might quite conceivably therefore complete the economic circle, which is invisible on the surface, thereby cancelling the so-called adverse balance.
(2) Currency.—Where goods are not directly bartered the following media of exchange are generally in use throughout Mongolia:—
a. Lump or shoe silver, which is provided by the Siberian banks and is based upon the one-ounce unit of weight.
b. The Chinese silver lian, which is divided into ten units and varies much in value according to the supply of silver in Central China. Its equivalent in Russian money varies from 1 rouble 20 kopeks to 1 rouble 30 kopeks. Ten years ago it was equivalent to 1 rouble 70 kopeks, and it has been decreasing in value slowly ever since.
c. The Chinese silver dollar which, according to Soboleff, is at present current in the town of Urga only, and in 1910 was equivalent to 85 Russian kopeks.
d. The Russian silver and paper rouble. This currency is everywhere very popular and much confidence is placed in it, especially by the Mongols, because it is the purest of all the currencies. It is not usually accepted by the Chinese traders, however, who generally require lump silver in settlement of balances. The rouble is therefore chiefly in use between the Russians and the Mongols.
e. Chinese brick tea. This is a very important article of domestic economy among the Mongols, and, being fairly free from fluctuating value, is capable of use as a medium of exchange. It is the monopoly of certain Chinese firms from Inner China, who retail it in Siberia and Mongolia in return for lump silver.
In this connexion it may be interesting to note
