The mint at Canton, which has teen busily turning out new 20-cent appears to be sufficient for cur-went needs. Any oversupply _ef uch coins will automatically bring] Choir market price vis-itis Hongkong dollar down to a lev where it ceases to pay minting. them, The stoppage of work by the Canton mint is a distinct bear factor regarding silver, and henceforth the white metal will perforce have to select Shanghai as its port destination, Some months ago it was planned to make the Central Bank of Cana branch of the Central Bank of Shanghai. Incidentally it was also intended to replace Canton' small coin dollar notes by the dol Jar notes issued by the Central Bank of China (Shanghai). These plans have not matured yet, and for the time being the Central Bank of "Kuangtung continues to act in the Southern Province. It} thas recently redeemed its old subidinry notes by new banknotes, algo calling for Small coin dollar abut these new notes are readily, redeemable in silver 20-cent pieces. the Japanese yen is $49.85; to-day's quotation for near delivery is $47.3. Therefore then yen is still BE below parity.
In conformity with the actions of other nations then at war the Japanese Government decreed, in 1917, the suspension of redemption of banknotes against gold, so as to prevent an outflow of the yellow metal. The World War brought so much business to Japan that, even after the conclusion of the armistice, say from January to July, 1919, the yen stood at 51 Sie. far above parity. tained, declines, jrmally high value was main-
until the end of 1920, During the! entire years 1921 and 1922 the yen was quoted at averagely 48 cents gold, a rate which was maintained even after the terrible earthquake disaster of September, 1923. Only from January, 1924, onwards yen bogan to lose ground, recede ing to 44 cents, dropping to 40 cents in April, and to $8 cents gold in October, 1924. This decline represented a loss in value of neatly, 25 per cent. In April of 1925 the: yen was still about 20 per cent. below normal. However, by February, 1927, the yen had almost regained, parity, being only 1 per ent. off from its goal. Unfortunately rates sagged away once mor reaching another low level in Bf 1927, Subjected to violent fluctuations the value of Japanese currency has now made another. al-tempt for final success.
The Causes of the Decline and the Policies for Improvement The principal causes for the decline of the yen are, firstly, the! deflation after the World War and the economic crush which swept! over all the world, This factor caused probably more harm than! the fearful earthquake disaster 1923, a calamitys which left enormous damage in its wake. 'These are the principal causes, while other factors form' subsidiary—reasons. Amongst these are principally the national debt of Japan which has doubled within ton" years, having eon Yen 5,290,000,000 in 1928, against Yen 2,600,000,000 in 1019, This means a' per capita debt of Yen 61.35, to which has to be addfal the annal per capita of Yen 3.089. Furthermore, the foreign trade balance of Japan, while showing promise for improvement, is still unfavourable to the country.
An important point in favour of the movement, and one that. ound to tell inthe end, is the diligence, the frugality and the ro-markable discipline of the Japanese people, all" points of cardinal Importance.
Text read from the printed page and cleaned; old type leaves the occasional error.