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On the July night in 1937 when the alleged murder of a Japanese sentry at Peking's Marco Polo bridge (he turned up within a day, A.W.O.L.) furnished a pretext for the invasion of China, Japan's trade with the U. S., its best customer and its best market, started downhill.
Long before the 1938 recession gave U. S. -Japanese trade a final shove down grade, indignant U. S. buyers had begun to boycott Japanese goods, and long before the rape of Nanking Japanese sellers began to feel the pinch. Since Japan had only a pipsqueak gold hoard (published...
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