"Cash" is the name of a coin in use in China, some of which nearly every one must have seen, at least in the shape of a curiosity. They are round pieces of metal nearly the size of our old-fashioned cent, with a square hole in the centre, which is to permit of their being carried on strings, from which rises the expression, "a string of cash;" the number being required to make a "string" varying from 500 to 1,000, according to the locality. The value of these coins has fluctuated greatly within recent years, due probably to the fact that the mints run by the provincial rulers in China, and under no imperial control, are turning them out in large quantities and at large profits.

"In the United States, a mill is a financial fraction for which there is no coin equivalent. In China the tael is a financial unit for which there is no coin equivalent. There are several other financial values for which there are no coin, and only in copper are currency and coinage synonymous terms.

"The word tael is used both as a measure of weight and as a measure of value. As a weight measure the tael corresponds to the American ounce, in that it is one-sixteenth part of a Chinese pound or cattie. A cattie, however, is usually 1 pounds, so a Chinese ounce or tael is different from an English ounce. As a tael of currency the weight ranges from 540 to 583 grains. The tael of currency is decimally divided down to the sixteenth place of decimals, each with its own name, but usually only three places of decimals are used, and 10 cash = 1 candarin, 10 candarin 1 mace, 10 mace = 1 tael; thus Ts. 1.256 can be read 1 tael, 2 mace, 5 candarins, and 6 cash.

=

"Each province in China, also each city and many smaller towns, have a different tael of value, as the tael is supposed to be an ounce (Chinese) of silver, but there is no uniformity as to how many grains constitute this ounce, and the fineness of the silver also varies at each point.

"The money chiefly used at the foreign ports of China is the Mexican silver dollar. There is an immense amount of these coins in circulation. The notes issued by foreign banks in China, such as the International Banking Corporation, the Hongkong and Shanghai Bank, etc., for $5, $10, etc., all read payable in local currency,' that is, Mexican dollars. It seems strange that China should use money from Mexico when she has money of her own, but the value of the money in China varies so that the foreigners imported money for their own use of which they know the value, and so this became the currency of the ports.

"At one time there was an attempt to substitute an American trade' dollar, but the coin contained 420 grains

instead of the 417.8 grains of the Mexican. This was supposed to gain the lead as currency on account of its superior weight and hence value, but the actual result was that, silver being at a premium, the Chinese melted these down as soon as received, so this experiment was a failure. Similar experiments with British and French trade dollars have also been failures.

"Each province of China now issues silver dollars, but they are not interchangeable, and hence only local. In fact, each province charges a discount on money from any other province, which is the reason the interchangeable Mexican dollar is so popular. The Mexican dollar and the other coins are widely counterfeited, so that all money received in China has to be examined carefully. Compradors and native merchants frequently put their own chop or stamp on these dollars as a guarantee before passing them on." 1

Cash Account. This is the account headed Cash in bookkeeping, under which all cash items received shall be placed upon the debit, or left-hand side, and all items of cash paid out, upon the credit, or right-hand side. The amount of cash on hand should always represent the difference between the footings of these two sides. Cash" includes metallic money, bank bills, legal tender notes, checks, or other representatives of money. As it is impossible to pay out more cash than is received, it is clear that the credit side of the account will never be greater than the debit side, although it may equal it.

Cash Assets. Actual money on hand or within easy reach. Property quickly convertible into money is often included.

Cash Book. One of the account books used in bookkeeping, and one of original entry. In it are directly entered every transaction involving receipts or expenditures of cash, with a full explanation of each item. It is customary among many bookkeepers to balance this book at the close of each business day. The balance at such times should equal the amount of actual cash on hand.

Cash Dividend. A dividend paid in money or its representative, in contra-distinction to a "stock dividend," to which refer.

Cash Grain. Grain for delivery at once. "Spot Grain " has the same meaning.

Cashier. In banks or financial institutions, primarily the one who has charge of the cash or securities. This title is most commonly used in connection with national banks, but seldom in the case of savings banks. The "cashier" of a national bank is an extremely important man, as he is the 1 1 Daily Consular and Trade Reports February 7, 1907.

head executive officer, having direct charge of all the work of the bank, and to him are responsible all the bank's employees.

He usually signs checks, statements, and various other papers of the institution; buys and sells exchange to a very large extent; he may discount paper and pass upon collateral securities. He must have every detail of the bank's condition at his fingers' ends, and be in a position to answer questions upon almost any subject in connection with the bank's affairs at any time. He acts as secretary whenever the directors' meetings are held, and, in general, is the most important active man in the institution.

Of course the customs of various banks differ. In some the president, possibly the vice-president, may take very active parts and take over more or less of the work usually done by the cashier, but the above fairly describes a cashier's duties and responsibilities.

