We referred to the beneficent donkey the speculator. Beneficient because in this instance he has saved to the commercial community ut Shanghai a tidy sum. It is well known that consequent upon the world depression the export trade of China has been of no consequence for the past two years. Being a country endeavouring to arm herself China has continued importing foreign goods. The form of Payment in the absence of compen: Satory exports has been silver. The, importers have tendered silver against foreign nominally gold currencies. The banks putting through such euro Fencies have the past two years got the "cover" from the speculators who have taken the silver over and supplied the gold currencies and so pre-whenever the vehicle stopped for the guide to explain some wonder Jof the city. Mrs. O'B. at first found the beggar-boys amusing. After the three hundred and fifty-third she began to tire of them. Her knowledge of Spanish was nil, but she knew a word for the treacherous Latins and she used it: "Scram!" She dwelt on this word
greater, until it finally sounded longer og bet litation grew something like this: ""Sssssssssssi jeccc—rrrrrr-AM!" And if there were any Cubans who thought themselves welcome after hearing that, well, they didn't wait to argue. here are some of you who say there is ultimately but one money and it is yellow and there are hundred thereof, "And" there. are others of you who say there ultimately but one money and it white and there are four hundred thereof. But Boys you are colour blind. There is ultimately but one money and it is pink and there are five hundred thereof: And those of you who would say that money is neither yellow nor white but just greenbacks are just scoundrels."
An Embargo Envisaged Given an entirely different set of circumstances an analogy 1s: not po! sible, Because Britain' beneflelally, ut an embargo upon a currency metal it-does not follow that China may benefit in like manner from an analogous step, Empirically and the risk of making of oneself a ta of ridicule we will endeavour to envisage the paradoxical consequences of devaluation or of an embargo on the export of silver.
Within two years of the embargo the banks here will be denuded of The metal will be taken against jotes and will steadily. trickle out and awa:
Land values will witness a drastic drop for rentals will be received. in depreciated currency, and values are ultimately dependent pon re= turns.
The import trade will go the way of the export trade and there will be surplusage of banking institutions with a consequent closing thereof and deflation will ensue upon the calling of their credits, The credit of the Government will be shaken which will necessitate the issue of a large quantity of bank notes with a prospect that the en= suing debacle will prove as danger ous to the well being and the independence pf China" as the "feng piao" has proved to that of The Three Eastern Provinces, All business will become doubly speculative.
There will be throughout this city two sets of prices, one for and one for clandestine silver.
Three years therefrom the old sycee silver tel will be the unit of currency once more. Et les grosses dares "will superciliously "mutter: "China never changes."
Text read from the printed page and cleaned; old type leaves the occasional error.