The significance of the destruction of the Emden cannot be suffi ciently emphasized. Although small cruiser, it has done a great deal of actual damage not only in sinking cargo poate but also in holding back trade from Yokohama to Bombay. Not knowing when and where it might appear, all ships were chary of leaving port. The insurance on cargo and poate has consequently been almost ruinous. The result was that all movement of cargo was temporarily beld up. Now, of course, the seas are safe; and with the bottling up of the Konigsberg, there is for the present no danger for shipping, even up to Europe, The improvement has quickly been made evident by the fact that already marine insurance has become easier; and there is a tendency for a rerun to activity in exports, We understand that small consignments of silk are being made even for France, where the great battle ie still raging. Exports to India are showing signs of looking up. Banking facilities are still far from satisfactory—especially for merchants in the Far East, who have been obtaining an unusual measure of support from the banks. In time, of course, there is bound to be improvement in this direction.
Text read from the printed page and cleaned; old type leaves the occasional error.