The crisis brought ubout by the silver shortage, and the future are summed up as follows:—
"When, in February, 1985, Mr. Jian H, Chen' took up the' directorship of the mint, China was just suffering from shortage of silver. Because of the Influence of the silver purehutsing. polley of the American Government Inaugurated in June, 1014, great harm has been caused to China' through the depletion of silver stock. This polley raised the price of silver aprond to such an extent that Shanghai sliver in response to high price found Its way to foreign countries in enormous quantities. The outflow of silver since August, 1934, was unprecedented, Thoth it was somewhat checked by the imposition of an export tax and the equalization charge on October 18, 1034, silver exports during. th 1934 amounted to dollars 250/041, of. 'The loss of so much silver grently affected the operation of the mint. 'The stocks of sycer the beginning of Director Chen' ministration was only enough for 2 months' operation according to the rate of output at nearly $8,000,000 monthly at that time. To maintain the mint as a going concern, silver Ju forms other than sycee had to be resorted to, so mint burs and old coins were ordered by Director Chen to be turned in for recoinage.
"In the meantime, Dr, H, H. Kung, Minister of Finaned, has been planning with untiring efforts to effect a complete monetary reform by Issuance of new standard subsidiary coins, silver, nickel, and copper, and Direefor Chen has been working indefatigably" on this most complicated prob-Jem, the solution of which is the only foundation upon which China's prosperity can be firmly laid. The abolltion of the tael has already won nation-wide praise and a further stop replace the intricate subsidiary coins and coppers with standard colnage will crown the earlier achievoments with complete success, The mint is equipped and ready to turn out subsidiary coins whenever the Ministry of Finance instructs the mint to carry out Director Chen's valuable recommendations."
Text read from the printed page and cleaned; old type leaves the occasional error.