Mr. Rodney Gilberts account written on February 14 and _published by us last Thursday of pri-vote overtures by Japanese merchants to the Peking Government for a loan have been fulfilled with startling speed and accuracy. On February 19, says Reuter "JSapanese banking representatives signed the agreement for a loan of! Y.9,000,000, against a six months' treasury bill at 96, secured on the Salt revenue from which *t will be repaid in monthly instalments, with the proviso that it be repaid from the Emergency 'Loan -from the Consortium if the latter materializes." The italics are our own. Reuter's further statement,. that "the outlook for the Consortium loan is very doubtful', appears superfluous, Having got money to tide over the New Year, the Peking militarists will certainly not trouble themselves further about a loan to which the unpalatable condition' of disbandment—which may also be imagined to be obnoxious to the militarists in Tokio—is attached. But this is the least serious part of the affair, What really matters is that the Japanese Government has allowed certain of its nationals to set themselves deliberately to drive a coach-and-four through the Consortium. It will be interesting to see what action the stud-
Text read from the printed page and cleaned; old type leaves the occasional error.