The Archive · 1938

Curtailment of Credits

Yet a further way was with regard to Japan's desperate need of foreign. exchange, and credits.

"I am credibly informed," Lord Elibank went on to say, "that the Wapanese gold reserved are down to £30,000,000 sterling, and that their gold production has reached the low level of £20,000000 per annum.

venture to urge that, as Japan won't listen to reason, the time has come definitely to.take special econo-mie steps to enforce our viewpoint, to avoid being driven out of this trading field altogether- 5 Lord Elibank/ was in very little doubt that there was an entire change in the outlook of Japan towards China, and her trading problems.

According to the Tokyo Correspondent of "The Times," cabling. on December 1, his dispatch mentioning the new order in East Asia, foreign interests and foreign trade would play a very small part in the future economic situation in China.

Text read from the printed page and cleaned; old type leaves the occasional error.

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