Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1878-12-05
TRADE DOLLARS RETURNING
RROM CHINA.

A recent telegram in the News an.
nounced the astounding fact that trade
dollars, which only a few months ago
were speeuiativsly degraded to far below
their real value and thus driven out Of
the country. are now being imported
back from China and sold at a hand
some profit. The San Francisco Bulletin
OF the 2nd instant has the following on
the subject
We were informed several days ago,
hut under terms OF secrecy. that a move
ment was ON foot thai would astonish
the authorities at washineton-said
movement being the importation Of
trade dollars from China by way Of Lon
don for account Of New York TO the
extent OF at least 500. 600. We con-
slider the receipt OF the following private
telegram by a banker in this city. who
was not our informant. relieves US from
the obligation imposed. II will be seen
that part Of the amount purchased has
already arrived. and a further install
msnt Is expected in January. the latter
to come by way OF San Francisco. A
copy OF the telegram has been kindly
placed at our disposal and is herewith
appended
Large purchases OF Trade Dollar. have been
made In Hong Kong for shipment 10 New fSrk
aud San Francisco. A shipneat OF tloD,OO
In Trade Dollar. has arrived In Eneland. en-
roais 10 New York. on account OF selismAn
srOther. Further large shipment. are on the
vay and TO be shippei per Belse C. leaving Hong
Kong this week. These shipm-nis have been
sold for arrival by the Hongkong and shanghai
B,nking Corporaiion and ths Comptoir d'Es-
compile. There 10 every prospect OF the whole
o. the anehoPped Trade Dollars In y mn nns.
are money brokers. A. the present rate OF sx-
change In China. bankers are enabled to lay
down Trade Dollars In San Francisco At92S
cents each.
There is probably 81. O00. 900 in un-
chopped Trade Dollars at Hongkong.
These dollars have not gone into circu-
lation. Those that have been put out
generally bear the mark OF some promi-
nent China firm. and thereafter and for
that reason are called chopped dollars.
Sometimes they are cut. This is done
to test the ineness Of the silver. Coins
thus marked are only taken by weight.
There is, OF course. an anticipated profit
In the importation OF Trade Dollars
from China. They are quoted at 9Sa9 %
in New York. The Nevada Bank re-
Gently had an offer OF 9sn for its entire
stock Of Trade Dollars laid down in
New York. The offer was refused, be-
cause OF the pledges given by the bank.
In common with other dspositors, that
the dollars should be sold for export
only. In some cases this pledge is be-
lieyed TO have been violated /; but the
Nevada Bank has kept faith with the
Government. II is supposed that leeisla'
ton will be adopted by Congress to take
in the Trade Dollar in exchange for
standard dollars. thus netting the i'm.
porten q handsome profit.
A telegram from Washington pub
lished in another column among our
dispatches OF to-day may be considered
somewhat Of a settler OF the above mat
ter. Secretary Sherman observes that
there is q strong speculative feeling
~springing up to give silver bullion in
the form OF trade dollars n value greater
than other bullion. thus discriminating
in favor OF bullion held in China against
bullion in the hands OF our miners. The
Secretary says trade dollars will be
bought as bullion. upon bids each Wed.
nesdsy. aud that 10 preference will DO
given 10 trade dollars over other bullion.