JAPAN: Britons Beaten?

Crisp and businesslike is Baron Kumakichi Nakajima, onetime Tokyo stockbroker, now Minister of Commerce & Industry. Last week he ruffled through a sheaf of amazing figures hot from the Japanese Federation of Cotton Textile Manufacturers. They showed what a spunky little Empire can do in two short years to a big, bumbling Empire—the British.

Scare-heads about the blood Japan has spilled in Manchuria have obscured her quiet, deadly cloth war with Britain, waged with the sharp price-cutting weapon of her depreciated yen. Japan took the yen off gold two years ago (TIME,...

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