To the Editor of the "Norti-Cuisa Daty News"
Sim—Some of our "Experts" on this knotty question would have us believe that low silver "benefits contention soundly If our information is correct! Ching's imports for 1933 exceeded her exports by the sum of roughly; seven hu and thirty million In proportion as the price!
liver drops so will China have to pay out more for the" same amount of goods imported: if silver drops to half its present value she will have to pay twice what she {pays at present for the same quanti-of goods imported.
If it be argued that low silver! is wanted to "benefit exports and reduce the adverse trade balance it jis extremely doubtful if such effect can be produced at present, [firstly because China has 'a long, Iperiod of reconstruction before het colling for machinery and appliances which' she cannot yet manufacture for herself, secondly because the [disturbed condition of the country is all against increased production {and export of produce, and thirdly. {as the hidden " source of income which undoubtedly helped towards offsetting China's adverse trade balance, viz. the money earned by Chinese abroad and sent back to China or brought back by retired merchants has. recently enormously. decreased and is decreasing owing to bad trade throughout the world, leoliapse of rubber, ete. last Saturday admits default on China according to your issue of} railway obligations to foreigners of some £48,000,000—which however ese she intends gradually to liquidate. With her huge excess of imports, Jaggravated by low silver, the liqui dating of the above obligations is) going to be very serious further drain on her finances.
Admittedly as the Customs dues fare collected on a gold basis low silver will give an increased yield to the Government, which may be Jeratifying to the officials, but of use is this robbing of Peter to pay Paul when the factor responsible for it is at the same time bleeding the country white? A, Mazeo Shanghai, Mar. 27. ays for her imports by her experts, Like other countries China Visible" and "invisible, When het Imports ure greatly in excen Price of "alyer tends thas making further Imports dearer and exports cheaper. Im short the price ity' ete ug hind of overnet "regulating "the balance of pas towais or Ainge the the eviegtlon te the Bio: nen higher rate tha thie "'comequencee of deputing ina of this governor or" peg ting dow inter rom day. to day than that the lid ould of "ater a longer
Text read from the printed page and cleaned; old type leaves the occasional error.