In its index figures of the price of commodities, the Bank of Japan shows a drop of 6.58 per cent. in April as compared with March, the index now standing at 397.25. Its report points out that prices of commodities in Japan began to rise after the declaration of war, yeaching a high water mark just before the armistice. Thereafter a drop occurred, but this was entirely unwarranted—as was evident all the world over—and. very quickly prices began to soar once more, until the flowing tide marked a new high level, reaching 425.25 for March of this year. The general tendency in these days is to take a rather pessimistic view of prices, and in more than one quarter it has been definitely stated that we eaanot expect to see any reduction fcr a very long time to come. But considering this 6.58 per cent. reduction which has just occurred, the Bank of Japan assumes a hope. ful attitude. "The fall of last ninth," it says, thus indicates an end of the soaring tone, and may be taken as a sure sign of a future gradual decline." While it is pleasant to hear of such optimism, it is just a little difficult to believe wholeheartedly in it. We hear of the price of food and coal advaneing, and manufacturers are still talking of higher quotations for their wares. Most people thought that the end of the war would see an end likewise to exorbitant costs; they were mistaken, so to-day we shall require to see index figures dropping steadily for some time before we are ready to believe the good news.
Text read from the printed page and cleaned; old type leaves the occasional error.