On Chinese Currency Preliminary Remarks About the Monetary Reform in China Vol
On Chinese Currency Preliminary Remarks About the Monetary Reform in China Vol
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The same policy has since been maintained. The history of the reform in the Philippine Islands dur- ing 1903 and 1904 furnishes another instance of the trou- bles which it is difficult to avoid whenever the government itself undertakes to regulate the exchange between two countries, or between a home country and one of its colonies. It was the intention of the Philippine government, after the new peso had been introduced, to maintain the parity 136 of this token coin by the sale of government d...rafts on New York as well as by drafts sold by their agent in New York on the treasury in Manilla, at the fixed rates of 3 / 4 per cent, for sight drafts and H/ 8 per cent, for tele- graphic transfers, either way. It soon became evident, how- ever, that owing to the nature of trade between the Phi- lippines and other countries, especially with the United States, a ready demand existed at those rates for drafts on New York, but that no drafts on Manilla could be sold in the United States. It was therefore decided to lower the selling rates for these latter drafts to 1 / 2 per cent, and 3 / 4 per cent, respectively, and later on the rate for demand drafts on Manilla was again reduced from 1 / 2 to 3 / 8 per cent.
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To quickly assess the difficulty of the text, read a short excerpt:
The same policy has since been maintained. The history of the reform in the Philippine Islands dur- ing 1903 and 1904 furnishes another instance of the trou- bles which it is difficult to avoid whenever the government itself undertakes to regulate the exchange between two countries, or between a home country and one of its colonies. It was the intention of the Philippine government, after the new peso had been introduced, to maintain the parity 136 of this token coin by the sale of government d...rafts on New York as well as by drafts sold by their agent in New York on the treasury in Manilla, at the fixed rates of 3 / 4 per cent, for sight drafts and H/ 8 per cent, for tele- graphic transfers, either way. It soon became evident, how- ever, that owing to the nature of trade between the Phi- lippines and other countries, especially with the United States, a ready demand existed at those rates for drafts on New York, but that no drafts on Manilla could be sold in the United States. It was therefore decided to lower the selling rates for these latter drafts to 1 / 2 per cent, and 3 / 4 per cent, respectively, and later on the rate for demand drafts on Manilla was again reduced from 1 / 2 to 3 / 8 per cent.
What to read after On Chinese Currency Preliminary Remarks About the Monetary Reform in China Vol?
You can find similar books in the "Read Also" column, or choose other free books by Gerard Vissering to read onlineMoreLess
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