Word: money
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Dates: during 1930-1939
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...Nationalism. Because Britain made conflicting promises to both Jews and Arabs during the pressure of the World War, she has ever since tried to reconcile opposing Jewish and Arab ambitions. The British long hesitated to make a choice, preferring to muddle along without a policy. The Jews had the money, they could get a hearing in the world press. The Arabs had the numbers, and they proved by a murderous campaign of terrorism that they could make trouble...
Wealthy Chinese as well as foreign traders in China have long realized that the safest haven for their transferable riches-jewels, antiques, gold and silver objects, foreign bonds, foreign money-was in the foreign-held concessions and International Settlements, where neither Chinese bandit nor Japanese invader could get at them. In their invasion of China the Japanese have found precious little loot with which to finance their war. Before they retreated the Chinese were careful to strip their cities of wealth, and what they could not take westward with them they hastily deposited in the foreign-controlled zones...
...Legation Quarter at Peking, turn over to their puppet Government for a new Federal Reserve Bank some $9,000.000 in silver belonging to the Chinese Government-controlled banks. When foreign authorities (backed by the French and British Governments) refused, the Japanese took the extraordinary procedure of issuing paper money "against" this silver...
...Shanghai open money market soon reacted to the Occident's firm stand at Shanghai and Amoy. In terms of U S dollars, the Japanese yen fell below the value of the Chinese dollar, the yen falling under 16? while the Chinese dollar held firm at 16.11?. For the Japanese, who have been trying to persuade the Chinese that their money was just as good as Chiang Kai-shek's and who have made valiant efforts to keep Japanese-sponsored currency at par with the British and U S-supported Chinese dollar, this was as serious...
...Japan there were further headaches. The Tokyo yen has been officially pegged at 27?, U. S. currency. With the Japanese-backed North China currency now cheaper, money-smuggling was due for a boom. That the financial situation of Japan in China (not to mention Japanese prestige there) had suddenly taken a turn for the worse was evident when Toshigo Somma, Shanghai secretary to the Japanese Minister of Finance, suddenly departed for Tokyo for advice and counsel. And in Japan proper, the Government began a census of gold which included plates, rings, antiques, but not teeth...