Not counting the special series of notes issued by' the Mukden and Harbin branches, and some old issues lurider process of recall, the bank: notes issued by the Shanghai, Tientsin, Shantung and Hankow. districts at the end of 1933 amounted' to $83,- 100,000 which was practically the same as at the end of the previous year. The figure underwent many changes during the year. The poor showing of tea and silk trades curtailed the extensive use of banknotes, and sent the circulation figures down. The incessant fluctuation of the circulation figures followed closely' the rise and fell of the political barometer. The tense situation caused by the fighting around Shanghal-Kwan and Jehol at the beginning of
Text read from the printed page and cleaned; old type leaves the occasional error.