It so happens that, ever since the balance of trade of this country grew to be increasingly against it, the Government had begun to borrow large sums. Of course, the total of Govrenment borrowings is only a fraction of the total of the adverse balance. One has, however, to bear in mind the fact that, along with the large increase of foreign trade, during this period a large amount of foreign capital was introduced into this country, both for the purpose of trade operations as well as for railway and industrial development. As I have shown in "Finance In China," the total of the sum due by this country to foreigners on account of foreign commerce is balanced properly by the loans of the Government, the sums spent on the construction of railways, etc., and the sums invested by foreigners in business. Hence, it is not surprising during all these years there was very little export of silver. The estimate of the imports of treasure from 1864 to 1913 is Tls. 1,228,000,000 as against exports of Tls. 1,000,000,000; according to the Customs returns the imports of treasure from 1892 to 1913 were to the value of Tls. 722,852,000 as against exports during the same period to the value of Tls. 690,780,000. Thus we see that in spite of the economic and political situation, more silver came into the country than otherwise. Another point has to be noted in connection with the movement of treasure. A study of the statistics of trade returns will show that the larger portion of the exports of treasure from China goes in gold - especially leaf gold; while the larger portion of the imports of treasure comes in silver - especially bar silver, which is melted and converted into sycee on arrival.