Several descriptions of dollars were imported from 1825, previous to which time the most numerous were those of Carolus IV. of Spain. These kept the preference above all others, and were currently known as 'Old Heads.' So accustomed were the Chinese to this dollar, that when Carolus III. or Ferdinand VII. were offered, they were taken with reluctance, while the 'Old Head' commanded a premium, and it thus became an exception to the general rule of 'breaking up.' For a long time they had been taken by dealers in raw silk from the middle provinces, in whole dollars, and finally so much prejudice existed in their favour that they would take no others except as cut money. This caused them to advance in value to 10 and even 15 per cent.; finally, during one season, we sold to the senior Hong merchant $60,000 at a premium of 30 per cent.,½ receiving in exchange $78,000 in cut money. Ferdinand VII.'s dollars became 'New Heads,' and next came into favour, there being a diminishing supply of the 'Old,' but they were never at more than 1 to 2 per cent. premium. Of other kinds there were Chilian, Peruvian, Mexican, and United States, which were submitted to the process of breaking up, and were never in greater favour with the Chinese than cut money. They were not 'old custom,' and they could not reconcile themselves to the new effigies or legends which they bore. Now and then, if wanted for a special occasion, Mexican dollars could be passed at a small premium, say 1 or 1½ per cent. It is very probable, as often supposed, that the Shroffs had much to do with these varied transactions; they were behind the scene and perhaps they had, as many of the establishments belonged to wealthy proprietors, who used them for purposes of speculation in money. Book accounts, as has been said, were kept in dollars and cents by foreign houses, at the conventional rate of 717/1000 of a tael per dollar. There was but one exception, that of the English East India Company, which adopted the more rational system of Chinese currency. Payments for raw silk were made at 750/1000, for teas 720/1000, musk 750/1000, as well as for some kinds of opium. As all Chinese produce went by weight, even raw and manufactured silk, and as all computations were in decimals, this system contributed to the ease with which business was carried on. * * * * *