The new currency laws required that the Central Bank of Maachoukuo should hold as reserve against the note issue a sum equivalent to 30 Ber cent, or more of the total amount of notes issued, in gold and silver Dulllon, reliable foreign currencies, land deposits with foreign banks In gold and silver accounts. Figures Published by the Central Baik of Manchoukuo indicate that this rule has been faithfully Kept, the specie reserve being almost always more than 50 per cent, of the total issue, only on one occasion going as low fas 444" per cent.
An interesting point arises from the introduction of the new note Issues in that apparently it us now been ascertained that an issue of something rather less than Yuan 200,000,000 in notes is sume lent for the purposes of the new state, 'Thus the not in circulation on' August 31 Sept omber 30, 1983, respectively amounted Yuan 08,876,000 and Yuan 9%416,- 000 and on June 30, 1934 to Yuan 199,242,000. "The largest amount of paper currency in circulation wi December 31, 1934, when the Yuan 167,047,000, that being most active for the marketing of farm products.
The old subsidiary note has disappeared. 'The Central" Bank" of Manchoukuo issues banknotes in denominations of Yuan 100, 80, 10, 5, and one, together with one for 50 fen—half a yuan—below which the currency is in nickel, ten cent and five cent pieces, and' in copper for tone cent and half a cent; and 80 popular have those coins become that the Mint at Mukden has been work Ing night and day in order to prevent the old system of subsidiary coins fates. A Yuan is worth one thousand Ul, one hundred fen, or ten chiao and to quote the Bank's own brochure, a system has been created of a silver standard controlled cur rency, stability being secured through control of the note issue, the purchase fand sale of the necessary bullion, at the same time retaining the international value of the currency by transactions in foreign currencies.
Text read from the printed page and cleaned; old type leaves the occasional error.