With respect to certain articles of common use we—and those who use our correspondence columns—have been endeavouring to ascertain how it is that little or no benefit has accrued to local consumers through the present favourable rate' of exchange. Profiteering has been alleged, only to bring forth a reply that consequent on the increased value of the dollar a number of things have dropped in price. But in other cases no reduction has taken place, in fact since the dollar stood at a modest one shilling and tenpence prices have actually ad vanced.
This happens to be the case with certain brands of-tobacco. In prewar days it was a joy to the thrift to consider that smoke cost roughly only a third or half of what it did at Home: smoking under such conditions was an actual saving of money. Then came the war, with a Chancellor of the Exchequer laying taxes on the weed with a lavish hand. It should have been an even greater joy to smoke pipes of tobacco in China, but the sensational rise in the dollar occurred and altered the complexion of things. We do not know the present retail prices at Home, but comparing what they were a' year ago with what we pay in Shanghai today, we find that there is very little difference, only a few coppers in favour of Shanghai. The suggestion which immediately takes shape is that the tobacco companies are making profits very nearly equal to ithe amount the Chancellor of the Exchequer is mulcting the Home public.
Text read from the printed page and cleaned; old type leaves the occasional error.