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Bermuda Islands

St. George; Ireland Island.

Accounts are now stated in sterling money, or in dollars and cents. Until lately they were kept in a depreciated currency, the value of which varied in different islands.

In some islands its value in relation to sterling was fixed at a rate which was supposed to represent, at the time, the depreciation of the coin or paper in circulation, and the fluctuations of exchange were made by a percentage upon this rate; in other islands there was no fixed par, and the exchange was at once made by a percentage reckoned upon the sterling. In Jamaica the fixed par was £100 sterling for £140 currency; but the exchange was commonly from 12 to 20 per cent. above par. Thus when the rate was quoted " 15 per cent. premium" (nearly the average course), then a bill for £100 sterling was to be understood as equivalent to £115 converted into Jamaica currency at 40 per cent., or £161 currency. Hence £161 currency = £100 sterling, was about the average relative value of Jamaica currency and sterling. In December, 1839, a bill was introduced into the House of Assembly for assimilating the island currency to that of Britain.

The value of £100 sterling, in the currency of Barbadoes, was commonly stated at £135; in that of the Windward Islands, except Barbadoes, £175; in that of the Leeward Islands, £200.

But these valuations varied, in most instances, widely from the actual course of exchange. In 1336, the average rates of several of the islands on London were as follows:- In 1936, the average rates of several St. Vincent Grenada..

St. Lucia Antigua..

Montserrat Dominica..

Tortola...

Sterling. £100 = Currency. £235 100 = 240 100 = 227 100 = 220 100 = 215 100 = 245 100 = 200

The (nominal) par of exchange of the Bahamas was £100 sterling = £185 currency; of the Bermudas, £100 sterling = £150 currency.

Mercantile bills on London are generally drawn at 90 days' sight.

The coins in circulation are chiefly Spanish or Mexican doubloons and dollars; and British coins; the latter, issued principally by the commissariat, is, however, generally taken up for remittance to Britain.

In Jamaica the dollar was estimated at 6s. 8d. currency; in Barbadoes at 6s. 3d. currency; in Trinadad, St. Vincent, and St. Lucia, at IOS. currency; in Grenada, Nevis, and St Christopher, at gs. currency, but when cut, at 8s. 3d. currency.

By Royal Proclamation, dated September 21, 1838, the value of the gold doubloon, throughout all the British West India colonies, is fixed at £3, 4s. sterling, and of the dollar at 4s. 2d. sterling. And by another Proclamation in the London Gazette of August 26, 1853, the gold coin of the United States are made a legal tender at the following rates: namely, the eagle, at the rate of 41s. sterling; the half-eagle, at 20s. 6d.; quarter-eagle, 10s. 3d.; and the gold dollar, 4s. Id. Exchanges are quoted in sterling money, -in pence per dollar, or in dollars per £1, or per £100.

The Banks consist partly of British and partly of local establishments.

The Colonial Bank, instituted in London, for the West Indies, in 1836, has branches in most of the islands.

In Jamaica there is a head branch at Kingston, with dependencies in Montego Bay, Falmouth, Savannah la Mar and St. Thomas in the East. This Bank is conducted on the Scottish system. It issues notes, which are payable "in silver of acknowledged weight and fineness," and dollars are adopted as the foundation and medium of payments. The lowest note that the bank can issue is of the value of $5.

The measures and weights are in general those of Britian. In Trinidad, however, Spanish measures are in partial use, and in St Lucia those of the old system of France. (See GUIANA and HONDURAS.) In the West India islands, crop-time lasts generally from January to the end of July, when field-work is stopped by the rains. Ships with homeward cargoes begin to arrive in Britain in April, and continue till October. The annual orders for plantation stores are received by West India merchants in autumn, distributed amongst the manufacturers or dealers in September and October, and shipped in November and December.

WEST INDIES (FOREIGN).