FOREIGN TRADE: Paying with Silk

From April, 1933, until last week, the Japanese yen was nailed to the prestigious British pound at the rate of one shilling twopence per yen though Japan's purchases from Britain were small potatoes and the U. S. far & away her best provider. When Europe's war sent the pound hopping around between $4.68 and $3.72½, the yen hopped alongside, between 275/16¢ and 22⅞¢ U. S. money. Last week the Japanese Cabinet decided that it would be simpler to clear on New York; that the pound-pegged yen, which happened to be at 23½¢, would...

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