Formula - TIME

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return false;">Reprints</a></li> <li><a onclick="return Sphere.Widget.search()" href="https://web.archive.org/web/20081214213531/http://www.sphere.com/search?q=sphereit:http://www.time.com/time/magazine/article/0,9171,761775,00.html?iid=chix-sphere" class="toRelated">Related</a></li> <li class="ad"><script type="text/javascript"> var ad = adFactory.getAd(88, 31); ad.setPosition(8) ad.write(); </script><li> </ul> </div> <div id="bubAd"></div> <div class="artTxt"> <p> JAPAN-GREAT BRITAIN </p>  <div id="articleSideBar"> <div id="quigoSideBar"> <script type="text/javascript"> tiiQuigoWriteAd(755777, 1391588, 142, 225, -1); </script> </div>  <div id="sideBarCopy"> <div> </div>  <div id="sphereSideBar"> <script> Sphere.Inline.search("sphereSideBar","https://web.archive.org/web/20081214213531/http://www.time.com/time/magazine/article/0,9171,761775,00.html") </script> </div>   </div> </div>  <p>Great Britain, said Prime Minister Seville Chamberlain last week, would never submit to threats and change its Far Eastern policy at Japan's bidding. When the British and Japanese negotiators got down to real work at Tokyo last week however, Foreign Minister Hachiro Arita insisted in discussions with Sir Robert Craigie, the British Ambassador, that Britain admit she had sinned against Japan and promise in the future to recognize "the necessity" of Japan's operations in China. He threatened to break off negotiations unless Sir Robert first signed a general formula to that effect. </p><p>While the negotiators tried to twist words into phrases that could cover such antithetical views, the Japanese Army made things hotter for the British in China by organizing "spontaneous" hostile demonstrations. Neither the Japanese Government, which is afraid of losing its remaining power to Army extremists, nor the British, who are playing for time, wanted to break off the Tokyo conversations. Finally Sir Robert and Foreign Minister Arita agreed to a vague compromise formula: "His Majesty's Government . . . recognize the actual situation in China, where hostilities on a large scale are in progress. . . . The Japanese forces in China have special requirements for the purpose of safeguarding their own security and maintaining public order. . . . His Majesty's Government have no intention of countenancing any acts or measures prejudicial to the attainment of the above-mentioned onjects. . . ."</p><p>In Parliament Prime Minister Chamberlain denied that this was a change in policy. He declared emphatically that future discussions "will be confined to local issues at Tientsin" and Britain would not abandon her support of Chinese currency or right to grant credits to China. Again the Japanese thought otherwise. </p><p>Last March British and Chinese bankers, partly backed by the British Treasury, up a $50,000,000 exchange stabilization fund, pegged the Chinese dollar at 17¢ A surprisingly stable currency the dollar retained its value despite Japanese currency raids, Chinese military de^at" apanese political pressure on Great Britain. But last week in Shanghai political and economic pressure worked together for the first time. To check a flood of Japanese-sponsored Hua Hsing Bank notes known as "H. H. dollars," in Shanghai, the stabilization commission stopped supporting the dollar, let it "find a level more in keeping with its natural power of resistance." It settled to 13½¢, stayed there. Then Britain began formula-writing with the Japanese at Tokyo. Down went the dollar to 7¢, while Shanghai business virtually ceased, postage stamps circulated instead of small change, and Japanese exultantly declared their "H. H. dollars" would now be Shanghai's currency. They might if the stabilization fund ceased to function, which it might not.</p></div> <div class="sep"><br/> </div> <div id="connectStory"> <h2>Connect to this TIME Story</h2> <div class="connect"> <h3 class="interact">Interact with<br/> this story</h3> <ul class="chiclets"> <li><script showbranding="0" src="https://web.archive.org/web/20081214213531js_/http://d.yimg.com/ds/badge2.js" badgetype="text-votes">time:http://www.time.com/time/magazine/article/0,9171,761775,00.html</script></li> <li><script>function fbs_click() {u=location.href;t=document.title;window.open('https://web.archive.org/web/20081214213531/http://www.facebook.com/sharer.php?u='+encodeURIComponent(u)+'&t='+encodeURIComponent(t),'sharer','toolbar=0,status=0,width=626,height=436');return false;}</script><style> html .fb_share_link { padding:2px 0 0 20px; height:16px; background:url(https://web.archive.org/web/20081214213531im_/http://static.ak.fbcdn.net/images/share/facebook_share_icon.gif?0:26981) no-repeat top left; 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