Lag it of concern to the general public to understand, somewhat mutely, matters of economy and money-media?—hardly whatever, if reso things ran as smoothly as they for the seven decades" prior to the outbreak of the World in Unfortunately, ever since, for whole of these 24 years, such questions have touched our lives jeeply and do not seem to leave us flane; they will not be put by.
The dictum that history repeats islet suggests a truth but in reality jg never the same, History may imilar but ig not identical. Never foes even a moment (with all its Particular set of attendant elreum~ stances in the. flux of events) ever return. In i914 there was a con~ Vulsion in the civilization of the Western Hemisphere; the masters of the world met each other with knife and gun: in that mad return to bar-barham. The after effects of this human' cataclysm were similar to previous upheavals but not in all their sameness, in that, for one thing among others, the inadequacy of the old money-media was shown up to] the breaking-point, and beyond.
Dethronement of Gold we are witnessing this day efotiinary, changes Gat ae, of 8 Shelly, spectacular, Gold has" been Getneoneds The might. and the tory, hedging this once constitutional monarch, are dimmed, he is brought from his igh place, and, serta "fresh perfection" supersedes hima What is the "resh perfection," in what "way has the gatdy monarch {altea Yio"and what of the future?
Particularly of interest to a large number of us in Shanghai and. China ive. the answers to. there question, eeause {her two great. peoples China ud Japan are, one with the other, at death-grips; the plague in fiuman "relations, that. visited the Occidental world which these Oflental neighbours tad escaped a Guarier a entry ego, has. befallen bru now in all He ghastly virulence. Where possible, a natural flight from Ue chinese dollar to foreign cut robey has in consequence taken place Eiquld'" surpluses here, in forge Athount,'have sought refuge in the money-media. of other nations." On Gat very. account. the mancin=the Breet" missy have understanding and guidance as to how he stands vis-d-Sha those other eurreeles. grown prodigiously, resulting in a sequence of evils.
The late Sir Basil P. Blackett, Chancellor of Exchequer of India (1902 to 1928) and a former director of the Bank of England, relates that, fas a consequence of this gold~ induced catastrophic fall. in prices, every individual and every class suffers severely. The instability of prices brings Instability into every phase of economic lite; strikes, lock~ outs, gigantic, unemployment, "lower standards of living, disequilibrium between sheltered "and unsheltered wages between retail and wholesale prices, industrial depression, agri~ cultural depression, increased tax: ton and reduced production.
Text read from the printed page and cleaned; old type leaves the occasional error.