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Mr. Hou Un-yuen, one of the leading financial authorities in China, is a native of Chekiang Prrovince, where he was born in 1884. He joined the Nanyang College, Shanghai, educated in the old school, and won his first degree in Chinese Classics 1897; from which he was graduated with high honors. He went to England in 1905; and in the following year, he entered the University of London. After completing a course in political economy, in the School of Economics and Politcal Science of that University, he did some research work on the subject of currency and banking. While in Enland, he made contributions to the Economic Journal and to other papers. He won the Jevons Memorial Research Scholarship: which is indeed a rare distinction. He was a fellow of the University College, London, as well as a fellow of several royal societies in England. After leaving the University, he worked