JAPAN: Fixing Mommes

Japanese gold mine executives turned quietly to smuggling, months ago, when the Imperial Government fixed a "legal price" for gold nearly 30% below its value in World markets.

Not even dire threats from Japan's militarists had any effect on her strong-minded gold miners. They continued to smuggle, to hoard. Last week the Government loosened up a little. With gold worth around $33 per ounce in Manhattan and London the legal price in Tokyo was raised to 9.94 yen per momme (equal to 3.75 grammes) which worked out that day at $25.81 an ounce....

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