'The currcn: y question affects the price of commodities almost as much as the speculative price of rice. Because of the confusion in curren cies, it is impossible to fix prices for' places outside of Shanghai except at} fixer exchange rates on the tael or the Shanghai dollar basis. Even then, fluctuations may be so sudden and always downward, that a margin has to be allowed for, probable currency depreciations, The central Government of China in no way controls the currency of the country. All currency is now 'a matter of local control and practic ally all minting is under local provincial supervision, Paper money fg issued by private banks, but b hind the notes is only the good-will of the bank of issue. The Government issues no paper money, unless the Bank of China notes are regard. ed as Gorernment notes. For the Bank of China must be recognized to a very large extent as a private bank in which the Government is a shareholder. When the militarists issue paper notes, their value is entirely a matter of the personal willingness of the militarist to meet his obligations.
Text read from the printed page and cleaned; old type leaves the occasional error.