Слике страница
PDF
ePub
[ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][ocr errors][merged small][ocr errors][merged small][merged small]

Those figures, when found, will be the cubic feet and decimal parts of a cubic foot contained in the package or thing measured, as many figures to be estimated whole numbers as there were thousands pointed off and reserved; the rest of them are decimals. When the sum of the three dimensions is less than 1000, and consequently has no fourth left-hand figures, all the figures taken out of the table are decimals. Thus, suppose three dimensions added together make 1,740; then the figures answering to No. 740 are to be written 5.495, or 5 feet: but if they make 2,740, then the figures are to be written as to whole numbers and two decimals, 54.95, or 54,25 feet. Or, if the numbers are simply 740, not amounting to 1000, as there is no fourth left-hand figure, they are of course all decimals, and the contents will be .5495, or 95% of a foot.

5495

Table 22.-Average Weights and Measurements of common Goods.

ARTICLES.

TEAS.-Congou,

[ocr errors]

Souchong,

Flowery Pekoe,

[ocr errors][merged small][ocr errors]

Net Weight

Measure-Packages Packages ment. of 40 feet of 50 feet

cubic feet

chests 85 lbs.

4.5

9

11

2.5

16

[ocr errors]

4.5

9

2.6

16

99

4.5

9

[ocr errors]

2.5

16

[ocr errors][merged small]
[blocks in formation]
[ocr errors]
[merged small][merged small][merged small][subsumed][ocr errors][merged small][merged small][merged small][ocr errors][merged small][ocr errors][merged small][ocr errors][ocr errors][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][ocr errors][merged small][ocr errors][ocr errors][ocr errors][merged small][merged small][ocr errors][ocr errors][merged small][merged small][merged small][merged small][ocr errors][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][ocr errors][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][ocr errors][merged small][merged small][merged small][ocr errors][ocr errors][merged small][merged small][merged small][ocr errors][ocr errors][merged small][merged small][merged small][ocr errors][ocr errors][merged small][merged small][merged small][ocr errors][ocr errors][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][ocr errors][ocr errors][ocr errors][merged small][merged small][merged small][ocr errors][ocr errors][merged small][ocr errors][merged small][ocr errors][merged small][ocr errors][ocr errors][merged small][merged small][ocr errors][ocr errors][merged small][merged small][merged small][ocr errors][ocr errors]

Section 6.

BULLION OPERATIONS.

In the absence of authentic record, it were useless to hazard any precise statement as to the extent to which China exports or imports the precious metals. It does not, however, admit of doubt, that the operations in these have of late years largely increased, and will in years to come, with the fuller development of trade, be on a yet larger scale. We may, therefore, be justified in looking at some of the principal operations usually engaged in, and first as to those arising from the import of the precious metals.

I. BAR SILVER.

This is largely imported from England, France, and California, and should as far as possible be of 17 dwts. betterness, or of the corresponding French fineness of 995.833 milliemes. For any excess of betterness the Chinese are tardy to make allowance, while on the other hand the slightest inferiority is madeby them matter of undue deduction. Throughout China, bar silver is bought and sold at a fluctuating percental premium; but in Hongkong, this premium is on every 717 Canton taels weight, payable in chopped dollars; while in Shanghae, it takes the shape of a fluctuating number of Shanghae taels weight of silver of Shanghae touch for every 100 Canton taels weight of silver of Canton touch. In calculating the outturn, therefore, of any shipment, say from England, regard has to be had to these differences between the ports of Hongkong and Shanghae, besides that in the one place the chopped dollar, and in the other the tael, is the recognised standard of value. An example in the case of either port will best illustrate the matter :1.-Hongkong.

Assume Bar Silver 17 dwts. better,

Bought in London at 5/1 per oz. standard. Sold in Hongkong at 7 per cent premium. Shipping and insurance charges 3 per cent. To find the outturn per Hongkong dollar?

[merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][ocr errors][merged small][merged small][merged small][merged small]

The shipment would thus give an outturn per dollar of 4/7.02.

2.-Shanghae.

Assume data as before, with the exception that the bar silver is sold in Shanghae, and say at 10 per cent premium; shipping and insurance charges 4 per ceut. To find the outturn per Shanghae tael?

[merged small][ocr errors][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small]

The outturn accordingly is 6/3 per tael.

No allowance, it will be observed, is made for interest of money during the time occupied by above operations, nor will such be made account of in any of our examples. The application is obviously a very simple one, and no two houses in all probability will put the same value on money.

II.-MEXICAN DOLLARS.

These in an unchopped state are supplied to China from England and California,-mainly the former. In Hongkong, they carry a fluctuating premium over chopped dollars; while in Shanghae, they are bought and sold at a fluctuating number of Shanghae taels weight of Shanghae sycee per $100 counted out. Our examples will again embrace either port.

