Nov.
Brlet reference has already been made to the fifth "Report on Progress in Manchuria to 1996," prepared, under the auspices of the South 'Manchuria Railway. Company, by' Mr. Roy H. Akagi. at Tokyo. Previous reports which carried the narrative only up to June 10994 were published at Dairen by Mr. Henry W. Kinney who has now refired from the service. Mr. Akagi has followed in his predecessop's footsteps but has given the report hhis-own individuality by extending the provision of useful. maps. diagrams and by using discretion in referring. to events outside the chronological limit of the two years: assigned to him to cover, in order! to.give a full picture of the course of events. The statistics deserve careful study; so do the facts me dustriously "marshalled although obviously the document as a whole has to accept the values prescribed by the Japanese authorities. Specially interesting is the chapter on financial rehabilitation. What ever opinions may be held regard ing the merits of the Manchoukuo adventure, it is certain that it acquires considerable prestige by the reform of the currency which was $0 promptly and efficiently put into operation by the new regime, Nothing could have been worse than the old feng piao currency which, by reason of cataclysmic depreciations, had the character of an Indeterminable and crushing instrument of taxation, overwhelming the unhappy farmer and peasant. On June 30, 1932, shortly after the formal creation of the new State, the total of the old currencies outstanding was estimated:: in Manchoukuo Yuan, the new unit (23.91, grammes of sliver) at M. Yuan 142 Iiliion, By the end of the year 34.13 per cent. of the old currencies, of which there are about 15 kinds and 136 denominations, had been re~ deemed. The process of redemption steadily advanced until on June 39, 1935, the total redeemed amounted: to M, Yuan 138 million or-97.17.per cent.
With this reform as the basis, the ancial and monetary organization of the' country could be put on a sound footing. Bank deposits: in the-Central Bank of Manchoukuo
Text read from the printed page and cleaned; old type leaves the occasional error.