In consequence, the foreign banks not unnaturally regard the new cur rency very coldly and have so far refused to deal in it, The Chinese market which has an ages long ex~ perience in doubtful currencies—a much wider experience than have the Japanese themselves—has been quick to react to these hesitations of the foreign banks. Under the compulsion of foreign bayonets neither Chinese banks nor business men dare refuse to accept the new notes.
Nevertheless they are already stand ing ata discount in private, against the old notes, while the small shops and traders are gradually raising their prices, The cost of living is already affected and is likely to rise steeply in the near future, Bayonets will, no doubt, be able to force the new currency onthe market in the long run, And, indeed, the Japanese military authorities "have been bringing tremendous pressure to Bear on Chinese banks here to fall with their financial schemes and to put up credits for the new bank. Several' prominent Chinese dankers here and in Tientsin have thought it prudent to withdraw in face of Japanese threats. but the others have had to carry out Japanese Instructions, no matter what ill effects the new regulations may have.
Text read from the printed page and cleaned; old type leaves the occasional error.