Oct. 29.
The survey of a fortnight's working of the Chinese Government's export duty on silver and its "flexible" attachment justifies the: view that caution has satisfactorily come to correct the original departure from a sagaciously prescribed policy of inaction. Perhaps too close an analysis of the considera-tins which are taken to govern the operations of the experts, called in by the Government after the event, cannot be attempted juncture. It were easy, for example, to dilate on certain incon sistencies which are apparent in a disclaimer of currency management when the metal basis of that currency is subjected to arbitrary adjustments in price. The idea of an embargo is repudiated and yet experience of the last two weeks suggests that something very like jan embargo has been in force. No [doubt the situation will be changed, when and if the Government decides to make the applicable rate of port duty that ruling at the time a declaration to export has been filed and approved. But it is not necessary to press this and other points of criticism too far. Nor boots it now to inquire the method of deciding where the export of silver in redress of the balance of trade ends and speculative adventures begin. Just as the original decision to "do something" showed a human desire to follow popular politico-economic trends in the world at large, so the present, if less spectacular, operations may be not unfairly described as proceeding by "trial and error" in compliment to the fashion prevailing across the
Text read from the printed page and cleaned; old type leaves the occasional error.