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T HE direct exports of the United States to Manchukuo have markedly increased since the establishment of the new state in 1932. American sales to Manchukuo have risen both in their absolute amount and in their percentage of the total Manchurian imports. During the same period, however, American imports from Manchukuo have grown relatively little, and consequently every year the United States has had a very favorable balance of trade. Table 1 clearly reveals these trends. mainly as the result of Japanese economic activities, and slumped to 12,624,000 Haikwan Taels in 1931, the year of the Mukden Incident. About that time, because of the world economic depression, soy bean prices fell precipitately and began to affect Manchurian economy adversely. Imports from Manchukuo grew from 411,000 Haikwan Taels in 1908 to 10,258,000 Haikwan Taels in 1929 and dropped to 6,120,000 Haikwan Taels in 1931. Since the Manchukuo Yuan was valued at the ratio of 1.56 Yuan per Haikwan