Recent Economic Developments in the Punjab a Paper Read By Sir James Wilson
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Now, the London purchaser of Punjab wheat naturally reckons his profits in gold, and has to calculate, not only what amount of gold he will get for his wheat in London, and the cost of transporting it from the Punjab to London, but the amount he will have to pay for it in the Punjab, not in rupees, but in gold ; in other words, he has to take into account the rate of exchange between the sovereign and the rupee. In Appendix V. And in the corresponding diagram I have given, for each year since 1...873, the average price of silver in London per standard ounce, and the average rate of exchange in pence per c 2 16 RECENT ECONOMIC DEVELOPMENTS rupee. Previous to 1873 the ratio of value of gold to silver throughout the world had for many years remained fairly station- ary at about 15 J to 1, or, in other words, silver was worth about 60 "84 pence per ounce. As silver was freely coined into an equal weight in rupees at the Indian mints the value of the rupee in gold was almost exactly the same as the value of the silver in the rupee ; and when silver sold at 60"84 pence per ounce, the value of the silver in a rupee was almost exactly 24 pence ; so that in those days the exchange value of the rupee remained practically stationary at about 24 pence, or two shillings per rupee ; or, in other words, ten rupees were equivalent in value to one sovereign.
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To quickly assess the difficulty of the text, read a short excerpt:
Now, the London purchaser of Punjab wheat naturally reckons his profits in gold, and has to calculate, not only what amount of gold he will get for his wheat in London, and the cost of transporting it from the Punjab to London, but the amount he will have to pay for it in the Punjab, not in rupees, but in gold ; in other words, he has to take into account the rate of exchange between the sovereign and the rupee. In Appendix V. And in the corresponding diagram I have given, for each year since 1...873, the average price of silver in London per standard ounce, and the average rate of exchange in pence per c 2 16 RECENT ECONOMIC DEVELOPMENTS rupee. Previous to 1873 the ratio of value of gold to silver throughout the world had for many years remained fairly station- ary at about 15 J to 1, or, in other words, silver was worth about 60 "84 pence per ounce. As silver was freely coined into an equal weight in rupees at the Indian mints the value of the rupee in gold was almost exactly the same as the value of the silver in the rupee ; and when silver sold at 60"84 pence per ounce, the value of the silver in a rupee was almost exactly 24 pence ; so that in those days the exchange value of the rupee remained practically stationary at about 24 pence, or two shillings per rupee ; or, in other words, ten rupees were equivalent in value to one sovereign.
What to read after Recent Economic Developments in the Punjab a Paper Read By Sir James Wilson?
You can find similar books in the "Read Also" column, or choose other free books by James Wilson to read onlineMoreLess
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