Assume dollars bought in London at 5/1 per oz., sold in Hongkong at 5 per cent premium; shipping and insurance charges 3 per cent. To find the outturn in Hongkong per dollar?

[merged small][merged small][merged small][merged small][merged small][ocr errors][ocr errors][merged small][ocr errors][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small]

52.10 pence.

The outturn therefore is 4/4. r' per dollar, laid down in Hongkong.

In Shanghae again,-cost price in London as before; charges 4 per cent; and selling price at the rate of 80 taels per 100 clean dollars, the calculation would stand thus :-

[merged small][merged small][ocr errors][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][ocr errors][ocr errors][ocr errors][ocr errors][merged small][merged small][merged small][merged small][merged small]

Thus obtaining by the shipment an equivalent per Shanghae tael of 5/10.1.36.

Of late years it has become a frequent operation to ship unchopped dollars from Hongkong and other southern ports to Shanghae. The objects are varied, and need not here be entered on. We append, however, an example of the operation.

Assume unchopped dollars to be selling in Hongkong at 6 premium, and in Shanghae at 80 taels per $100, charges are per cent. To find

[blocks in formation]

or a discount on Shanghae of 25.45 per cent.

The reverse operation (that of shipment from Shanghae to Hongkong), though rare, is not at times by any means impracticable. The data will stand as before, and the formula be,

[merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][ocr errors][merged small]

or a discount in Shanghae or Hongkong of 24.32 per cent.

It will, however, be observed that, contrary to what we have often heard alleged as the general idea, we view in these operations between Hongkong and Shanghae, or vice versa, the 100 Hongkong dollars as the fixed par of exchange, the Shanghae tael bearing a fluctuating value

thereto.

We now proceed to view the operations incident to China as an exporter. In this capacity, China ships sycee silver and gold leaf and bars largely to India.

1.-SYCEE SILVER.

As already stated in the progress of this work, sycee silver, in ingots of convenient size and weight, constitutes the main medium of exchange in the interior of China, and along the seaboard is only very slowly being superseded by the coined Mexican dollar. It is to be regretted that no uniform degree of fineness, as over the entire kingdom of China, can be imputed to this sycee. Every district, indeed, appears to have its own standard of quality; and though Canton sycee has seemed justly to gain a prescriptive title to being deemed of the first quality, still we have known Shanghae sycee over and again, at the Indian mints, to outstrip its southern rival. There can, however, be no doubt that the former is degenerating far more rapidly than the latter. It would almost appear, in fact, as if, with the enlargement of the Chinaman's opportunities of dealing with foreigners, his proneness to deception gradually grows, and it is on his sycee silver that he earliest has exercised his ingenuity. Few would imagine that, much as we hear of "100 touch sycee," there is in reality no such thing, the very finest made averaging at most 98.5 touch, or, as closely as may be, 144 dwts. English betterness. Should an occasional shoe be found over this, it is not owing to any voluntary intention that it shall be so, but rather to the imperfections and rudeness of the Chinese mode of assay. In practice, it will be found not an unsafe plan to average the touch of all sycee whatever at about 98, securing at the Indian mints about Rs. 104 per 100 tolahs. This outturn being a fixed quantity, no diminution on it can, under Act XIX. of 1861 of the Supreme Council of India, meanwhile take place, and the exporter knows accordingly that he cannot in selling do worse than it. Should the bazaar price be in excess of the mint outturn, the greater, of course, is it to the Chinese exporter's advantage; but

there are many drawbacks militating against the sale, as a general rule, of sycee in the Indian bazaar, unless indeed its touch can be guaranteed as equal to the average which we have above indicated. As drawn, however, from bazaar prices, the arbitration between China and India is simple:

Assume Sycee bought in Hongkong at 5 per cent premium.
Sold in Indian bazaar at Rs. 105 per 100 tolahs.

Charges, say 2 per cent.

To find the equivalent given per 100 Hongkong dollars.

[ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

The outturn consequently is Rs. 222.1.9.12 per 100 Hongkong dollars.

Or again in Shanghae,—

Assume the sycee bought there at 9 per cent premium.

Sold in Indian bazaar at Rs. 105 per 100 tolahs. Charges say 3 per cent.

[merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

Giving thus an outturn of Rs. 301.2.4.8 per 100 Shanghae taels.

Ere leaving the subject of silver, it may be useful to state the following as the literally exact outturn at the Indian mints of a few of the various qualities of bar silver :

[blocks in formation]

There is, of course, no such English betterness as 17, but we state it so as the closest approximation to the fine French silver of 998.958 milliemes fine, or, as it is expressed, 999. Raide fineness; and it will be seen that, at the Indian mints, this fetches no higher outturn than the inferior quality of 17 English betterness. Similarly, 15 and 15 English betterness yields one and the same outturn. Did our limits permit

« ПретходнаНастави »