i64  THE  CHINESE  EMPIRE
at  least  30  per  cent.,  but  not  those  oí  his  predecessor  or  hi
successor,  and  originally  over  a  considerable  area  o  col * n  ,
from  Canton  to  the  Yangtze.  O11  the  introduction  o
Mexican  dollar,  sixty  years  ago,  it  was  readily  accep  e
Canton,  and  the  Carolus  was  “  demonetised.”  At  Shang  *
however,  and  in  the  Yangtze  basin  the  Carolus  held  1  s  0
and  was  the  sole  currency  of  the  foreign  banks  and  mere  an  &gt;
and  for  the  sale  of  imports  and  purchase  of  exports  an
exchange  quotations.  The  ravages  of  the  laiping  re  e  10
restricted  the  consumption  of  imports,  and  notwithstan  in
increased  importations  of  Carolus  dollars,  collected  fiom  a
parts  of  the  world,  they  were  soon  driven  to  a  P r&lt; ^ T | lu  ’
which  by  1855  amounted  to  25  per  cent.,  and  in  1  5  0
per  cent,  of  their  intrinsic  value  ;  and  the  curious  spec  a  ^
was  seen  of  exchange  quoted  at  Canton  at  4s.  •  P
dollar  (Mexican  of  416  grains)  and  at  Shanghai  at  s.  a
more  per  dollar  (Carolus  of  402&amp;  grains).  The^  situa  1
became  intolerable,  and  on  a  fixed  day  merchants  accoun
at  the  banks  were  transferred,  unit  for  unit,  from  a  currency
(the  Carolus)  containing  362  grains  of  fine  silver,  to  a  currency
(the  Shanghai  tael)  containing  nominally  525  grains  o  n
silver  per  unit.  A  Carolus  dollar  lies  before  me  as  I  wn  &gt;
bought  at  Wuhu  for  1  40  Mexican  dollar.  With  a  diame
of  i  36  inch,  it  weighs  26‘o8  grammes=402'5  grains,  °^ e
3  per  cent,  lighter  than  the  Mexican  dollar.  On  the  °k ve ^
it  bears  the  King’s  head  wreathed  with  laurel  an
inscription  .1808.  carolus.  mi.  dei.  gratia.  On  the  revers
is  a  shield  quartered  with  the  arms  of  Castille  and  Leon»
countercharged  with  three  fleur-de-lys,  the  shield  surmounted ­
  by  an  Imperial  crown  and  standing  between  two
columns  (the  Pillars  of  Hercules)  bearing  a  scroll  inscribe
plus  ultra  ;  the  inscription  reads  .hispan,  et  ind.  REXm.
  8  R.  T.H.  The  milling  is  as  usual  and  the  reeding  -0-0-0-The
  obverse  is  stamped  in  black  with  a  design  having  a
Chinese  character  in  the  middle,  constituting  the  guarantee
of  some  Chinese  banker.  In  Formosa  *  the  chopp e
Lwo  and  a  quarter  million  of  these  dollars  were  imported
Tamsui  in  1895  for  the  tea  season.