| 1 |
 |
“...only did this mean that Chinese silk was able to compete with the
Japanese product on more favourable terms, but it also increased,
from the Chinese consumer's point of view, the price of the hundred
and one articles which China now purchases from this country.
Another but more indirect result of the American trouble is that
a great deal of money is locked up here in silk, as well as in raw
materials, cottons, &c., imported direct by Japanese, and in yarn
and manufactured cottons exported to Manchuria. It is obvious,
therefore, that the amount available for financing other trades has
been materially reduced, so that merchants and manufacturers
are seriously inconvenienced by their inability to obtain the
financial assistance to which they had become accustomed. It
would appear as though this would have been an exceptional
opportunity for the foreign banks, but they were not in a position
to keep balances in Japan last autumn, owing to tight money
in London and critical financial conditions...”
|
|
