carrying out i important funetiong it ig essential that central bank shall be free to. ad Sith a high degree of Independence, nhompered by any partielarist interest in trade. or" Industry, and without the need fo subordinate its treat poliey'fo. the ancial needs the government. It fs for lessons Sich as these thal the charter Ffovilons a Feearde the ownership fovslons a5 regards the ite shares, the constitution of lo ard of control, is sphere of opera: Hons, and its financial relations with the government. Indeed it Is clear that the bank lo properly' to be re= areed, n6t as a" proftmaking in-Situtle, "but'as a piece of Anincial machinery operating for the good of the country S08 whole, Meo for itis able in practice to carry out this Intention tie Likely to Sutify its Establishment by strengthening" ferially' the countrys economic and fieanein structure.
"Although there may be room for argument concerning' details of the [Central Reserve Bank's charter when fis published, it fe Ukely that such erillelam as may be fortoming wil based on more general considera-tong, suchos the. advisability present circumstances of attempting {o operate a aystem of managed curs xeniey in China, may, be. arse, for instance, that despite the a jpouncement made by the Minister fat Finance at the time when the new furreney system came into. operation fu" November," 1099, the "Rational budget "sll "romaine "unbalanced. Peat is undoubtedly a serious weak ness In the present currency situation. On the other hand, it seems not une ety that the proof which the Gov 'As one looks through, the, gates of hat within is stated the' lezpment has now given of iis determination to proceed with the work fof currency reorganization will enolly improve its prospects taining such assistance from abroad may be necessary to bring temporary relief from financial embar-Fassments and give it a fair chance of carrying through the programme currency, reform to @ satisfactory Stage. What will happen after that must depend very largely upon China's own efforts, The new currency arrangements have had a good. start, and China has enjoyed a great measure of exchange stability during the past eighteen months than in the earlier Jyears when the country was still on fan automatic silver standard. The responsible authorities are unlikely to presume on that success, and they are well aware of the risks'they must run if they relax. their efforts. to jereate and maintain sound monetary fand financial conditions. The estab-
Hishment of the Central Reserve Bank should assist materially in this direction, and for this reason it may be assured of a friendly welcome. fectly when she remarked a moment.
that we are literally on our "But don't you find lite a bit dull in the evenings, Mrs, Brown?" 1 in-Jquired at the gate. "Feel you'd tke to get out and dance, or do a fok,' or do anything, for a change?
"If you had told me in Shanghai that Yd be content to sit down with Bill every evening and do a crossword together over a cocktail, and after inner lean and be read aloud to, Td have thought you crazy," she laugh-fed. "Now T don't want to do any thing else, 1 work off my surplus Jenergy during the day, Instead of at night as I used to. And then, you sec, we're still in love with ' each other. That makes a bit of difference too, don't you. think?"
Thinking it over, had no doubt she was right.
Text read from the printed page and cleaned; old type leaves the occasional error.