British vs. American shipping rates: Hindrances to American exports.....

508

Full directions for binding the Consular Reports are given in No.

131, page 663.

VALUES OF FOREIGN COINS AND CURRENCIES.

The following statements show the valuation of foreign coins, as given by the Director of the United States Mint and published by the Secretary of the Treasury, in compliance with the first section of the act of March 3, 1873, viz: "That the value of foreign coins, as expressed in the money of account of the United States, shall be that of the pure metal of such coin of standard value," and that “the value of the standard coins in circulation of the various nations of the world shall be estimated annually by the Director of the Mint, and be proclaimed on the 1st day of January by the Secretary of the Treasury.

In compliance with the foregoing provisions of law, annual statements were issued by the Treasury Department, beginning with that issued on January 1, 1874, and ending with that issued on January 1, 1890. Since that date, in compliance with the act of October 1, 1890, these valuation statements have been issued quarterly, beginning with the statement issued on January 1, 1891.

These estimates "are to be taken (by customs officers) in computing the value of all foreign merchandise made out in any of said currencies, imported into the United States."

The following statements, running from January 1, 1874, to October 1, 1898, have been prepared to assist in computing the values in American money of the trade, prices, values, wages, etc., of and in foreign countries, as given in consular and other reports. The series of years are given so that computations may be made for each year in the proper money values of such year. In hurried computations, the reductions of foreign currencies into American currency, no matter for how many years, are too often made on the bases of latest valuations. When it is taken into account that the ruble of Russia, for instance, has fluctuated from 77.17 cents in 1874 to 37.4 cents in April, 1897, such computations are wholly misleading. All computations of values, trade, wages, prices, etc., of and in the "fluctuating-currency countries" should be made in the values of their currencies in each year up to and including 1890, and in the quarterly valuations thereafter.

To meet typographical requirements, the quotations for the years 1876, 1877, 1879, 1881, and 1882 are omitted, these years being selected as showing the least fluctuations when compared with years immediately preceding and following.

To save unnecessary repetition, the estimates of valuations are divided into three classes, viz, (A) countries with fixed currencies, (B) countries with fluctuating currencies, and (C) quarterly valuations of fluctuating currencies.

A.-Countries with fixed currencies.

The following official (United States Treasury) valuations of foreign coins do not include "rates of exchange."

Gold-escudo ($1.25), doubloon ($3.65), and condor ($7.30); silver-peso and divisions. Gold-2, 5, 10, and 20 colons; silver-5,10,25,and 50 centisimos. Gold-doubloon ($5.01,7); sil

ver-peso.

Gold-10 and 20 crowns.

Gold-10, 20, 50, and 100 piasters; silver-1, 2, 10, and 20 piasters.

Gold-10 and 20 marks ($1.93
and $3.85,9).

Gold-5, 10, 20, 50, and 100
francs; silver-5 francs.
Gold-5, 10, and 20 marks.
Gold-sovereign (pound ster-
ling) and half sovereign.

Gold-5, 10, 20, 50, and 100 drach-
mas; silver- 5 drachmas.
Silver-gourde.

.19,3

Gold-5, 10, 20, 50, and 100 lire silver 5 lire.

Yen..

.49,8

Dollar.

1.00

Gold-1, 2, 5, 10, and 20 yen.

Gold-10 florins, silver-1⁄2, 1, and 21⁄2 florins.

Gold-1, 2, 5, and 10 milreis.

Gold-imperial ($7.718) and 1⁄2 imperial ($3.80); silver-,1⁄2. and I ruble.

Gold-25 pesetas; silver-5 pese

tas.

Gold-10 and 20 crowns.

*In 1874 and 1875, the gold standard prevailed in the Argentine Republic.

+ On reference to the table of "fluctuating currencies," it will be seen that Austria had the silver standard up to and including the quarter ended July 1, 1892. The next quarter (October 1) inaugurated the gold standard (see note under table of "fluctuating currencies").

For particulars as to the change from silver to the gold standard, see CONSULAR REPORTS No. 201,

P. 259.

§ The Netherlands florin, as will be seen in the "fluctuating" table, became fixed in value (40,2 cents) in 1880.

For an account of the adoption of the gold standard, see Review of the World's Commerce, 1896-97, P. 254.

*The silver standard prevailed in Austria-Hungary up to 1892. The law of August 2 of that year (see CONSULAR REPORTS, No. 147, p. 623) established the gold standard.

+ The Egyptian pound became fixed in value at $4.94,3 in 1887.

The Netherlands florin fluctuated up to the year 1880, when it became fixed at 40.2 cents.