Note 13 — Chapter II
Reading edition
I may seem to speak as if Japan had in name a Gold–Exchange Standard, which is not the case. There is not much publicity in regard to her monetary arrangements. But I believe that they are, in fact, such that it is as a Gold–Exchange Standard hers ought impartially to be classified. The Finance Minister stated in the Diet in 1912 that the gold funds held by the Government and the Bank of Japan in Europe and the United States were about £37,000,000. The amount of gold circulating in Japan herself is, I believe, inconsiderable.