Gold between Cocoons

The quietest period in Japan's fiscal year is the winter months between the old and new silk cocoon crops.-- Bearing well in mind fragile, brown, papery cocoons. Finance Minister Junnosuke Inouye last week chose Jan. 11, 1930 as the date for putting Japan's currency {yen) back on a stabilized gold basis. The stabilization credits of $25,000,000 each in favor of the Imperial Government were opened at New York and London las! week by J. P. Morgan & Co. with U. S. and British associates. That Japan can stabilize on so small a credit--Britain required $300,000,000 when she stabilized in 1925--is due partly to the fact that Tokyo is so far from other gold marts that a wide spread always gapes between parity of the yen and the point at which it would be profitable to ship out gold. Since Sept. 12, 1917 gold exports from Japan have been forbidden but the embargo will be lifted simultaneously with formal stabilization.

--In Japan silkworms breed twice a year (April-May & July-August), in most other countrie-where they are raised, only once. In parts cf India and China breeding is almost continuous, but quality of the silk degenerates as hatchings increase.

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