This, he said, was due to Japan's highly industrialized structure being more vulnerable to the unsettling effects of a protracted war than China's pattern of economic life, which was essentially agricultural.
"During my recent trip to Europe and America," Dr. Kung declared, "I was able to conclude important financial and economic arrangements in several of the countries I visited despite the outbreak of hostilities. These arrangements showed confidence in China's financial structure as well as appreciation of her just cause."
The most significant factor In the successful management of China's war finance, Dr. Kung said, was the maintenance of currency stability in relation to foreign currencies. This accomplishment, he added, had created confidence both at home and abroad.
"With emergency exchange requirements largely taken care of," Dr. Kung asserted, "it seems reasonable to suppose that China's foreign payments will return to a state of approximate balance, although on a much restricted basis, as regards both imports and exports.
Text read from the printed page and cleaned; old type leaves the occasional error.