RISE IN SILVER

New Zealand Herald, Volume LXXII, Issue 22108, 14 May 1935, Page 10

RISE IN SILVER

EXCHANGE WITH THE EAST EFFECT ON MISSION FUNDS The sudden rise in the price of silver at the end of April must have brought consternation to every missionary society carrying on work in countries where tho silver currency is not yet stabilised. Of these, the most important is China, where the exchange value of the dollar currency varies with the market price of silver. For the last five years silver has been cheap, and the Mexican dollar fell for a short time as low as Is. This greatly belped the societies in the depression, as sterling remittances brought a large number of dollars. With the development of tho United States fiscal policy and the buying of large stocks of silver at increased prices, the Mexican dollar rose slowly from tho beginning of the year and then sharply in April to 2s 6d. Instead of a £lO sterling draft bringing as it did about a year ago about 150 dollars, it is now exchanging for little more than 80. For those whose expenditure must be paid out in dollars, the sudden decrease must bring dismay. For tho missionary societies who h;i 't> thrust on them this further restriction in tho value of their income after the decreases caused by the depression, diminished giving and increased bank charges for exchange, the situation they have to face in maintaining tho work they are carrying on in the East is a critical one.