As the war progresses and as the territory that comes under Japan widens, there will be less and less ability of the Chinese Government to derive contributions from these regions. And when it reaches the stage of seeing no use, in a defensive way, to supply its weekly quota of foreign exchange, this will also be dropped. At that time, imports and flight of capital here will have to be balanced by visible and invisible exports (remittances from abroad), in which event the present exchange value of the Chinese dollar must needs gravitate to lower levels, that is to say, the dollar would deteriorate.
Text read from the printed page and cleaned; old type leaves the occasional error.