2nd Dec. nen is a very slight difference between Reuter's version of the terms offered by Germany to China, and the version telegraphed' from Peking, for it is probable that Reuter's clause as to the punishment of the guilty officials includes the degradation of H.E. Li Ping: héng, Viceroy-designate of Szechuan and ex-Governor of Shantung. The terms seem Very severe, but it iiust be remenibéred that this is not the firat trouble of the kind that Germany has had in Shantung, aud'perhaps some "honest broker " will be found to bring tlie'two disputants together by menus concessions on both sides. One thing appears to be certain, that Ger-any intends to hold Kinochou "Bay permanently, and that'she is providing that'if the partition' of China is to come, eho will hive the province of Shantung "for lier share or a part of her share. -ORLEM Li Ping-beng is anti-foreign and conservative, but he has the reputation of being an honest man, and there will be many regrets among the opponents of "corruption in China if he has tobe sacrificed. "But if the German has: any proof that HE. Li eviiding his duty to protect missionaries in his province, it is well that he should he made an example of. How the "Vievroy at Foochow must thank his stars that it was not Germans who were massacred at Kuchéng.
The action of the Germans in Shantulig' is "obviously a prelude to the partition "of China, but that the partition' itself is as imminent as the "Hongkong telegram published this morniniz indicates,' we do not believe; and'are the Japanese prepared to give up Formosa to' France without
Text read from the printed page and cleaned; old type leaves the occasional error.