The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1921-07-23
Writer Tells Some OF His EYpe-
rieHtes with Exchange in 10
Foreign Countries.
cH'"".;Kal MAKES IT CLEAR
One Little Transaction In Exchange
Nets Traveller 700 Per Cent at Har-
bin--Gold Coin at Picking, "
Sold, Would Upset the RI
naneial System.

currency exchange rates have not only
broad economic significance but also
al extremely personal pcrtincnce TO
the traveller. Maynard Owen Williams,
who has just returned from u trip
;a"Odsl 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'
40 commodities much like -four or ma
drus shlrting, but for most Of the
world foreign exchange Is q vital mat
tor every day IN the year. When IL
Iakr~ 20 silver dollars TO buy an *
and W in Budapest, II sounds like
Iairy tale 10 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 II as plain as day.
A chinaman Makes II All Clear.
"IOu 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 leave for Merica, can give
you more better price
During the attempt to resent the
boy emperor on the Chinese throne in
the summer of 1917, a 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 ever got there. | was
on my way TO Petrograd and had to
get my passport amended in Picking,
80 / took chance on $50 worth OF
Picking notes issued by the Bank Of
Communications which cost SO In Han
kow, the railway service between the
Yangtze port and the capital being
interrupted at the time.
Transaction Nets 700 Per Cent.
Most of the money | spent at face
value In Picking for government tele-
grams, but as I was leaving invested
n few dollars In Chinese postage
stamps. At Harbln where the Chi
nese and Russian post offices COM
peted, trusted my letters TO the Chi
'cc iust because Of censorship on
Russian mail. and instead OF buying
Chinese stamps In Russian currency
at n high exchange rate, | affixed
stamps which | had bought In Peklng
With Chinese currency that was de-
based in Hankow. My profit on the
transaction ran over 100 per cent.
Certain firms and mission boards
In China are In the habit OF guarun
ieeing their workers a rate of at least
two Chinese dollars for every gold dol
lar In their salary. otherwise gold
salary would be subject to decided
variation since Chinese dollars In 1915
were worth only 40 American cents,
and In 1918 they were worth nearly
a dollar. Under this arrangement EN-.
ployees OF one American corporation
were sending home more money each
month than they received as salary.
Two hundred dollars a month, con-
verted at two to one would bring four
hundred Chinese dollars. For 90 OF
these the American could buy Amerl.
can exchange for $500, and he would
have $50 Chinese dollars TO live on.
consular officers get n guaranteed
rate OF exchange. Military officers
get their pay aud allowances at the
days rate. In Picking, during the war,
a consular clerk earning $1,000 a year,
nn which he was guaranteed rate OF
$3.50, was receiving more money than
lieutenant colonel. who was getting
H.15 for his money.
A Bureau Of Standards In Money.
"In the office Of : American MILL
tary attache In Picking, there is an
American hve.dollar gold piece, which
has been priced more often than
follower pair Of 1912 shoes. The Of
hcers were being paid the days rate,
Vhich was then about $l.I0 Chinese
money for an American dollar, But
actual gold was worth so per cent
more. The officer rightly Insisted that
his men were being paid In n debased
currency and Insisted ON receiving
1Iance to bring the salaries up TO |
ine rate for actual gold. Hence this |
solitary gold piece was taken around |
10 the exchange shops every month |
ond It's value ascertauel, but II II
had hpen sold 1t would have upset
ihe financial system, for the Chinese |
ready enough TO offer Il price for a
specific coin, refuse to quote prices |
on theoretical ones.
1T is no wonder that there Is con
usinu In Chinese exchange with for |
rr currency, for There is a varying
exchange rate among the 1s provinces
.emsclves, and the Yuan Shih Kal
silver dollar is the only currency on
which there is no exchange when
crossing provincial boundary. But
that doesn't mean that It has a fxed
value even then, for the value OF
dollar I'm small currency is constantly
changing.
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