Note 40 — ANDA’S MEMORIAL, 1768

The recoinage of the mutilated money of the islands ought to be considered, for the Sangleys have pared and clipped it so much that it is almost half-size. On that account no one wants it, and all desire to get rid of it, with the loss of ten to twelve per cent, which is the usual discount. There is always fraud in that, although the greatest fraud is in the purchases which are made with that money, in which the goods are sold forty per cent dearer, so that the Chinese profits and cheats in everything; for, as he does not carry to his own country other money than that with the milling around the edge, he cheats by forty per cent more in the goods, and the discount does not cost him more than ten or twelve.40