fixed gold pars of ex- change, and thirty-nine columns containing 507 fixed silver pars of exchange. Instructions how to find absolute pars of exchange between gold-standard and silver-standard Monetary Systems. Also remarks upon coinage and standard metal transmission charges. THESE TABLES ARE 51 INCHES BROAD AND 27 INCHES DEEP. I. In a show case, on four legs, under plate glass, net ... £,\$ 10 II. ,, „ sheet , IS o III. For fixture to a wall or display upon a table, under plate glass 1 1 10 IV. „ „ „ „ sheet „ 11 o V. In the form ofa pair of roll maps, bearing autotypes of the coins 2 15 ',' Nos. I. and II. are suitable for Science and Art Clubs, Technical Schools, Museums, Institutes, and Libraries. The Cases and Maps can be obtained on order from MR. J. H. NORMAN, 22, Lee Terrace, Blackheath, LONDON, S.E. ( 2 ) MR. J. H. NORMAN'S WORKS IN CONNECTION WITH THE SUBJECT OF MONEY. " The Unit-of-Weight System,'' which was sent to many leading finan- ciers, exchange experts, etc., in 1875 (Banker^ Magazine, May, 1887). " An Antidote to Bimetallism," prepared for the inaugural meeting of the Bimetallic League held in the Mansion House, London, in 1882. ' ' Functions of Gold and Silver Currency in the Internal and International Transactions of Countries, International Indebtedness, and the Simplifi- cation of Exchange" {London Chamber of Commerce Journal, 1883 and 1884). " Comparative Average Cost of the Production of Gold and Silver, and the Comparative Yield of Grains of Gold'and Silver per Ton of ore " (Chamber of Commerce Journal, 1885 and 1887). " On the World- wide Fall in the Gold Price of Silver and the Rise in the Silver Price of Gold, and the Fall in the Prices of Commodities generally since 1873," furnished to the Royal Gold and Silver Commission, 1886 and 1889, at the invitation of Lord Herschell, and printed in the Report of the Commission, November, 1887. " On the Present Position of the Universal Currency Dilemma and the Probable Results of the Possible Future Action in Connection with the Same " (lecture to the London Chamber of Commerce, Lord Bramwell in the chair, reported in the Chambers^ Journal, 1888). In the Citizen newspaper of April and May, 1889, under the title "The Coming Debate on Bimetallism," a criticism upon the Royal Gold and Silver Commission report of 1886 and 1889, with the views of forty-four writers upon money from Xenophon, five centuries B.C., to Posey S. Wilson, A.D. 1888. "A Colloquy upon the Science of Money" (W. H. Allen and Co., December, 1889). "Twenty-five Theses on Money" (Bankers' Magazine, October, 1890). " Gold and Silver Coinage of England from the Conquest, etc., with the Exchange Value of Pure Gold and Pure Silver measured by a Quarter of Wheat and an Agricultural Labourer's Daily Pay" (Journal of the Royal Statistical Society, 1890). " The Quantity Theory and the Value Theory of Money " (Journal of the Institute of Bankers, March, 1890). "The United States Mint Report for the Year 1890" (London Chamber of Commerce Journal, June and July, 1891); " The A B C of the Foreign and Colonial Exchanges," etc. (Bankers' Magazine, August, 1891). "Mr. Goschen and Reserves of Gold in the British Isles" (Railway' Times, December, 1891 ). Show cases and maps with facsimiles of the gold and silver coins upon which the exchanges of the world are worked, with fixed pars of Exchange, etc., 1891. "Short Notes on Money and Bimetallism " (March and June, 1892, Nos. of the Chamber of Commerce Journal). This is an attempted confutation of Messrs. Gibbs's and Grenfell's views on Bimetallism. " The World's Exchanges of Standard Metals, with Aids to the Construction of the Science of Money" (Sampson Low and Co., May, 1892). "Coinage Charges MR. J. H. NORMAN'S WORKS. 3 and the Indian Currency" (Railway Times, November 26, 1892). " The Science of Money and the Indian Currency " (Railway Times, November 12, 1892). "A Gold Standard for India without a Gold Currency" (Bankers^ Magazine, December, 1892). "Mr. Alfred de Rothschild's Scheme for the Immediate Future of Silver" (Railway Times, December 3, 1892). " Report of the Brussels Monetary Confer- ence" (^a/'/waj' Times, June 17, 1893). "A Currency Fallacy in connection with the Java Currency" (Bankers' Magazine, July, 1893). A scientific and simple substitute for 756 exchange tables by the use of weights of measures of value, and the daily ratio between the metals gold and silver, in combination with the unit-of-weight system, July, 1893, under the title, " A Ready Reckoner of the World's Exchanges " (Sampson Low and Co.). ( 4 ) Demy 8vo, Cloth, 10/6. A Complete GUIDK to the WORLD'S 29 METAL MONETARY SYSTEMS, also to THE FOREIGN and COLONIAL EXCHANGES of GOLD, SILVER, and INCONVERTIBLE PAPER, on the. unit of WEIGHT SYSTEM, with aids to, tM cons.tPuetion of the SCIENCE of MONEY, BY JOHN HENRY NORMAN. Thft Tables contain 647 fixed and 435 absolute Pars of Exchange. OPINIONS OF THE. PRESS, ETC. " The author of this interesting work claims that ' the unit-of-weight system,, the bullion, coin, and exchange dealers' business, and the exhaustive exposition of the exchanges of gold and silver set forth in this guide, furnish the means far arriving at a true estimate of what money is and how it does its vvork..' A perusal of the book, which has evidently been compiled with laborious care, shows this claim to be fully justified^ The writer has had for object the bringing down of economists from Adam Smith's ' Highway in the Air ' to more mundane and practical considerations, and this attempt is certainly deserving of success. . . . He is untainted by the bimetallic heresy, and in the present work he has brought together a formidable array of arguments against these proposals. • ^ . The refutation and exposure of the bimetallic fallacies, however, do not of course occupy a tithe of the work. We can cordially recommend a careful study of it. Mr. Norman's intention is avowedly to make his readers think, and his theories are well worth attentive examination." — Bankers' Magazine, London. "The title will better set before the reader than any other words