is at dead low-water; the Chinese New Year being primarily responsible. Li's mission is of course the chief subject of interest; we expect His Excellency here this week. is successor in the Commercial Treaty negotiation is Chang Yin-huan, ex-Minister to Washington; as Mr. Wu Ting-fang remains on the commission and is fully conversant with all the ins and outs of the business, there will be less delay and friction than was at first anticipated. There is an idea in native circles that the Russian fission is not purely ceremonial, but that for the Leasehold (20 years cession)
iaochao Bay in Shantung will be broached. I leave your readers to judge of the credibility of this for themselves.
24th February.
Text read from the printed page and cleaned; old type leaves the occasional error.