74 THlv;LYCHKK AND LUNdAN 



NOTES: ": 



* Prices are expressed in terms of Canton local silver the value of which 

 in terms of gold currency varies greatly. In 1914 $1.00 local silver was equal to 

 about 50 cents United States currency or 2 shillings English currency; in 1919 

 $1.00 local silver was equal to about 90 cents United States currency or 5 shillings 

 English currency. 



.This, difference in exchange so favoralvle to China began after the opening 

 of the European war~and has not yet returned to the normal rate existing before 

 the war. But the growers returns were greater during the years of the war than 

 before^ And export prices also fell very little during this period. These facts 

 indicate somewhat how in these modern days international conditions will affect 

 the rural populations of countries even so much cut off from world affairs as those 

 in China... . .. 



f The very excessive prices indicated in the year 1918 is accounted for by 

 the fact that there was an exceedingly short crop because of unfavorable weather 

 conditions. 



