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Excerpt from Arbitrage: In Bullion, Coins, Bills, Stocks, Shares and Options, Containing a Summary of the Relations Between the London Money Market and the Other Money Markets of the World

Since the publication of the first edition, several countries have given up the silver standard, and have adopted a gold standard; Germany has withdrawn the talers from circulation, and has established the pure gold standard; the silver dealings in the East have been put on a new basis since 1906; the Paris bill market has introduced a new system for the quotation of foreign exchanges since 1907; France and England have lately increased the stamp duties for Stock Exchange dealings; international commerce has risen considerably during the last six years.

The Author has taken all these changes into consideration, and has endeavoured to improve the book, and to render it as useful as possible. For this reason he has rewritten the pages treating of Chinese currency and arbitrage in bars. The figures given there are based upon metal shipments that have come within the authors own experience.

The Author is much indebted to Consulates, Mints, and Banking Institutions, especially to Mr. C. S. Addis, manager of the Hong-Kong and Shanghai Banking Corporation in London, and to Mr. E. B. Skottowe, manager of the Chartered Bank of India, Australia, and China in Shanghai, and considers it his pleasant duty to express his warm thanks to them here.

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