One thing is plain, namely, that we have not yet seen the beginning of real air warfare, The few raiders that have come over and been easily beaten off or destroyed, are no criterion. Already by flying far higher, raiders are more difficult to bring down, and the Spring may very well bring huge massed attacks which will be very different from anything yet experienced, Without being over-confident, however, it seems safe to say that we started with both mechanical and tactical advantages over Germany while she had more machines. If she is improving her methods and designs, so are we; and as we are building more and buying from America, the numerical superiority should in due time pass to us.
Once more, as against the old National Currency, and have now reached a discount of over ten per cent.
In the early months of last year the F.R.B. notes were also at a discount, but thanks to the very stringent regulations against the use of the National Currency and other local notes, as also to the restriction of foreign exports and imports, they were given artificial support which caused them to recover, and at one time last autumn they actually reached a premium of nearly twenty per cent.
The reason for the present decline of the F.R.B. note is not at all clear.
In some circles it is ascribed to the increased purchases of foreign flour Which has been necessitated by the severe shortage of cereals all over North China. N, however, as has been stated by Japanese economic advisors in the China Affairs. Board, fifty per cent of the foreign exchange Obtained from exports has been specially earmarked for the increased imports of flour it is not clear, why the F.R.B. notes should have been adversely affected,
Text read from the printed page and cleaned; old type leaves the occasional error.