FOREIGN TRADE: Sassoon Again

City of unorthodox booms is Shanghai, a paradise of moneychangers and middlemen. Throughout Depression I Shanghai built itself the tallest buildings outside the Americas, tripled land values on its river-washed Bund (the International Settlement's downtown) in seven years. Last year, its suburbs full of Japanese soldiers, Shanghai started another and less healthy boom, still booming. Factories, upcountry traders, panicky Chinese moved into the International Settlement for safety. Since no passport control blocks entry to the Settlement, refugees from all the world's political hotspots fled there—Czechs, Poles, German and Austrian Jews. Country...

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