Tt will be remembered that from the spring of 1924 until the end of that year, the yen depreciated in Value some 25 per cent, and that} appreciation occurred during the spring of 1925. Mr. Kann is of the opinion that these movements were very largely, if not mainly, caused by the operations of speculations n the Gold Exchanges in Shanghai. He admits the boldness of hi statement, and some doubt may be allowed as to the accuracy of his estimate.
From the beginning of the postwar slump until 1924, Japan's currency remained inflated, England and America adopted policy of deflation.
There was, how-no corresponding fall in the: value of the yen; there wa therefore, a very marked divergence Vetween the exchange value of the yen and its purchasing power:
of exchange of gold dolters was maintained artificially das posing of her gold balances. clash that occurred almost zenerally throughout the world at thie time between finance and industry; finance won in England and America, and industry in Japan. Japan's excess of imports over exports was already considerable, but the earthquake that occurred in September, 1923, resulted in a far greater excess. This excess caused ithe foreign balances to dwindle rapidly, and by 1924 the yen could no longer be bolstered up to the rent, and a gradual fall of 25 per cent. took place.
That such mi 2 fall was anticipated by those who Sr. Kan were aware of the previdis artifice ality of the rats, is shown by che fact that Japanese semi-official banks were offering much higher oficisi suspiccs, to debase the Mus, FITEGENALD, A WINNER LAST SEASON, winners, Miss Courts, Miss Perrin, Mrs. Brand, Miss Marsh and Miss Lemiere.
Unfortunately there has been a mistake concerning Mrs, Brand for rates of Interest for storing and Fol dollar dopoits at this time than for yen, trid than were other foreign banks. Tt ses, surely tome, extent this Wilingnens rose that enabled" apoculators anchat to purchase, while this ight from the yon" natally centrated the rapdity"and_ extent of the fat he sequent. improvement. the value of the sem during the period Me." Kann wean of wan Team than quarter of the doerense tint has hoon already." sewed It"wan undoubtedly due in: nom measure to the ordinary rosetan that Teta be expected after spec. tactla® movementn In exchange, for the willingens "of Japanese Binks to" tamsfer some. "of tele finds ack nto thenaonal sr Feney, "in addition, the: world Hrictions on movements "of geld had sackened, and" its. possible that Japan Was now able to export tome of her considerable stocky of eli, which she hnd been unable to early in 1024," D have no figures available of old stock in Japan support thi hypothesis).
Imomediate rests of the eavihavake had passed it ens apparent that the country would "pans "safely through the foaneiat and Indust crat that" ud been the disparity between imports and cxporte wan lesioned, Lenal Tender Ina very full history of the mints, and of different coins in China, Mr. Kann has, not unnaturally, some harsh things to say and their object of coinage was to able transactions to be settled ra bidly, and with satisfaction to both, parties, by counting easily reeognie. able pieces of metal of stand: value, in place of the previous wel ing and testing of metal. In China, coinage is indulged in for a ver different reason: to gain as much as possible' by imposing coins of an apparent standard upon' the people, The result is that, in reality, the earlier test of weight and touch ix still maintained, and coins fulfil at the most one half of their true func tion.
Owing to the extreme decent lization of government in China, effective control of such a thing as currency can be attempted. has not been within living memory, and there is no immediate prospect a thing as "legal tender" in the meaning usually hed to these words, This i nee whea any comparison is being made with other countries. Nor is there in China true example of a "token coin." Mr. Kann faithfully reproduces, ever, and with suitable con various regulations that hav time to time, been issued by government or another as the Tart word in China. ery The professional forster is know: in all countries, and appears to hav existed for centuries in China, easy for him to operate in China, Lecause coins are not well made, because £0 many officials and arists lead the way. OF there goodly num ber; the quotation may he taken as There were two attempts, made under five TAKING A JUMP ON New dean's GIFT, it was not understood that she also won her "pink" this year as the three hunts that she had previously won were won before the formation, of the Ladies' Paper Hunt Club, contents of the Yuan Shihskai The first Inelde the more condemn: ale, an. the schemers were. the. auth: frities in charge "of "the government mint" at Anking. The underlying: Imotives "were connected entirely with Profit making, es Tt ig generally Stvmiged that debused" dollars wave been turned out ae Shanghai-unoficialy by powerful Kove Tanetionary, Siu snachinory nee ita altogether $250,000 had een eae"
donn place ly ereulations elect of he shat amore" was tre nei oe pablic welfare and reputation of hattonal: Hnaes, In this connexion it will be ye. membered that large quantities of Aebased subsidiary coins (20 cent pieces) found their way some time azo into Shanghai, The Customs prohibited the importation to Shane hai of these coins from Kuangtun, and there is every reason to Kupposs that it would be easy to establish the truth of the rumour that they were introduced by boats tot site: ceptible of Customs examination—Chinese men-of-war, While this sort of thing continues, government vogulitions for currency: are. mani" festly a doumer, rather than w proc tection to the public More Books' of this book will na out for study those ich particularly "interest him, and there ix a great deal upon gold, silver and copper that has not, been' indicated in this review, It is certainly to be hoped that Mr. Kann will be persuaded by the reception given to this volume ta write a parallel work on paper money in China, Perhaps his advice and criticism will also be available when this country at lust deeidthat suffering: commerce shall be freed from the whims of generals und the dishonesty of officials, At present, it seems unlikely that' any of us will see that happy day.
Text read from the printed page and cleaned; old type leaves the occasional error.