many respects a model of what a bank's annual report should be, Mr. T. V Song's report of the working of the Bank of China for the year 1935 makes interesting and instructive reading. I fided into several sections: 'a monograph by Mr. T. V. Soong on the monetary and financial situation; a report of the Bank's operations and its annual profit and loss account and balance shee statistics and graphs of China's foreign trade, agricultural situation, industries, and its economic reconstruction and development.
Mr.. V. Soong's report leads up to the present monetary situation from the abandonment of the gold standard in Great Britain and Japan Towards the end of 1991 and the Subsequent devaluation of the American dollar. It refers to the foutow of silver in 1934 which created Sears of financial crisis and Which caused the Chinese Government to Impose a ten per cent. tax and a variable equalization charge fon the metal, breaking down for the frst time the traditional link between the internal value of currency Jand. the external price of silver. This transitional measure to point the way {oa more permanent solution.
Coming to the situation obtaining last year, Mr. Soong notes the then prevalent anxiety caused by the ris-Tag price of silver in the London market and the "gentlemen's agree ment between native and foreign Banks not to export silver. This, however, seems to have had little effect on the position of the dollar, fas the disparity between London Sliver. exchange quotations and [Shanghai rates tended to increase rather than diminish and with the shortage of silver dollars some_natural apprehension arose, specially with regard to forward exchange.
Text read from the printed page and cleaned; old type leaves the occasional error.