In Japan, foreign trade has continued to increase in value. The excess of imports was at one time unusually high, but the imposition of stricter import controls, affected a reduction, and the year ended, according to the published returns, with the adverse balance somewhat over Yen 600 millions. The war has of course brought in its train abnormal conditions in trade and finance and the future must be largely dependent on the outcome of events in China, In Manchoukuo, the expansion of trade figures has continued and there are indications that the opening-up of communications, coupled with several years of normal trade, is increasing the purchasing power of the people. State monopolies and supervision or control of industries and exchange are however making things increasingly difficult for foreign merchants and the "open door" is now almost a thing of the past. In the coming year the question of extraterritoriality will have to be faced by the foreign powers with interests in the country, World Trade E
World trade conditions, and especially conditions in the United States, affect in a varying degree trade in all the countries of the East, Thus fairly optimistic.réports from India are qualified by doubts as to the state of world trade throughout the coming year, The rumours spread from America last April that the price of gold was likely to be reduced, had immediate repercussions of an adverse nature on the Philippine Islands and Malaya. The former was also affected by the labour troubles in America and, as in fact happened generally throughout the world, in Malaya the last quarter of 1937 gave a slight set-back to the satisfactory conditions reported prior to that time, In the Philippines, increases in revenue and trade throughout the year reflect the prosperous state of the Islands, but the unexpected statement made by President Quezon last March in regard to putting forward the date of complete independence had an unsteadying effect, An early solution of this problem is desirable, The trade situation is, generally speaking, good, and there is optimism about the future of mining,
Text read from the printed page and cleaned; old type leaves the occasional error.