can do the extent of the subject he has undertaken to explain. . . . Thqre is a vast amount of information to be gained from this book. . . . His opinion that the rudiments of the subject of money should be taught with geography in the schools of the world, is one which teachers and schoolmasters should take to heart. ... It is to be hoped that his efforts to make a subject which is so important to the well-being of commerce better known, will be crowned with success." —Athenaum. OPINIONS OF THE PRESS. S " The work in this book has been immense. The tables are most valuable. There is a cyclopaedia of information, furnishing infinite subjects for reflection and discussion." — Capitalist. "For the matter contained in this volume we have nothing but the highest praise. . . . We consider it will do much to spread abroad a right understanding of the nature and the use of money." — Investors' Guardian. " Mr. Norman has endeavoured to place a somewhat difficult problem within easy reach, even of school children." — Weights and Measures Record. " Mr. Norman is unquestionably right in the main principle for which he contends. . . . He very clearly sees the source of all the errors. . . . The real value of the work for the general reader is the pains Mr. Norman takes to illustrate the fact that "the value or purchasing power of the coin depends neither upon the coinage, nor upon the acts of Legislatures, nor the edicts of sovereigns, but upon the real value of the metal of which it consists." — Speaker. "This work justifies the title far better than nine-tenths of the treatises we are called upon to notice. It is indeed a very able exposi- tion of the subject, and well worthy of the author's reputation as a sound authority on financial matters. The value of the book is further enhanced by a good index." — Publishers' Circular. " I thoroughly approve of the principles which you have advocated in your numerous writings against bimetallic projects and a paper currency, which is not at all times convertible. ... I agree altogether with your statements, and also with the opinion of Mr. Bonamy Price, that money does its work by its value." — Professor Dr. Soetbeer. " I have been much struck with the accuracy of your definitions and the logic of the unit-of-weight system." — Mons. P. Leroy Beaulieu. "I agree in your definition of money and your reference of the Exchanges to a unit weight of metal as the key to the whole matter. I also value very h^hly the tables which you have sent me. I have been trying to make such tables of English coinage for years, and have discovered that all the standard books contain contradictions and dis- crepancies. ... I agree with you that we have no science of money. We shall not get any until we come back to the solid ground of commodity, having exchange value as the basis." — Professor William Graham Sumner, U.S.A. "Mr. Norman's writings upon the subject of money are most valuable." — The case against Bimetallism, by Dr. R. Giffen, C.B. " As to your unit-of-weight system itself, I would consider it, when set out in its completed form, as invaluable to the trading world. " — Posey S. Wilson, Esq., late of Denver Mint, U.S.A. " Your book, I can see, is to us a mine of wealth." — H. f. Chaney, Esq., Keeper of the British Standards. D OPINIONS OF THE PRESS. " The elucidation it contains of the Foreign Exchanges should make the subject, hitherto one of the mysteries of finance, if not perfectly simple, at any rate much more plain to any one who will take the pains to master your system. I wish we might find one or two men in our establishment to do so : it would in my judgment be a great advantage if this were done in every house of business with foreign connections." —/• Herbert Tritton, Esq., Banker of Lombard Strett, E.C. "This is a remarkably interesting book; it ought to aid many in obtaining a fair insight into the science of money. The definitions are so lucidly put, and the principles are so logically arranged, that after a careful perusal of the volume one feels he has a clear grasp of the subject. The book ought to be a standard work for schools, for it would not be difficult for any pupil of averse intelligence to understand what is meant by Metallism, Exchange, and Currency." — H.M. Stanley, Esq., African Explorer. " Mr. Norman is entirely sound on all fundamental points. . . . He very justly holds that the only scientific way of quoting exchange is by premium and discount on one factor, that factor being the weight of pure gold or silver in the standard coin of different countries. ... At the present moment, when the relation between gold and silver is the one financial question of supreme importance, and when such crass ignorance on the subject has to be combated, we may welcome any book which inculcates such eminently sound views." — Nation, New York. " In the development of the science of money, the complete guide to an easy and full comprehension of foreign and colonial exchanges of gold, silver, and inconvertible paper has a positive and scientific value which ensures its acceptance as a text-book and authority by every financier and student of political economy. ... Its sound and logical conclusions must of necessity win the respect of all right-thinking people." — Advertiser, Boston, U.S.A. " It is precisely what it claims to be — a guide of the utmost value and importance to financiers and laymen — to all, in fact, who desire to arrive at an intelligent understanding of the science of money." — Public Ledger, Philadelphia, U.S.A. Mr. C. W. Vincent, Librarian to the Reform Club, is an enthusiast over the unit-of-weight system, and thinks that it has brought the subject of money within the comprehension of every one. Mr. James M. Hall and Mr. Frederick W. Lawrence have presented copies of the book with maps, illustrative of the Foreign and Colonial Exchanges, to the following Government Departments : The Education, Treasury, Board of Trade, Foreign, Colonial, Admiralty and War Offices. London: SAMPSON LOW, MARSTON & Co., Ltd. New York: G. P. PUTNAM'S SONS. And all Booksellers.