The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1921-07-15
Writer Tells Some of His Expe-
riences With Exchange in 10
Foreign Countries.
CHINAMAN MAKES IT CLEAR
One Little Transaction In Exchange
Nets Traveller 700 Per Cent at Har.
bin-Gold Coin at Picking, II
Sold, Would Upset the FL
nancial System.

Washington, d. C.-Variations in
currency exchange rates have not only
q broad economic significance but also
an extremely personal pertinence to
the traveller. Maynard Owen Williams,
who has just returned from trip
through Is countries to compile in
formation and collect picture material
for the National Geographic society,
relates some of his experiences with
exchange as follows:
ut is only in times of extreme stress
that the average American considers
the cart wheel and the 'greenback'
as commodities much like flour or ma
dras shifting, but for most of the
world foreign exchange is vital mat
ter every day in the year. When 1t
takes 20 silver dollars to buy an *
and a W In Budapest, it sounds like
fairy tale to the man who stops TO
think 1t Is Uncle Sans own currency
which is treated in this manner. But
the Chinese keeper of an exchange
shop makes it as plain as day.
- STtHdUldIl NdNCS u al vicar.
you walk up TO his open counter
facing the sidewalk and ask him how
much American dollars are selling for
this morning.
""This morning, price very bad. My
no want 'em. No man want to buy.
No steamer leave today. Saturday
big steamer ieave for 'Merica, can give
you more better price.
During the attempt to reseat the
boy emperor on the Chinese throne in
the summer Of 1917, money changer
in Hankow sold me some Picking notes
for 20 per cent of their face value,
asserting that l could get full value
In Picking, If l ever got there. | was
on my way TO Petrograd and had to
get my passport amended in Picking
so l took a chance on SIS worth of
Picking notes issued by the Bank OF
Communications which cost S. in Han.
kow, the railway service between the
Yangtze port and the capital being
interrupted ut the time.
Transaction Nets 700 Per Cent.
"Most Of the money spent at face
value In Picking for government tele
grams, but as was leaving ! invested
few dollars In Chinese postage
stamps. At Hardin. where the Chi
nese and Russian post offices com
peted, l trusted my letters to the Chi
nese post because Of censorship oil
Russian mail. and instead Of buyini
Chinese stamps In Russian currenc.
NJ Q high exchange rate. afiixet
stamps which had bought In Pekini
with Chinese currency that was de
based In Hankow. Ny profit on tn,
transaction ran over 100 per cent.
.Certain firms and mission board
In China are In the habit Of guaran
feeling their workers rate Of at leas
two Chinese dollars for every gold dol
lar in their salary. Otherwise a gol,
salary would be subject to decides
variation since Chinese dollars In 1911
were worth only 40 American cent.
and In 1918 they were worth nearl
a dollar. Under this arrangement en-
n,ovees or one American corporatio
were sending home more money eac
month than they received as salar!
Two hundred dollars month. col
yerted at two to one would bring fou
hundred Chinese dollars. For 30 {
these the American could buy Amer
can exchange for 500, and he woul
have $50 Chinese dollars to live on.
.Consular officers get guarantees
,ats ot exchange. Military Officer