Cashier's Check. A check drawn by a bank against itself, and usually signed by its cashier if it has an officer with such title payable when presented at the bank drawing the same. Such a check is commonly used by a person whose own check, for the purpose desired, would not be so readily accepted as the check of some known bank. A "cashier's check" may be used by a person not having a bank account, and, therefore, unable to draw a check of his own. Any such person may obtain a cashier's check" at a bank by paying an equivalent in cash; the bank, possibly, making some slight charge for the accommodation. This check is also used by the bank itself in paying for securities, bills of exchange, in discounting notes, and generally in payment for supplies, expenses, etc., also for dividends to shareholders; but for this purpose a special form may be used. A check drawn by one bank against another in a distant place, in which it has a deposit, is not a "cashier's check," but "New York funds " (or money)," Boston funds," etc., depending upon the city in which the latter bank is located. The charge in this case is largely dependent upon the rate of "exchange" at the time upon the point against which the check is drawn.

Cash Surrender Value. See "Surrender Value."

Castings. Copper, which, from impurities, is defective in strength and electrical conductivity, but which can be used in making castings for ordinary purposes where great strength or electrical conductivity is not required.

Cats and Dogs. Low grade securities; those of uncertain value; securities which do not belong in the investment class, but are highly speculative.

Cattle Paper. A note that is secured by a mortgage on

stock cattle, or cattle in the feed lot; that is, cattle which are being prepared for the market either by the producer or breeder, or by the feeder who takes developed cattle and fattens them. These notes are almost invariably secured by a mortgage on the cattle, and are not usually "discounted" (see that subject), but with interest running from date. A chattel mortgage securing the note includes, in some cases, the corn which is being fed to the cattle. Strictly speaking, "cattle paper" would not include a note secured by a mortgage on dairy cows. These notes are mostly made by banks situated in, or tributary to, the grazing section of the country. Caveat. In the financial sense, a notice to stop payment. C. B. The "ticker" abbreviation for "currency bonds; i. e. bonds payable in lawful money, but not specifically in gold coin.

"

Cent. The smallest coin in value of the United States, containing 45.60 grains of fine copper and 2.40 grains of tin and zinc. Legal tender in amounts not exceeding 25 cents. Cental. One hundred pounds weight, avoirdupois. Centavos.

Subsidiary silver coins of the Philippine Islands

of the following denominations:

50 Centavos of the weight of 208 grains

20

10

83.10 "
41.55"

All the above to be, by weight, 900 parts of pure metal and 100 parts of copper alloy. One hundred centavos equal 1 peso, which in turn equals 50 cents in our money. One centavo is equivalent to of our cent.

Minor coins of copper, metal, etc., of lesser denominations than the above are also in circulation.

Centennial. Centennial Copper Mining Co.

Centime. The smallest French coin, the one hundredth part of a franc, and equivalent to about one-fifth of a cent in United States money.

1 In December, 1906, owing to the rise in the market price of silver, the silver coins of the Philippines were changed. This was necessitated by the fact that the pure metal in the previous standard was worth more in the market than the face value of the coins, making it an object to melt up the coins and sell the silver as bullion. As a result the subsidiary coinage was changed, thus:

50 Centavos of the weight of 154 32 grains

20

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All the above to be by weight 750 parts pure metal and 250 parts copper alloy.

For the foregoing, I am indebted to Frank McIntyre, Captain 19th U. S. Infantry, Assistant to Chief of Bureau of Insular Affairs, Washington, D. C.

Central Reserve Banks. National banks located in New York City, St. Louis, and Chicago. (See "Central Reserve Cities.")

Central Reserve Cities. Certain of the largest cities in the United States in which all national banks are obliged by law to keep 25% of the total amount of the money on deposit with them on hand,' which is called a "reserve." Such banks may act as reserve agents " for national banks located in what are known as reserve cities or undesignated cities." On March 27, 1905, the I central reserve cities" consisted of New York, Chicago, and St. Louis.

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Certificates of Beneficial Interest. See " Beneficial Interest." Certificate of Deposit. An acknowledgment in writing given by a bank that it has received from the person named a stated sum of money on deposit. As a rule it draws interest, and may be either made payable on demand or at a specified time. If John Smith holds a certificate of deposit " he cannot secure the money given over to the bank by drawing a check against it, but, instead, must either present his "certificate of deposit," or it may be presented by some one else after being properly indorsed by John Smith.

Savings bank-books are to all intents and purposes certificates of this kind.

Some banks reserve the right in their "certificates of deposit" or bank-books, to demand a certain notice, say sixty or ninety days, before payment. This right, however, is very seldom exercised except in case of money stringency or impending financial disaster.

Certificates of this nature may be used to transfer funds from one point to another, the same as a money-order or a cashier's check. The certificate may be issued directly to the party depositing the money, and by him made payable by indorsement to whomsoever he wishes, or may be drawn directly to the party to whom it is wished to transfer the money. It must be borne in mind, however, that whoever receives the certificate must present it in person before he can receive the money, or forward it properly indorsed for collection. In case a partial payment is desired upon a "certificate of deposit "the old one is cancelled, and a new one issued for the balance due.

'A bank's "five per cent. redemption fund" (see that subject), however, may be counted as a portion of this reserve, which must be in "lawful money," i.e. gold coin, standard silver dollars, fractional silver, silver certificates, gold certificates, clearing-house certificates, United States Notes, and Treasury Notes of 1890.

2 The Courts of California declare a "certificate of deposit " to be a negotiable instrument and in substance and effect the same as a promissory note."